The worldwide regtech market is expected to expand heavily in the upcoming years. Organizations across the globe are focusing heavily on reg tech.
The financial sector’s increasing use of fraudulent practices, including money laundering, is anticipated to fuel the RegTech market’s expansion throughout the forecast period.
With a CAGR of 24.5%, the worldwide regtech market expanded from $9.93 billion in 2022 to $12.37 billion in 2023.
At a CAGR of 25.2%, the regtech market is anticipated to reach $30.4 billion in 2027. (Market and research)
Financial institutions require a more robust RegTech framework to properly handle the flood of constantly rising regulatory compliance and increasingly sophisticated breaches in light of the rise in fraudulent activities like money laundering.
A significant development in the RegTech sector is the use of AI, ML, and blockchain technology. Major RegTech organizations are progressively implementing blockchain, AI, and machine learning technology to automate data management analysis and due diligence procedures.
In 2022, the regtech market’s largest region was North America. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions that are of tremendous importance to the regtech market.
Regions are also implementing technology solutions to assist with their oversight responsibilities and the administration of massive amounts of data.