According to the research report titled ‘Global Regulatory Technology (RegTech) Market Size study with COVID-19 Impact, by Component (Solution and Services), by Deployment Type (On-Premises And Cloud), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Application (Risk and Compliance Management, Identity Management, Regulatory Reporting, Anti-money laundering (AML) and Fraud Management and Regulatory Intelligence), by Vertical (Banking and Capital Markets, Insurance and Non-Finance) and Regional Forecasts 2020-2027’, available with Market Study Report, global regulatory technology (RegTech) market was worth USD 5.2 billion in 2019, and is projected to expand with a CAGR of 20.3% during 2020-2027.
 

Global regulatory technology (RegTech) market is majorly driven by increasing demand for faster transactions, low entry barriers for SaaS vendors, and regulatory sandbox approach to aid regulatory technology innovations. Inflating cost of compliance is also aiding the overall market expansion.
 

For those uninitiated, regulatory technology is management of regulatory processes in the financial industry through technology, which aids businesses to run effectively by using cloud computing technologies along with SaaS (software-as-a-service). Primary function of RegTech is to keep a tab on regulatory intelligence, identity & control management, regulatory reporting, report & compliance management, and transaction.
 

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Surging advancements along with planned alliances among leading firms are likely to create lucrative growth prospects for this industry. In fact, a U.S.-based firm Broadridge Financial Solutions in partnership with FundsLibrary, reportedly declared the development of a technology to tackle obstacles produced by MiFID II Ex-Post Costs & Charges & Solvency II. On the contrary, regulatory divergence is expected to hamper the market growth over the analysis period.
 

The outbreak of COVID-19 has had a negative impact on this industry vertical as companies are adopting work from home policy to protect their employees’ health.
 

Based on component type, global regulatory technology market is divided into services and solutions. Speaking of deployment type, the industry is bifurcated into cloud and on-premises. Elaborating on organization size, the market is categorized into small & medium sized enterprises and large enterprises.
 

Based on application spectrum, global regulatory technology market is classified into regulatory intelligence, anti-money laundering & fraud management, regulatory reporting, identity management, and risk & compliance management. Moving on to vertical type, the industry is segmented into non-finance, insurance, and banking & capital markets.
 

From a regional perspective, North America presently holds significant market share and is slated to grow substantially over the forecast timespan. The regional growth is attributable to rising adoption of advanced technologies. Meanwhile, Asia Pacific regulatory technology market is projected to record a substantial growth during 2020-2027.
 

Major contenders in global regulatory technology (RegTech) market are PricewaterhouseCoopers International Ltd., NICE Actimize, MetricStream, Jumio Corp., International Business Machines (IBM) Corporation, London Stock Exchange Group plc, Deloitte Touche Tohmatsu Limited, Broadridge Financial Solutions Inc., ACTICO, and Accuity Inc.