Companies worldwide are facing an unprecedented challenge due to the sudden coronavirus (COVID-19) outbreak. This pandemic has also affected stakeholders in the regulatory technology (RegTech) solutions market. Hence, companies in the market for regulatory technology (RegTech) solutions are resorting to the ‘work from home’ policy to safeguard the health of their employees. For instance, on March 19, 2024, BearingPoint RegTech— an expert in regulatory reporting, announced that the company has incorporated the work from home policy, which aligns with its IT Security policy to switch operations to home office.
Companies in the regulatory technology (RegTech) solutions market have halted international travels and reduced national travel to an absolute minimum to reduce the risk of spreading coronavirus. They are making informed decisions with due agreements with affected clients. Thus, the work from home policy has ensured certain amount of business continuity by strategizing on the delivery of new software releases. As such, the revenue of software is projected for exponential growth in the market for regulatory technology (RegTech) solutions.
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Decisive Agreements Set Pace for Compliance Teams to Map Regulatory Discrepancies
Strategic collaborations are setting the pace for stakeholders in the regulatory technology (RegTech) solutions market to track, map, and report regulatory compliance in case of any discrepancies. For instance, Governor Software Ltd.— a governance and oversight solutions provider, announced to enter into an agreement with Waymark Tech, a specialist in AI for regulatory compliance to become its global reseller of financial regulatory content. As such, the revenue of banking and insurance industries is estimated for aggressive growth in the regulatory technology (RegTech) solutions market, where the market is predicted to grow at an explosive CAGR of ~24% during the forecast period.
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Compliance teams in various financial institutions of the regulatory technology (RegTech) solutions market can now track and report regulatory compliance discrepancies, as companies in the market for regulatory technology (RegTech) solutions set their collaborations wheels in motion. This trend is prominent in the U.K., since the Financial Conduct Authority (FCA) is utilizing unique visualization technologies offered by companies to improve search functions.
Risk-based Compliance Measures Help Process Large Volumes of Data
Financial crime rates have not only risen during the past few years in the regulatory technology (RegTech) solutions market, but also become more complicated and hard to detect. Hence, companies are overcoming these issues with heavy-handed governance and incorporation of stricter compliance requirements. However, with rapid growth of the fintech industry, companies in the market for regulatory technology (RegTech) solutions are pressured to keep pace with the ever-evolving industry needs. There is a need to find new guidelines that prevent financial crimes without stifling new industry expansion.
The regulatory technology (RegTech) solutions market is expected to reach ~US$ 31 Bn by the end of 2027. Hence, companies are adopting risk-based compliance measures instead of rule-based models to process large volumes of data that ensure operational efficiency. The market for regulatory technology (RegTech) solutions is witnessing change by switching to digital technologies.
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Unicorn Community and Startup Hub India Create Incremental Opportunities for RegTech Companies
Well-funded startups and imaginative use of technology for governance are some of the key focus points for companies in the regulatory technology (RegTech) solutions market in India. India, being one of the fastest growing economies and a home to one of the largest unicorn communities, is anticipated to contribute to the aggressive revenue growth of the market for regulatory technology (RegTech) solutions in the Asia Pacific region. Hence, regulators and policymakers are bearing clear identification of problems of regulatory compliance associated with online cab aggregators and food delivery services.
Companies in the regulatory technology (RegTech) solutions market are developing targeted regulatory and monitoring strategies to mitigate issues raised by technology-based models. Prioritizing risk-based and responsive regulatory approach plays a pivotal role in adopting technology-based models in regulatory governance.
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