Players in the RegTech market are launching blockchain-based platforms that can be used as a regulatory solution

Business Research Company’s regtech market research report expands on the key drivers, trends, and growth opportunities in the market.

LONDON , 17 August 2022 /PRNewswire/ — Blockchain technology is gaining popularity among the RegTech market trends. A blockchain is a distributed ledger that is shared between the nodes of a computer network. It stores information electronically in digital format. Players in the RegTech market focus on the launch of blockchain-based platforms for use as a regulatory solution. For example in February 2022Securitance, a Ireland-based regulatory technology platform launched Mainnet to enable governments, businesses and individuals to use blockchain as a regulatory solution. Sekuritance Portal is the blockchain-based compliance platform for identifying, verifying and transacting securely online for individuals, SMEs and enterprises.

The global regtech market size is expected to grow from 7.9 billion dollars in 2021 to 9.88 billion dollars in 2022 with a compound annual growth rate (CAGR) of 25.1%. The global regtech market growth is then expected to grow to 23.76 billion dollars in 2026 with a CAGR of 24.5%.

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The rising trend for digitization is an important driver for the market

According to the rettch market overview, the increasing trend of digitization is driving the growth of the market. Digitization in the business world has proven to be almost decisive for the company’s success today. It happens when a company starts using digital technologies to change its business model and provide new value-producing opportunities. Global spending on digital transformation of business practices, products and organizations has reached USD 1.8 trillion in 2022, an increase of 17.6% compared to 2021.

IBM had the largest share of the RegTech market

International Business Machines Corporation was the largest company in the global RegTech market with a market share of 4.33% in 2021. The company is headquartered in Armonk, New Yorkit USA. IBM’s growth strategy focuses on using innovative technologies to solve the growing challenges through collaboration and partnership. For example in July 2020, IBM partnered with Ascent to integrate their RegTech solutions to help banks and other financial institutions manage their ever-changing and growing regulatory requirements. The integrated solution helps regulated businesses better keep pace with the rapidly changing regulatory environment and reduces the risk of potential fines and other regulatory actions.

RegTech Market Segmentation

The global RegTech market is segmented –

1) By component: Solutions, services

2) By deployment type: Cloud, on-premises

3) By organization size: Large companies, small and medium-sized companies (SMBs)

4) By application: Risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence

5) By end user: banks, insurance companies, fintech companies, IT and telecom, public sector, energy and utilities, others

See more at RegTech Market Report

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