The increasing number of fraudulent activities has resulted in the development of RegTech (Regulatory Technology) solutions for efficient regulatory reporting.
The global regulatory reporting solutions market is expected to create lucrative growth opportunities over the projection period by registering a CAGR of 14.9% from 2023 to 2033. The global market is estimated to reach US$ 5.2 Billion by 2023 and is projected to grow by US$ 21.0 Billion by 2033.
According to the historic analysis conducted by Future Market Insights, the global regulatory reporting solutions market registered a growth rate of 10.2% CAGR from 2018 to 2022. Banks and various financial institutions are adopting regulatory reporting solutions to automate the KYC data collection procedures and analyze and identify the key rules and related changes over time.
Regulatory reporting solutions market at present accounts for nearly 60% of total sales in the market. Furthermore, regulatory reporting solutions are rapidly gaining traction as they aid in risk and compliance management and provide real-time data analysis with flexibility and scalability attributes.
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Furthermore, it makes it perfect for various types of regulatory reports such as financial reports, prudential reports, statistical reports, transactional reports, granular reports, and other various types of reports as per jurisdiction. Cloud-based regulatory reporting software, insurance companies, and cross-regulation banks comply with global regulatory requirements.
In order to follow the changing regulations, financial institutions are rapidly adopting new models and running them concurrently. Furthermore, financial institutions seek new technologies that aid them to track, manage, and trace the liquidity risk and regulatory reporting data and also to better understand the crisis impact on the balance sheet and financial liquidity.
Additionally, adequate technology and solutions help banks and financial institutions to smoothly navigate regulatory reporting and financial liquidity issues. Companies are reducing regulatory costs by utilizing third-party regulatory reporting services.
Key Takeaways
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Competitive Landscape
Regulatory reporting solutions market players are focusing on several effective strategies for increasing their investments in research and development to support future technologies. In addition, several companies are acquiring and entering into a partnership with other companies to develop their own regulatory reporting solutions to serve their customers and reduce the churn rate.
More Insights into the Regulatory Reporting Solutions Market
The European region is anticipated to dominate the global regulatory reporting solutions market over the assessment period. According to the valuations, the United Kingdom regulatory reporting solutions are predicted to propel by 5.7X throughout the projection period.
The North American region is anticipated to create promising growth opportunities over the forecast period by accounting for nearly 84.1% of the North American market share through 2033.
Regulatory Reporting Solutions Outlook by Category
By Solution, Regulatory Reporting Solutions Demand is segmented as:
By Industry, Regulatory Reporting Solutions Outlook is segmented as:
By Region, Regulatory Reporting Solutions Sales is segmented as:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 12, 2023