RegTech
RegTech is projected to reach $23.6 billion by 2029, at a CAGR of 16.5% from 2022 to 2029.
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RegTech Market to be Worth $32.6 Billion by 2031
Global RegTech Market - 2024 to 2031 The RegTech Market was valued at $9.2 billion in 2023. This market is expected to reach $32.6 billion by 2031 from an estimated $10.7 billion in 2024, at a CAGR of 17.3% during the forecast period from 2024 to 2031. Rising Risks of Fraud and Identity Theft Financial crime, particularly fraud and identity theft, is an increasingly serious problem. According to the Insurance Information Institute, incidents of fraud and identity theft have surged between 2017 and 2021, prompting urgent action from both businesses and regulatory authorities. The FTC's Consumer Sentinel Network reported over 5.7 million complaints in 2021, with nearly 50% related to fraud. Meanwhile, the Cost of a Data Breach Report 2021 revealed that the financial cost of data breaches increased significantly, reaching $4.24 million on average. Moreover, a 2020 study by Aite-Novarica Group found that nearly half of Americans were affected by financial identity theft, highlighting the critical need for enhanced security measures. Download Sample Report Here @ https://www.meticulousresearch.com/download- sample-report/cp_id=5349 Page 1 of 3 Meticulous Research| sales@meticulousresearch.com
Global RegTech Market - 2024 to 2031 The Importance of RegTech in Mitigating Financial Crimes RegTech solutions are emerging as crucial tools for tackling the growing risks of fraud and identity theft. These platforms integrate multiple GRC processes, enabling organizations to monitor, detect, and prevent fraud in real time. With their ability to leverage AI, cloud technologies, and biometric verification, RegTech solutions offer a holistic approach to protecting businesses and consumers from financial losses. The increasing prevalence of financial fraud is driving the demand for these technologies, and their adoption is poised to grow as industries seek to bolster their defenses. Driving Innovation in RegTech Solutions RegTech is a highly innovative market, with companies continuously developing new technologies to stay ahead of fraudsters. In 2020, NICE Ltd. launched the Integrated Fraud Management (IFM-X) platform, utilizing AI and cloud computing to enhance fraud detection and customer experience. Additionally, strategic collaborations between companies like Jumio Corporation and Veridium are pushing the boundaries of biometric identity verification, providing more secure and efficient electronic KYC processes. These developments are helping to transform the RegTech landscape, driving growth in the global market. Trending Blog : https://meticulousblog.org/empowering-organizations-the-impact- of-regtech-solutions-on-fraud-prevention-and-risk-mitigation Conclusion: The Future of RegTech in Fraud Prevention The RegTech market is playing an increasingly critical role in the fight against financial fraud and identity theft. With continuous innovations in AI, cloud computing, and biometric technologies, these solutions are shaping the future of financial security. As the market continues to evolve, businesses and financial institutions will increasingly rely on RegTech to protect themselves and their customers from the financial impacts of fraud and data breaches. Key Players The key players operating in the RegTech market are NICE Ltd. (Israel), Ascent Technologies, Inc. (U.S.), SymphonyAI LLC (U.S.), Broadridge Financial Solutions, Inc. (U.S.), Chainalysis Inc.(U.S.), cleversoft group GmbH (Germany), CORLYTICS Limited (Ireland), DataCo GmbH (Germany), Deloitte Touche Tohmatsu Limited (U.K.), Hummingbird Regtech, Inc. (U.S.), International Business Machines Corporation (U.S.), Jumio Corporation (U.S.), MetricStream, Inc. (U.S.), MindBridge Analytics Inc. (Canada), Pole Star Space Applications Limited (U.K.), REGnosys Limited (U.K.), Trulioo Information Services Inc. (Canada), and Wolters Kluwer N.V. (Netherlands). Quick Buy : https://www.meticulousresearch.com/Checkout/94322568 Page 2 of 3 Meticulous Research| sales@meticulousresearch.com
Global RegTech Market - 2024 to 2031 About Meticulous Research Meticulous Research is a leading provider of comprehensive market intelligence, offering actionable insights and analysis across various industries. Our reports empower businesses to make informed decisions, drive growth, and remain competitive in a rapidly evolving marketplace. Contact: Meticulous Market Research Pvt. Ltd. 1267 Willis St, Ste 200 Redding, California, 96001, U.S. USA: +1-646-781-8004 Europe : +44-203-868-8738 APAC: +91 744-7780008 Email- sales@meticulousresearch.com Visit Our Website: https://www.meticulousresearch.com/ Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 3 of 3 Meticulous Research| sales@meticulousresearch.com
