A new study from Juniper Research, the foremost experts in fintech, has found that spend on regtech by financial institutions and other industries will increase by 124% between 2023 and 2028 globally, from $83 billion in 2023.
Complexity and Compliance
Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared blockchain ledgers to improve anti-money laundering, and fraud compliance at cryptocurrency exchanges. Natural language processing is also being used to detect malicious actors in emails and phone calls; successfully identifying misconduct, conflicts of interest and financial crime. With increased deployment of these technologies, we anticipate rising levels of enterprise investment, as they recognise the vast efficiencies regtech can create.
Regtech is a subset of fintech focusing on technology that can enable the delivery of regulatory requirements more efficiently and effectively than existing capabilities.
Find out more about the new report, Regtech: Market Forecasts, Trends & Strategies 2023-2028, or download a free sample.
The Leaders in Regtech
As part of the study, Juniper Research released its latest Competitor Leaderboard for 2023. Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 23 regtech vendors, using criteria such as the level of innovation of their solutions, the number of industries they support, and their future business prospects.
The top 5 vendors for 2023:
- Encompass
- Socure
- Feedzai
- Chainalysis
- Fenergo
The research found that the leading players offered streamlined identity verification automated by AI, and were able to successfully position themselves in many different industries, as regtech expands beyond just financial services. In order to stay ahead of their competition, vendors must develop solutions that utilise AI and machine learning, which can automate processes such as identity verification.
The most successful vendors will leverage AI to reduce the manual requirements needed by compliance teams and allow them to focus on tasks that require human elements; lowering costs and increasing productivity significantly, at a time of strong cost pressures.
Regtech market research: https://www.juniperresearch.com/researchstore/fintech-payments/regtech-market-size-report
Download the free sample: https://www.juniperresearch.com/whitepapers/how-ai-and-blockchain-are-shaping-regtech
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230611005024/en/
Contacts
Sam Smith, Press Relations
T: +44(0)1256830002
E: sam.smith@juniperresearch.com
