A new report suggests that the global RegTech market could grow by a compound annual growth rate of 21% until 2023.
In the next five years, the research and advisory company Technavio estimates the value of the sector could grow by $6bn.
The company believed the growth would be driven by an increasing demand to identify financial crimes like money laundering, terrorism financing, bribery, corruption and insider dealings as well as real-time fraud detection.
The sector was also expected to scale due to the from a growing demand from the insurance sector. RegTech companies enable these businesses to leverage big data and make their customer onboarding more efficient.
RegTech Analyst’s data shows that between 2014 and the third quarter of 2019, the global RegTech sector had attracted $16.1bn of investment. Of that, businesses in the US had seen the most money put into it with 58.4% of the worldwide investments going into the US.
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