The Asia Pacific RegTech Market would witness market growth of 20.7% CAGR during the forecast period (2021-2027).
The expansion of the RegTech market is being fueled by an increase in demand to manage third-party cyber risk. According to the conclusions of the Financial Conduct Authority's (FCA) recent technology and cyber resilience assessment, third-party vendors continue to pose significant risks to the organizations with whom they work. Firms must take a proactive approach to manage third-party risk by undertaking ongoing due diligence on the vendors with whom they do business. RegTech, when used in conjunction with a reputable third-party risk management system, can serve to minimize the burden, risks, and costs associated with managing the vendor life cycle. RegTech's advantages are moving the market for regulatory technology forward.
Developing economies, particularly emerging economies like Australia, China, India, Singapore, and South Korea, present considerable prospects for RegTech solution providers to extend and develop their solutions. Furthermore, during the projected period, the required implementation of the General Data Protection Regulation (GDPR) standards is expected to generate profitable prospects.
Many growing economies in the Asia Pacific are embracing new technology to comply with processes for improving the efficiency of their financial systems. Australia, Japan, Singapore, India, China, and New Zealand are among the main countries.
Indian banking has traditionally benefited from strong savings rates and an increase in savings, as well as a rise in disposable income. Despite global turmoil, India's banking industry has historically been one of the steadiest in the world. The government has made a concerted effort to promote financial inclusion through a variety of measures aimed at bringing the country's underbanked population into the banking system. The government enforced an open API policy known as India Stack as part of the Digital India initiative, allowing third-party providers access to proprietary software for five key programs: Aadhaar (the government's biometric identity database), e–KYC, e–signing, privacy-protected data sharing, and the UPI. The Reserve Bank of India (RBI) has taken steps to make mobile payments a key driver of growth by abolishing the $745 transfer limit and empowering banks to set their limitations.
The China market dominated the Asia Pacific RegTech Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,708.1 million by 2027. The Japan market is estimated to witness a CAGR of 19.9% during (2021 - 2027). Additionally, The India market would exhibit a CAGR of 21.4% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services (Professional and Managed). Based on Application, the market is segmented into Risk & Compliance Management, AML & Fraud Management, Identity Management, Regulatory Reporting, and Regulatory Intelligence. Based on Vertical, the market is segmented into Banking & Capital Markets, Insurance, and Non-Financial. Based on Deployment Mode, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide RegTech Market is Projected to reach USD 22.3 Billion by 2027, at a CAGR of 19.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ACTICO GmbH, Jumio Corporation, MetricStream, Inc., NICE Ltd., Thomson Reuters Corporation, Wolters Kluwer N.V., IBM Corporation, Deloitte Touche Tohmatsu Limited, Broadridge financial solutions Inc., and Trulioo, Inc.
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