What Is The Scope Of The Global Regulatory Reporting Solutions Market?
Regulatory reporting solutions are software platforms or systems designed to help financial institutions and other regulated entities comply with various regulatory requirements imposed by governmental authorities. These solutions streamline the collection, validating, and submitting data required for regulatory reporting.
Regulatory Reporting Solutions Global Market Report 2024 provides data on the global regulatory reporting solutions market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Regulatory Reporting Solutions market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Regulatory Reporting Solutions Market?
The regulatory reporting solutions market size has grown rapidly in recent years. It will grow from $6.02 billion in 2023 to $6.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to stringent regulatory requirements, financial crises and regulatory reforms, globalization and cross-border transactions, operational efficiency and cost reduction, and risk management imperatives. The regulatory reporting solutions market size is expected to see rapid growth in the next few years. It will grow to $10.78 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to the globalization of business operations, rising instances of financial fraud, emergence of fintech and regtech, demand for transparency and accountability, and the shift towards cloud-based solutions. Major trends in the forecast period include automation and AI, integrated platforms, real-time reporting, cybersecurity and data privacy, and blockchain technology.
What Are The Core Factors Supporting Growth In The Regulatory Reporting Solutions Market?
The rising number of fraudulent activities is expected to propel the growth of the regulatory reporting solutions market going forward. Fraudulent activities encompass deceptive actions or schemes to achieve financial gain through dishonest or unlawful means. The widespread adoption of digital technologies and the internet has increased social engineering tactics, malware, and hacking methods, enabling fraudsters to gain unauthorized access to sensitive information and exploit unsuspecting victims for financial gain. Regulatory reporting solutions help detect and prevent fraudulent activities by ensuring compliance with regulatory requirements and facilitating transparency and accuracy in financial reporting. For instance, in May 2023, according to UK Finance, a UK-based trade association for the banking sector, authorized fraud losses reached £485.2 million ($616 million), with 207,372 total cases in 2022, an increase of 6% compared to 2021. Therefore, the rising number of fraudulent activities is driving the growth of the regulatory reporting solutions market, with market sizes reaching $J billion in 2023, $K billion in 2024, and $L billion in 2028.
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What Are The Major Segments Within The Global Regulatory Reporting Solutions Market?
The regulatory reporting solutions market covered in this report is segmented –
1) By Solution: Regulatory Reporting Software, Services
2) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
3) By Application : Financial Institutions, Banking, Information Technology (IT) And Telecommunication, Other Application
Which Trends Are Expected To Transform The Regulatory Reporting Solutions Market?
Companies in the regulatory reporting solutions sector are focused on automating workflows by integrating technologies such as generative AI-powered features to manage compliance, streamline reporting processes, and mitigate regulatory risks. Generative AI-powered features in regulatory reporting leverage advanced algorithms to autonomously create and suggest data mappings and actionable insights for the financial markets. For instance, in March 2024, Sweep, a UK-based sustainability data management platform, launched Sweepy. This tool, equipped with generative AI features, aids companies in simplifying compliance with the corporate sustainability reporting directive (CSRD) and other regulatory requirements. It offers data ingestion, recommends financial and impact materiality mappings based on industry benchmarks, and automates non-financial data reporting and disclosure. It also provides AI-driven recommendations for emission factors and actionable plans to meet sustainability goals, addressing data input irregularities that could jeopardize compliance.
What Is The Fastest Growing Region In The Regulatory Reporting Solutions Market?
North America was the largest region in the regulatory reporting solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the regulatory reporting solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
