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.
The Growing Threat of Fraud and Identity Theft
Over recent years, the incidence of identity theft and fraud has escalated, presenting significant challenges to both individuals and businesses. Reports from the Insurance Information Institute and the Federal Trade Commission (FTC) underscore the growing scope of these crimes. In 2021 alone, the FTC's Consumer Sentinel Network logged over 5.7 million complaints, nearly half of which were related to fraud. Additionally, the Cost of a Data Breach Report 2021 revealed that the average cost of a data breach had risen to $4.24 million, a stark increase from the previous year. These statistics highlight the urgent need for advanced solutions to address the mounting risks of financial crimes.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5349
How RegTech is Transforming Financial Security
RegTech solutions, which combine artificial intelligence and data analytics, offer a powerful means to combat fraud, mitigate risks, and ensure regulatory compliance. By integrating various GRC (Governance, Risk, and Compliance) processes, RegTech platforms help organizations manage and protect sensitive information more effectively. The surge in identity fraud has driven increased demand for these technologies, which not only provide real-time fraud detection but also streamline regulatory compliance processes. As financial institutions seek to reduce operational risks, the RegTech market has become an essential tool in safeguarding against financial crimes.
Leading Developments in RegTech
The RegTech industry is evolving rapidly, with companies focusing on innovation to deliver robust fraud protection solutions. For example, in 2020, NICE Ltd. introduced its Integrated Fraud Management (IFM-X) platform, which utilizes AI and cloud technology to detect and prevent fraudulent activities. This solution enables organizations to enhance customer experiences while effectively managing risks. Additionally, partnerships between leading companies, such as Jumio Corporation and Veridium, are advancing biometric identity verification solutions, streamlining the eKYC (electronic Know-Your-Customer) process, and providing a powerful tool for fraud prevention.
Trending Blog : https://meticulousblog.org/empowering-organizations-the-impact-of-regtech-solutions-on-fraud-prevention-and-risk-mitigation
Conclusion: The Essential Role of RegTech in Combating Fraud
The growing frequency and sophistication of financial crimes underscore the need for advanced RegTech solutions. With their ability to integrate AI and biometric technologies, these platforms are revolutionizing how businesses and financial institutions protect themselves from fraud. As the RegTech market continues to expand, it will play an increasingly critical role in safeguarding against the rising threat of financial fraud and identity theft.
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
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
Comments
0 comment