Top 10 Companies in RegTech Market – Company Overview, Recent Development, and SWOT Analysis
The RegTech Market is driven by increasing number of fraudulent activities and rapidly growing GDPR concerns among nations to encourage financial institutions to implement mandatory guidelines. RegTech solutions are gaining traction due to their applications in numerous industries including BFSI, Healthcare, Manufacturing and Transportation & Logistics. RegTech market growth is driven by increasing number of fraudulent activities, growing need to automate regulatory compliance processes and increasing need for faster transactions. Focusing on maintaining transparency in financial regulations and improving policies has become a major growth factor for the regulatory technology market. RegTech offers many benefits, it ensures compliance with regulations and compliance requirements in real-time.
Technological Advancement has also become the major factor in market growth. RegTech uses new technologies such as cloud, open data models; AI and ML to improve regulatory processes to meet ongoing compliance requirements. It complements or completely replaces in-house compliance processes, audit and risk workflows with new technologies that update in real-time. New technologies such as cloud computing, machine learning, biometrics, big data and blockchain enable RegTech to develop enterprise-wide data governance and reporting operations. However, technological advancement has fueled the market growth.
RegTech Market is estimated to be US$ 57.5 billion by 2032 with a CAGR of 8.2% during the forecast period.
Here are the top 10 companies operating in RegTech Market:
Founded in: 1911
Headquarter: Armonk, New York, U.S.
Number of Employees: 282,100 (2021)
Annual Revenue in USD: 57.35 billion (2021)
IBM Corporation (International Business Machines), is a public company. IBM is an American mulitnational technology company. IBM has become the largest industrial research organization in the world. IBM is specilaized in computer hardware, software, middleware services. IBM also provides hosting & consulitng sevices which ranges from mainframe computers and nanotechnology. IBM provide products like robotics, automation, cloud compuitng, AI, qunatum computing, blockchain and others.
Key Highlights:
- In May 2019, IBM, Thomson Reuters has introduced new powerful AI (artificial intelligence) and Data Combination for simplifying how financial institutions tackle the regulatory compliance challenges. This new powerful AI solution will bring new level of insight & intelligence for complex challenges of regulatory compliance.
Founded in: 2007
Headquarter: London, England, UK
Number of Employees: 24,158 (2021)
Annual Revenue in GBP: 6,709.00 million (2021)
London Stock Exchange Group (LSEG) is UK-based company. LSEG is a public limited company. LSEG provides stock exchange and financial services. LSEG offer data analytics, financial market infrastructure, stock exchange, clearing, etc.
Key Highlights:
- In December 2022, London Stock Exchange Group and Microsoft has announced the 10 years strategic partnership which has aimed for empowering the future of financial markets. This partnership will help in supporting cloud and AI (artificial intelligence)-led digital transformation approach. This partnership has planned to co-create an open all-in-one data, workflow, analytics and collaboration solutions.
Founded in: 2007
Headquarter: Lake Success, New York, U.S.
Number of Employees: 13,000 (2021)
Annual Revenue in USD: 5,709.10 million (2022)
Broadridge Financial Solutions, Inc., is a public company. Broadridge Financial Solutions is a financial technology company. Broadridge Financial Solutions is the supplier of annual reports, proxy statements, and other financial documents to public companies. Broadridge Financial Solutions provides, shareholder communication solutions like virtual annual meetings.
Key Highlights:
- In April 2021, Broadridge Financial Solutions, Inc., has announced the integration of FundApps’ regulatory compliance technology with Broadridge’s portfolio & order management solution. This technology will benefit company’s clients from unique regulatory compliance solution which help in addressing manager’s needs across the shareholder disclosure, position limit reporting, sensitive industry monitoring and removing operational challenges in search for alpha.
- In October 2022, Broadridge Financial Solutions, Inc., has launched new end to end managed service solution for SFDR reporting which will support European asset managers for meeting their compliance obligations for upcoming SFDR (Sustainable Finance Disclosure Regulation).
Founded in: 1968
Headquarter: Alphen aan den Rijn, Netherlands (global, Philadelphia, U.S. (corporate)
Number of Employees: 19,200 (2020)
Annual Revenue in EUR: 4,771.00 million (2021)
Wolters Kluwer N.V., is a Dutch company. Wolters Kluwer is a publishing, information services industry. Wolters Kluwer offers, corporate services, healthcare services, finance, accounting, tax, law and regulatory software. Wolters Kluwer also provides workflow tools and publications.
Key Highlights:
- In October 2022, Wolters Kluwer N.V., has launched new Legisway in United States. New launch of Legisway in US will help customers with proven work-flow-based platforms which meets key needs within law department & helps in providing powerful reporting insights, analytics for supporting decision making & better outcomes for department & broader business.
Founded in: 1986
Headquarter: Ra’anana, Israel
Number of Employees: 6,800 (2020)
Annual Revenue in USD: 1,921.15 million (2021)
NICE Ltd., is a public company. NICE Ltd., is an Israel based public company. NICE Ltd., is specialized in data security, contact center software, surveillance, telephone voice recording, and robotic process automation. NICE Ltd., serves various industries such as healthcare, retail, financial, outsources, telecommunication, travel, media, service providers & utilities.
Key Highlights:
- In March 2022, NICE Actimize has launched new tools for compliance. Newly launched tool ‘X-Sight Entity Risk SaaS solution helps in producing single risk score which will help in enabling financial institutions to get deeper understanding of clients as it is powered by AI, entity resolution, machine learning, fraud prevention, network analytics, improves effectiveness of AML, etc.
Founded in: 2015
Headquarter: Chicago, Illinois, U.S.
Ascent Technologies Inc., offers, cloud-based platform. Ascent Technologies provides financial services to their business clients. Ascent Technologies helps in analyzing business activities & also assist in tracking & compliance of specific requirements. Ascent Technologies uses AI platform for providing information to businesses for managing compliance program. This AI platform offers instant impact assessments, content feed, and also help in notifying about changes in rules.
Key Highlights:
- In March 2022, Ascent RegTech has launched new solution to keep team updated with regulation changes. The Ascent Change Management product will enable players in financial services & other industries for improving their horizon scanning & change management process, and streamlines the compliance tasks. New solution is powered by AI technology, and Horizon Scanning tool.
Founded in: 2017
Headquarter: Greater Los Angeles Area, West Coast, Western US.
Hummingbird RegTech Inc., is a legal name of Hummingbird. Hummingbird is a platform which is used for managing anti-money laundering (AML) operations. Compliance professionals use Hummingbird platform for collecting case information, reporting unusual & suspicious behaviors, and conducting investigations. Hummingbird’s platform help in reducing paperwork & also help in improving efficiency and by enabling AML investigators to refocus on fighting against financial crime.
Key Highlights:
- In March 2022, Hummingbird RegTech Inc., has launched Investigation Canvas for compliance professionals. Newly launched Investigation Canvas will help in improving the utility of data presented, and also presents more natural & seamless way of parsing & ingesting complex financial crime investigations.
Founded in: 1999
Headquarter: San Jose, California, U.S.
MetricStream Inc., is a software and technology services industry. MetricStream, provides compliance, governance, risk, and quality management solutions. MetricStream offers risk management system, provides compliance management software solution, enterprise compliance platform, electronic document management software, support, implementation, validation, hosting & training services, it also serves customers worldwide.
Key Highlights:
- In October 2022, MetricStream Inc., has announced the release of its latest product which is focused on accelerating GRC program performance. Latest product delivers faster, easier, safer and provides more personalized connected GRC experience. Latest product includes technological advancement such as seamless integration with third-party systems, faster, easier, safer configuration, streamlined disclosure reporting for ESG, delivers GRC insight in minute, etc.
Founded in: 1845
Headquarter: London, England
Number of Employees: 415,000 (2022)
Deloitte Touche Tohmatsu Limited., is commonly known as Deloitte. Deloitte is an international professional services network. Deloitte has become the largest professional services network by revenue. Deloitte offers services such as management consultancy, risk advisory, financial advisory, audit, tax, legal services, etc.
Founded in: 1995
Headquarter: Mumbai, Maharashtra (India)
Infrasoft Technologies Limited, is a public and non-govt company. Infrasoft Technologies provides information technology services & solutions. Infrasoft Technologies, is specialized in software products and also provides solutions and services used for banking and financial sectors. Infrasoft Technologies, is the parent company of Kiya Ai.