Regtech: Market Forecasts, Trends & Strategies 2023-2028

• Market Dynamics: Insights into key trends and market expansion challenges within the development of regtech technological infrastructure. Assessment of how advanced technology such as machine learning and blockchain are being developed into solutions that help the financial industry achieve anti-money laundering regulations and combat fraudulent activities. Insight on the different digital onboarding methods and an assessment of their approaches.
• Key Takeaways & Strategic Recommendations: Key opportunities for vendors highlighted across the regtech market landscape; making for an important read for key stakeholders.
• Benchmark Industry Forecasts: 5-year forecasts for key metrics, including the total spend on regtech, as well as the number of new bank accounts opened using digital onboarding and the total time and cost savings from KYC checks carried out using AI, split by banking and property onboarding. The data is also split by our 8 key forecast regions and 60 countries:
  • North America:
    • Canada, US
  • Latin America:
    • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
  • West Europe:
    • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
  • Central & East Europe:
    • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
  • Far East & China:
    • China, Hong Kong, Japan, South Korea
  • Indian Subcontinent:
    • Bangladesh, India, Nepal, Pakistan
  • Rest of Asia Pacific:
    • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
  • Africa & Middle East:
    • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates
• Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 23 regtech vendors, via the Juniper Research Competitor Leaderboard, featuring the following vendors:
  • Ascent
  • Behavox
  • BigID
  • Chainalysis
  • ComplyAdvantage
  • CyberGRX
  • Drata
  • Elliptic
  • Encompass
  • Feedzai
  • Fenergo
  • Hummingbird
  • IDology
  • Jumio
  • Onfido
  • Quantexa
  • Sift
  • Socure
  • SymphonyAI Sensa
  • Tessian
  • Trulioo
  • Trunomi
  • Unit21

1. What will the global spend be on regulatory compliance by 2028?
2. What are the applications of regtech?
3. What frameworks and technologies need to be in place to support regtech market growth?
4. Where are the biggest opportunities for vendors in the regtech market?
5. Who are the leading vendors in the regtech market?

Included in Juniper Research Competitor Leaderboard: Ascent, BigID, Behavox, Chainalysis, ComplyAdvantage, CyberGRX, Drata, Elliptic, Encompass, Feedzai, Fenergo, Forter, Hummingbird, IDology, Jumio, Onfido, Quantexa, Sift, Socure, SymphonyAI Sensa, Tessian, Trulioo, Unit21.
 
Mentioned: Acuant, Adobe, Affirm, Airbnb, Aite-Novarica Group, Alkeon, AlphaPoint, Alsop Louie Partners, American Express, AMLbot, Arm, Asics, ASOS, Astorg, AWS (Amazon Web Services), AYLIEN, BambooHR, Baringa, Big Commerce, Bitpanda, Bitstamp, BNY Mellon, Brex, Bridgepoint, British Patient Capital, Capital One, Carahsoft Technology Corporation, Card.com, Cellebrite, Chargeback, Chime, Coin, Copper.co, Cowboy Ventures, CreditInfo, crypto.com, Deloitte, Draft Kings, Dun & Bradstreet, Dwolla, Elayaway, Equifax, Ernst & Young, Etsy, Evercore, Evolve Bank & Trust, Experian, Fintech Amiqus, Fireblocks, Flourish Ventures , Flutterwave, Forrester Consulting, FreedomPay, Ganter Market Guide, GGV Capital, GIC, Global Payments, Google, Halo Ai, Helix, Hello Fresh, HelloFlow, HSBC, ICONIQ Growth, ID Mission, Infosecs, Investec, IXOPAY, JPMorgan, KeyBan Capital Markets, Keyless, LeapXpert, LendUp, LexisNexis, Llyods Banking Group, Lumon, Mastercard, McDonald’s, Microsoft, Middesk, Mitek, MK Decision Partners, Morgan Stanley, NEAR, NextGate, Nordstrom, Notion, Novo, Nuvei, O2, Obopay, Okta, OpenTable, Paytron, PrimeTrust, Pulumi, PureFi, RealPagem, Remity, ResistantAI, Revolver, Salesforce, Santander, ServiceNow, Shieldpay, Shopify, ShortPoint, Silicon Valley Bank, Sionic, SoFi, Solidatus, Stripe, SVCI, TeleSign, Tempo France, Tesco Bank, The Access Group, The Co-operative Bank, Three, TransUnion, UK Finance, University of Chicago, Visa, Vodafone, Wells Fargo, William Hockey, Wix Merchants, XBO.com, X-Meta, Zillow.
 
 
 

The forecast suite provides a number of key metrics for the regtech market, including the total spend on regtech, as well as the number of new bank accounts opened using digital onboarding and the total time and cost savings from KYC checks carried out using AI. The forecast suite is split by the following categories:

• Global Regulatory Compliance
• Digital Banking Onboarding
• KYC Checks for Property

 
Geographical splits: 60 countries
Number of Tables: 54 tables
Number of datapoints: Over 22,600

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform, enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart – using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a client’s ability to both understand a particular market and to integrate their own views into the model.

Regtech spend will surge to $207 billion globally by 2028, with AI & machine learning unlocking efficiencies. Spend on regtech by financial institutions and other industries will increase by 124% between 2023 and 2028 globally, from $83 billion in 2023.

• Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared blockchain ledgers to improve anti-money laundering and fraud compliance at cryptocurrency exchanges. Natural language processing is also used to detect malicious actors in emails and phone calls, successfully identifying misconduct, conflicts of interest and financial crime. With increased deployment of these technologies, we anticipate increasing levels of enterprise investment, as they recognise the vast efficiencies regtech can create.
• The research found that the leading players offered streamlined identity verification automated by AI, and were able to successfully position themselves in many different industries, as regtech expands beyond just financial services. In order to stay ahead of their competition, vendors must develop solutions that utilise AI and machine learning, which can automate processes such as identity verification.
• The most successful vendors will leverage AI to reduce the manual requirements needed by compliance teams and allow them to focus on tasks that require human elements, lowering costs and increasing productivity significantly, at a time of strong cost pressures.