The North America RegTech Market would witness market growth of 20.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America RegTech Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $14,885.4 million by 2031. The Canada market is experiencing a CAGR of 22.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 21.8% during (2024 - 2031).
The regulatory technology, or RegTech, market has emerged as a pivotal force in the financial services industry and beyond, addressing the growing complexities of regulatory compliance. RegTech solutions are revolutionizing how businesses manage and adhere to regulatory requirements in an era of rapid technological advancement and stringent regulatory oversight. The growth of this market is supported by a combination of factors, such as the emergence of cutting-edge technologies, the necessity for operational efficiency, and the escalating regulatory demands.
RegTech originates from the aftermath of the 2008 global financial crisis, which emphasized the necessity of effective compliance mechanisms and robust regulatory frameworks. The crisis revealed significant gaps in financial institutions' oversight and risk management practices, prompting regulators worldwide to implement more stringent and comprehensive regulations.
Mexico has witnessed a significant rise in cyberattacks in recent years. The Banking Commission of Mexico (CNBV) has emphasized the importance of cybersecurity for financial institutions. RegTech solutions with advanced cybersecurity features can help Mexican financial institutions mitigate cyber threats and protect sensitive financial data. Also, the Mexican government is undertaking efforts to modernize its regulatory framework. This can create temporary uncertainties for compliance. RegTech solutions can assist Mexican institutions in navigating these transitional periods by expediting compliance processes and providing real-time updates in accordance with the changing regulatory landscape. Hence, the region will present lucrative growth opportunities for the market.
Free Valuable Insights: The RegTech Market is Predict to reach USD 56 Billion by 2031, at a CAGR of 21.1%
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 Organization Size, the market is segmented into Large Enterprises, and Small & Medium Enterprises (SMEs). Based on Deployment Mode, the market is segmented into Cloud, and On-premise. Based on Vertical, the market is segmented into Banking & Capital Markets, Insurance, and Non-Financial. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Component
By Application
By Organization Size
By Deployment Mode
By Vertical
By Country
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