At 24.4% CAGR, North America Regtech Market is Projected to be Worth US$ 15,993.54 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America regtech market was valued at US$ 2,795.17 million in 2023 and is expected to reach US$ 15,993.54 million by 2031, registering a CAGR of 24.4% from 2023 to 2031. Expansion of AI, machine learning, and blockchain applications and consequences of fraudulent activities in financial operations are among the critical factors attributed to drive the North America regtech market growth.

AI and ML are robust technologies that are deemed necessary for the automation of business operations. These technologies are also capable of spotting industry trends and providing quick and accurate insights. AI-based systems have the potential to analyze massive amounts of data to detect trends and abnormalities, enabling regulated companies to prevent fraud. To remain relevant in an ever-changing environment, firms should constantly develop their rule-based parameters. AI-powered Regtech solutions may help regulated organizations efficiently acquire, process, and analyze data for regulatory reporting as financial transactions expand. Further, Blockchain is a decentralized, distributed digital ledger that records transactions safely and transparently. Its appeal in the Regtech business stems from its capacity to confer transparency, immutability, and record security. Creating a tamper-proof audit trail for regulatory reporting involves accurate and verifiable information. Blockchain is spread throughout a network of systems, with each machine keeping a copy of the ledger. Blockchain technology eliminates the need for central control, allowing the authentication and recording of transactions without the involvement of a trusted third party, thereby supporting the decentralization, security, and transparency features of Regtech solutions. Thus, the expansion of AI, machine learning, and Blockchain applications is emerging as a significant North America regtech market trend.

On the contrary, high development and deployment costs hamper the growth of North America regtech market.

By component, the North America regtech market is bifurcated into solutions and services. The solutions held 64.5% share of North America regtech market share in 2023, amassing US$ 1,801.87 million. It is projected to garner US$ 11,037.61 million by 2031 to register 25.4% CAGR during 2023-2031.

In terms of deployment type, the North America regtech market is bifurcated into on-premise and cloud. The cloud segment held 68.9% share of North America regtech market share in 2023, amassing US$ 1,926.70 million. It is projected to garner US$ 11,338.32 million by 2031 to register 24.8% CAGR during 2023-2031.

Based on enterprise size, the North America regtech market is bifurcated into SMEs and large enterprises. The large enterprises segment held 78.3% share of North America regtech market share in 2023, amassing US$ 2,189.85 million. It is projected to garner US$ 12,028.85 million by 2031 to register 23.7% CAGR during 2023-2031.

By application, the North America regtech market is segmented into risk and compliance management, AML and fraud management, and identity management. The risk and compliance management segment held 43.9% share of North America regtech market share in 2023, amassing US$ 1,226.21 million. It is projected to garner US$ 7,315.62 million by 2031 to register 25.0% CAGR during 2023-2031.

By industry vertical, the North America regtech market is segmented into banks, insurance, and others. The banks segment held 42.2% share of North America regtech market share in 2023, amassing US$ 1,179.23 million. It is projected to garner US$ 7,085.48 million by 2031 to register 25.1% CAGR during 2023-2031.

Based on country, the North America regtech market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 93.8% share of North America regtech market in 2023. It was assessed at US$ 2,621.41 million in 2023 and is likely to hit US$ 15,125.75 million by 2031, registering a CAGR of 24.5% during 2023-2031.

Key players operating in the North America regtech market are Ascent Regtech; Broadridge Financial Solutions Inc; Deloitte Touche Tohmatsu Ltd; International Business Machines Corp; Jumio Corporation; MetricStream, Inc.; PricewaterhouseCoopers International Ltd; and Thomson Reuters Corp, among others.

• In 2024: AI-powered regtech Cube acquired global regulatory intelligence enterprises from Thomson Reuters.
  
  

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com