regtech market was valued
regtech market was valued US$ 2.45 Bn in 2017 and is expected to reach US$ 12.43 Bn by 2026, at a CAGR of 22.51 % during a forecast period.
RegTech is a tool to develop efficiency and effectiveness. Regtech generally to include any technology or software created to address regulatory challenges and help companies understand regulatory requirements and stay compliant.
Global regtech market
Increased cost of compliance, regulatory sandbox approach, and lower entry barriers for Saas-based offerings are boosting the global regtech market growth. Application of AI, machine learning, and blockchain to offer new efficiencies in compliance is expected to provide good opportunities for market growth. However, the high cost of software and lack of knowledge regarding the software deliverables are limiting the growth of the regtech market.
The challenging factors of the global regtech market are cybersecurity and privacy, and lack of data standardization.
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