Albany, NY -- (SBWIRE) -- 01/14/2019 -- Regulatory technology (RegTech) is a group of companies that help businesses to comply with regulatory challenges in the financial services sector by using innovative techniques. RegTech companies, financial institutions, and regulatory bodies work in collaboration with each other to meet the regulatory needs of financial authorities. RegTech utilizes advance technologies such as cloud computing and Big Data for sharing of regulatory information so as to identify, reduce, and avoid the risks of regulatory failure. For a long time, before the emergence of RegTech, financial and regulatory bodies used to work manually to process the data from financial organizations to confirm adherence to regulations mandated by the authorities. However, with the tremendous increase in financial data, the manual process became expensive and time consuming. This has led to the integration of artificial intelligence to automate the process of predicting potential risks to a business.
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The artificial intelligence and RegTech market is being supported and driven by the increasing data from financial organizations such as banks, investment agencies, and insurance companies due to the increased awareness about stock exchange, investment banking, and the concept of Bitcoin among common people. Moreover, integration of artificial intelligence into RegTech has made the compliance process much easier by means of automation as compared to the manual process. This has increased the adoption of artificial intelligence and RegTech and is expected to drive the growth of the artificial intelligence and RegTech market during the forecast period 2018 – 2026.
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The global artificial intelligence and RegTech market can be segmented on the basis of project type, enterprise, end-use industry, and geography. Based on project type, the artificial intelligence and RegTech market can be segmented into employee surveillance, compliance data management, fraud prevention, audit trail, and others. In terms of enterprise, the artificial intelligence and RegTech market can be segmented into large enterprise and small & medium enterprise. The enterprise size is defined on the basis of number of employees and geographic presence of an enterprise. The end-use industry segment can be bifurcated into IT and telecommunication, BFSI, healthcare, energy and utility, and others.