United Kingdom Regulatory Technology Business Report 2024-2029: Focus on Anti-Money Laundering (AML), Adoption of Advanced Technologies, Investment Opportunities - ResearchAndMarkets.com

The "United Kingdom RegTech Business and Investment Opportunities Databook - 50+ KPIs on RegTech Market Size, By Industry, By Technology, By Type of Product, By Deployment, By Product Offering, Market Share - Q3 2024 Update" report has been added to ResearchAndMarkets.com's offering.

The regtech industry in United Kingdom is expected to grow by 24.9% on annual basis to reach US$657.84 million in 2024. The regtech industry is expected to grow steadily over the forecast period, recording a CAGR of 16.4% during 2024-2029. The regtech in the country will increase from US$526.61 million in 2023 to reach US$1.40 billion by 2029.

This report provides a detailed data centric analysis of regtech industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of regtech market dynamics, market size and forecast, and market share statistics.

The RegTech landscape in the UK is rapidly evolving, driven by technological advancements and increasing regulatory pressures. As organizations seek to enhance their compliance capabilities, the demand for innovative RegTech solutions will continue to grow. While regulatory complexity and market fragmentation persist, opportunities for collaboration and growth abound. By embracing advanced technologies and fostering partnerships, the UK RegTech sector is well-positioned to become a global leader in regulatory innovation, benefiting organizations, regulators, and consumers.

Reasons to buy

• Gain comprehensive Market Insights: Access detailed analyses of RegTech spending across various industries, including banking, healthcare, and retail. This understanding will enable you to allocate budgets effectively and prioritize investments based on market demand.
• Product and Technology Breakdown: Explore various RegTech products, such as identity verification solutions, compliance management platforms, and fraud detection systems. Insights into the adoption of technologies like AI, blockchain, and RPA will inform your product development and integration strategies.
• Industry-Specific Applications: Gain tailored insights on how different sectors implement RegTech solutions. By examining industry-specific needs, you can better align your offerings to meet regulatory requirements and enhance operational efficiency.
• Market Share and Competitive Analysis: Understand the competitive landscape through in-depth market share analysis among RegTech companies. This information will assist in identifying potential partnerships and benchmarking your organization against key market players.
• Deployment Models and Compliance Focus: Review various deployment options, including on-premise, hybrid, and service models, to determine the best fit for your organization. Additionally, grasp the regulatory landscape to ensure compliance management strategies are both proactive and effective.

Trends in RegTech

Recent trends in Regulatory Technology (RegTech) in the UK highlight significant advancements aimed at enhancing compliance and risk management in the financial sector.

Key trends include:

• Market Growth: The UK RegTech market is set to grow substantially, with projections estimating it will reach around $19.5 billion by 2026. This growth is driven by increasing regulatory requirements and the need for more efficient compliance solutions.
• Adoption of Advanced Technologies: There is a strong emphasis on integrating artificial intelligence (AI), machine learning, and big data analytics into RegTech solutions. These technologies enable real-time compliance monitoring, risk assessment, and automated reporting, helping organizations manage complex regulatory landscapes more effectively.
• Focus on Anti-Money Laundering (AML): With rising concerns over financial crimes, RegTech solutions are increasingly being utilized to enhance AML processes. This includes improved identity verification and transaction monitoring to combat fraud and money laundering.

Example - A notable example is ComplyAdvantage, a UK-based RegTech firm that uses AI to provide real-time insights into financial crime risks. Their platform helps businesses automate compliance processes, enhancing the efficiency of AML and KYC (Know Your Customer) procedures, thereby addressing the growing regulatory challenges in the UK market.

Recent Launches

• Quantexa's Enhanced AI Solutions - In 2023, Quantexa, a leading RegTech company based in the UK, launched enhanced AI-driven solutions to improve anti-money laundering (AML) and know your customer (KYC) processes. The new products use smart computer programs to study a lot of information and find possible problems with high accuracy. Quantexa's platform provides organizations with real-time insights, enabling them to make informed decisions regarding customer risk profiles and regulatory compliance.
• The enhancements include improved entity resolution capabilities, which allow businesses to create a single view of customers by linking disparate data sources. This innovation significantly reduces false positives in transaction monitoring and enhances the overall efficiency of compliance operations. Quantexa wants to use smart computer programs to help banks follow the rules about stopping bad people from using the bank for bad stuff, like money laundering.

Partnerships and Collaborations

• Engage Hub and the RegTech Association - Engage Hub has recently announced its partnership with the RegTech Association, a non-profit organization promoting RegTech adoption in the UK. This collaboration aims to streamline compliance processes for organizations facing complex regulatory challenges. Engage Hub, known for its journey orchestration and cross-channel communication solutions, is committed to helping clients navigate the evolving regulatory landscape.
• The partnership will help Engage Hub and other members of the RegTech Association share knowledge and work together. The association has nearly 200 organizations from different industries. By joining forces, they aim to drive innovation and support organizations adapting to regulatory changes. This collaboration exemplifies how industry players can work together to enhance the adoption of RegTech solutions and foster a culture of compliance across sectors.

Key Attributes:

Scope

Regulatory Compliance Spending By Industry

• Banking and Financial Services
• Insurance
• Healthcare
• Telecommunications
• Retail
• Transportation and Logistics
• Real Estate
• Government and Public Sector
• Other Industries

RegTech Companies Market Share By Type of Products

• Identity Verification Solutions
• Compliance Management Platforms
• Automated Reporting Tools
• Transaction Monitoring Systems
• Risk Assessment Tools
• Fraud Detection Systems
• Data Protection Technologies
• Training and E-Learning Platforms
• Regulatory Intelligence Tools
• Workflow Automation Solutions
• Other Products

By Industry

• Banking and Financial Services
• Insurance
• Healthcare
• Telecommunications
• Retail
• Transportation and Logistics
• Real Estate
• Government and Public Sector
• Other Industries

By Technology

• Artificial Intelligence (AI)
• Big Data Analytics
• Robotic Process Automation (RPA)
• Blockchain Technology
• Cloud Computing
• API Integrations and Biometric Authentication
• Data Encryption and Security Technologies
• Data Visualization Tools
• Other Technology

Banking and Financial Services and Type of Products

• Identity Verification Solutions
• Compliance Management Platforms
• Automated Reporting Tools
• Transaction Monitoring Systems
• Risk Assessment Tools
• Fraud Detection Systems
• Regulatory Intelligence Tools
• Workflow Automation Solutions
• Data Protection Technologies
• Other Products

Insurance and Type of Products

• Identity Verification Solutions
• Compliance Management Platforms
• Automated Reporting Tools
• Transaction Monitoring Systems
• Risk Assessment Tools
• Fraud Detection Systems
• Data Protection Technologies
• Other Products

Healthcare and Type of Products

• Compliance Management Platforms
• Data Protection Technologies
• Training and E-Learning Platforms
• Other Products

Telecommunications and Type of Products

• Compliance Management Platforms
• Data Protection Technologies
• Other Products

Retail and Type of Products

• Fraud Detection Systems
• Data Protection Technologies
• Other Products

Transportation and Logistics and Type of Products

• Transportation and Logistics Compliance Management Platforms
• Risk Assessment Tools
• Other Products

Real Estate and Type of Products

• Compliance Management Platforms
• Workflow Automation Solutions
• Other Products

Government and Public Sector and Type of Products

• Compliance Management Platforms
• Regulatory Intelligence Tools
• Other Products

Artificial Intelligence (AI) Technology and Type of Products

• Identity Verification Solutions
• Fraud Detection Systems
• Risk Assessment Tools
• Regulatory Intelligence Tools
• Other Products

Big Data Analytics Technology and Type of Products

• Compliance Management Platforms
• Automated Reporting Tools
• Transaction Monitoring Systems
• Other Products

Robotic Process Automation (RPA) Technology and Type of Products

• Compliance Management Platforms
• Workflow Automation Solutions
• Other Products

Blockchain Technology and Type of Products

• Identity Verification Solutions
• Automated Reporting Tools
• Other Products

Cloud Computing Technology and Type of Products

• Compliance Management Platforms
• Automated Reporting Tools
• Other Products

API Integrations and Biometric Authentication and Type of Products

• Identity Verification Solutions
• Automated Reporting Tools
• Other Products

Data Encryption and Security Technologies and Type of Products

• Protection Technologies
• Fraud Detection Systems
• Other Products

Data Visualization Tools and Type of Products

• Regulatory Intelligence Tools
• Regulatory Reporting
• Automated Reporting Tools
• Other Products

By Deployment

• Service Model
• On-premise Model
• Hybrid Model

By Product Offering

• Service
• Solution

By Company Size

• Small Company
• Medium Company
• Large Company

For more information about this report visit https://www.researchandmarkets.com/r/wbc7sj

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241025381491/en/