Market Overview:
RegTech refers to the management of regulatory processes and financial risk with the help of cutting-edge technologies like AI, ML, big data, etc. In the digital era, insurance companies are looking for technological solutions that help them to mitigate cybersecurity risk and to automate regulatory reporting. The application of RegTech also helps to improve risk management, eliminate compliance costs, and reduce human errors.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Ascent (United States), NetGuardians SA (Switzerland), Trunomi (United Kingdom), Symphony Ayasdi (United States), Suade (United Kingdom), ComplyAdvantage (United Kingdom), Trulioo (Canada), Acuant, Inc. (United States), ACTICO (Germany), Continuity (United States) and Chainalysis Inc. (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility |
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Players of RegTech in Insurance- Market Study:
Ascent (United States), NetGuardians SA (Switzerland), Trunomi (United Kingdom), Symphony Ayasdi (United States), Suade (United Kingdom), ComplyAdvantage (United Kingdom), Trulioo (Canada), Acuant, Inc. (United States), ACTICO (Germany), Continuity (United States) and Chainalysis Inc. (United States)
RegTech in Insurance- Market Segment Analysis
Scope | Sub-Segments |
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Application / End User | Risk Management, Regulatory Reporting, Compliance Management, Fraud Prevention and Others |
Components | Software,Services |
Organization Size | Small and Medium Businesses,Large Businesses |
Deployment | Cloud,On-Premises |
Influencing Trend:
Increased Focus on the R&D and Innovation in AI and ML Technologies to Easily Analyze Big Data
Market Growth Drivers:
Surging Demand for Cybersecurity Solutions to Protect System Against Financial Crime and Data Loss and Rapid Adoption of RegTech in the Insurance to Automate Data Distribution and Stay Competitive in the Market
Challenges:
Limitations of Software and Restrictions on Data Sharing Limit
Restraints:
Slow Adoption of the New Technologies in the SMEs and Startups Due to Inadequate IT Budget
Opportunities:
Growing Awareness About RegTech and Growing Digital Transformation of Insurance Sector in the Developing Countries
. The Global RegTech in Insurance- market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global RegTech in Insurance- market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in RegTech in Insurance- market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, RegTech in Insurance Solutions and Service Providers, IT Software and Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.