What is Regulatory Change Management Software Market?
Regulatory change management software manages the workflows, documents, and analytics required to keep companies up to date with the latest regulatory changes. This type of software identifies new regulatory changes and triggers business processes to ensure compliance across the company. Regulatory change management tools are usually implemented as part of a broader governance, risk, and compliance initiative. The software is used mostly by compliance officers, but can also be utilized by managers and employees of highly regulated departments such as finance, quality management, or manufacturing.
Highlights from Regulatory Change Management Software Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Ellie Mae (United States), DueDil (United Kingdom), Bwise internal control inc. (United States), Wolters Kluwer (Netherlands), RegEd, lnc (United States), MetricStream (United States), DataTracks (United States), LogicGate (United States), Thomson Reuters (Canada), 360factors (United States), OneTrust (United States) and Refinitiv (United Kingdom) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Regulatory Change Management Software market throughout the forecasted period.
Ellie Mae (United States), DueDil (United Kingdom), Bwise internal control inc. (United States), Wolters Kluwer (Netherlands), RegEd, lnc (United States), MetricStream (United States), DataTracks (United States), LogicGate (United States), Thomson Reuters (Canada), 360factors (United States), OneTrust (United States) and Refinitiv (United Kingdom) are some of the key players profiled in the study. Regulatory Change Management Software Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Financial Services, Insurance Companies, Manufacturing, Computer Network and Hospital & Health Care |
Pricing | Annually,Monthly,One-time license |
Deployment | Cloud,On premise |
Features | Process Design,Process repository,Data unification,Process analysis |
On the basis of geography, the market of Regulatory Change Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Emphasis on Machine Learning
Market Growth Drivers:
Changing Government Regulations is Fuelling the Market Growth
Challenges:
Stiff Competition Among the Players
Restraints:
High Costs Associated with the Software
Opportunities:
Increasing Demand of Regulatory Change Management Software in Various Industries
Key Target Audience
Government associations, Research organizations, Software vendors, Distributors and Others
Market Leaders & Development Strategies
December 2020 London-based RegTech DueDil powers the Know Your Business (KYB) platform with continuously updated products. Regulatory compliance remains a fundamental challenge for banks, fintechs and insurance companies, and it is increasingly important for companies to keep abreast of portfolio changes as the regulatory environment is constantly evolving.