The market for [FURL=https://www.industryarc.com/Report/17918/artificial-intelligence-market-in-regtech.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]AI in Regtech[/FURL] is forecast to reach $3.3 billion by 2026, growing at a CAGR of 36.1% from 2021 to 2026. The market will be driven by the ability of artificial intelligence to improve data governance, business risk, and regulatory compliance. The global Regtech market is expected to grow to the CAGR of 48% by 2018-2020. Leading banks HSBC, Deutsche Bank and JP Morgan spends over $ 1 billion annually on Regtech. Banks are switching to be data driven company that is the biggest driving force to adopt Regtech along with AI. Regtech is not dealing with regulatory obligation effectively but also reduce the associated cost and risk.Key Takeaways
AI in Regtech can improve data governance, business risk, and data compliance, and financial services technology.
Regtech is being used in cyber security and data privacy. This factor elevates the demand for artificial intelligence market in Regtech.
Artificial intelligence can recognize patterns and connections among data that humans cannot recognize.
Robo - advisors keep monitoring the events, stocks, bond and price trend according to user’s requirement which help them in making suggestion regarding which stock needs to be sell or buy. They play a very important role in risk management, speech recognition, network security access to big data etc.
Artificial Intelligence in Regtech is allowing companies to cut down their cost, automate their process and reduce the chances of error.
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AI in Regtech Market Segment Analysis - By Geography
North America will dominate the Artificial Intelligence Market in Regtech during the forecast period and has a share of 46% in 2020. It is expected to significantly surpass Europe and Asia Pacific when it comes to spending in regulatory software in the next five years. 35% of the software spending is seen in Asia Pacific at present.
AI in Regtech Market Drivers
Technological Advancement driving new applications
Regtech sectors are innovating their products with the help of AI technology. Work Fusion provides intelligent automation software that has all the capabilities enterprise leaders need to digitize business processes. The robotic process automation tools and AI are used to automate systems to record and store data.
Rising Demand for Regulatory Compliance
Regtech is application of technology to address regulatory challenges in finance sector. Regtech uses cloud computing technology through SaaS software to comply with businesses efficiently by reducing the cost.Regtech works in collaboration with financial companies along with regulatory bodies to share information.
The AI in Regtech Market is dominated by major companies such as WorkFusion, Onfido, Text IQ, Merlon Intelligence, Ayasdi, Regis-tr, cube
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