Regulatory Reporting-as-a-Service Market size is set to expand at significant growth rate during the forecast period i.e., between 2024-2036. The growth of the market can be attributed to the increasing demand for specified regulatory services, backed by enhanced performance of regulatory reporting system in maintaining the reports. Regulatory reporting systems collect data from a variety of systems, settles it into regulatory reports, and delivers the data electronically. Moreover, regulatory reporting services ensure better workflow management, which is estimated to boost the market growth. Along with this, various services provider companies are investing in making regulatory reporting-as-a-service available to the end-user industries. Besides, the governments across the globe are increasingly investing in technical research and development activities. Additionally, the rapid digitalization of financial sector, including banking, and insurance, is estimated to boost the regulatory reporting-as-a-service market. Moreover, advantages of digitalized services, such as, real time data processing and monitoring, are anticipated to promote the market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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The market is segmented by industry into banking, insurance, it & telecom, and others, out of which, the banking segment is anticipated to hold the notable share in the global regulatory reporting-as-a-service market over the forecast period on account of increasing use of the regulatory reporting services for efficient data management.
Our in-depth analysis of the global market includes the following segments
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By Deployment Type |
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By Service |
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By Industry
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On the basis of geographical analysis, the global regulatory reporting-as-a-service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Europe is likely to account for largest revenue share by 2036, on the back of growing adoption of digital services in the developed countries. Moreover, the rise in focus of the regulatory bodies in the region to harmonize its reporting requirements over the past few years is also expected to drive the market growth. For instance, the European System of Central Banks (ESCB) and its Statistics Committee (STC) have aimed to standardize, harmonize and integrate existing ESCB requirements for the collection of statistical information from banks. The strategy would also help automate data processing and enhance data quality. The approach consists of two elements, namely, the Integrated Reporting Framework (IReF) and the Banks Integrated Reporting Dictionary (BIRD).
North America Market Analysis
The regulatory reporting-as-a-service market in the North America region, on the other hand, is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of digitalized regulatory reporting services in the financial and other end-user industries, along with development of the BFSI sector in the region.
· November 17, 2021: SRD II solution built by Broadridge Financial Solutions, Inc. to receive the recognition of Asset Servicing Regulatory Solution of the Year.
· August 25, 2021: Axiom SL, leading provider of regulatory reporting and risk management solutions, to collaborate with JWG and other software developers for global digital regulatory reporting initiatives.
Author Credits: Abhishek Verma
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