DUBAI, U.A.E., Oct. 25, 2021 /PRNewswire/ -- As per a recent survey published by FMI, the global regulatory reporting solutions market is expected to surpass US$ 15.5 Bn by 2031. Surging application across insurance, asset management, and investment industries is propelling the demand for regulatory reporting solutions.

On account of this, the market is projected to grow at an impressive CAGR of 14.8% over the forecast period 2021-2031, in comparison to the 11.1% CAGR registered between 2016 and 2020.

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Rising digitalization and increasing number of online monetary transactions have compelled financial institutions and banks to move from complex and legacy architected operations to a more rational approach.

In addition to this, the increasing need to improve financial transparency and reduce operational costs in financial institutions is estimated to create lucrative growth opportunities for the market.

Regulatory reporting solutions are gaining traction as it assists in risk & compliance management and provides real-time data analysis with scalability and flexibility attributes. It also makes it ideal for all types of regulatory reporting as per jurisdiction.

Further, increasing developments and implementation of novel technologies such as cloud computing, across financial organizations are anticipated to drive sales at robust 13% year-on-year growth in 2021.

On the basis of solution, cloud-based regulatory reporting solutions are estimated to project rapid growth in the segment. These solutions are extensively been adopted across the banking sector owing to shifting regulatory requirements and growing number of fraudulent activities, worldwide.

"Key companies are emphasizing on integrating advanced technologies such as machine learning, artificial intelligence, and big data analysis for assisting financial institutions to manage regulatory changes and gain valuable insights. This will augment the growth of the market," says the FMI analyst.

Key Takeaways from the Regulatory Reporting Solutions Market Study

• The market in the U.K. is anticipated to account for around 21% of the total sales in Europe, Middle East, and Africa (EMEA) market in 2021.
• The U.S. is estimated to witness a swift growth in the North America market, expanding at 11% CAGR during the assessment period.
• Sales of regulatory reporting solutions in India are forecast to project at exponential growth, rising at 21% CAGR from 2021 to 2031.
• China and Japan markets reached a valuation of US$ 189 Mn and US$ 162 Mn across Asia Pacific in 2020.
• Regulatory reporting software is expected to continue dominating the solution segment, expanding at 15% CAGR through 2031.

Key Drivers

• Emergence of digital currencies such as cryptocurrency and increasing investment activities across the U.S., India, the U.K., and China is expected to facilitate the market growth.
• Rising adoption of various analytical techniques for controlling, maintaining, and monitoring internal banking data is spurring the sales of regulatory reporting solutions across the banking sector.

Key Restraints

• High cost of installations and maintenance of regulatory reporting software is hampering regulatory reporting software sales across low-income economies.
• Increasing risk of cybercrimes and data breaches due to the adoption of internet-based regulatory reporting software is hindering the growth of the software solution segment.

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Competitive Landscape

Leading companies in the global regulatory reporting solutions market are Oracle, Workviva, Wolters Kluwer, Sopra Banking Software, Sovos Compliance among others. As per Future Market Insight, around 40% to 45% of revenue market share accounted by the top 15 players in 2021.

Key companies in the industry are focusing on developing new product using innovative and advanced tools to meet the consistently changing demand from various industries.

Besides this, some of the players are emphasizing on partnerships, agreements, and acquisitions of other companies to strengthen their global presence. For instance,

• In August 2021, Axiom SL Inc., a global technology leader, announced entering into a partnership with a financial service regulatory intelligence firm, JWG. The partnership will assist Axiom SL to work with new derivative digital regulatory reporting framework of JWG, which will allow Axiom SL collaborate other software developers, regulators, and trade associations for regulatory reporting.
• In May 2018, Broadridge, Financial Solutions providing firm, announced acquiring, a regulatory communication service provider, FundAssist Limited. This will assist the company to use suite of capabilities that will enable composition, distribution, and management of disclosure documents and digitized regulatory.

Some of the key players operating in the market profiled by FMI are:

• Sopra Banking Software
• Moody's Analytics, Inc
• Lombard Risk
• SS&C Technologies, Inc.
• Oracle
• Axiom SL
• Wolters Kluwer Financial Services
• BearingPoint Software Solutions
• Prima Solution
• Matternhorn Reporting Services B.V.
• Workviva
• Bloomberg
• Sovos Compliance
• Fintellix

More Valuable Insights on Regulatory Reporting Solutions Market

FMI, in its new report, offers an unbiased analysis of the global regulatory reporting solutions market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in regulatory reporting solutions market with detailed segmentation:

By Solution:

• Regulatory Reporting Software
• Cloud-based
• On-premise
• Services
• Managed Services
• Professional Services
• Integration & Implementation
• Support & Maintenance
• Consulting & Advisory

By Industry:

• Banking
• Insurance
• Wealth & Asset Management
• Securities & Investments
• Others

By Region:

• North America
• Latin America
• EMEA (Europe, Middle East & Africa)
• APAC

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Key Questions Covered in the Report

• The report offers insight into regulatory reporting solutions market demand outlook for the forecast period 2021-2031
• The market study also highlights projected sales growth for regulatory reporting solutions market between 2021 and 2031
• Regulatory reporting solutions market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Regulatory reporting solutions market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights