Worldwide spend on RegTech will reach over $204 billion by 2026, a study from Juniper Research has found.
This means that global RegTech spend will account for more than half of all regulatory compliance spending for the first time, according to the study.
Overall spend will jump from $68 billion this year – representing growth of above 200 per cent across the next four years.
The report predicts that BaaS models, which include outsourcing RegTech services such as digital onboarding, will be key to accelerating AI-based automation for online document verification and KYC (Know Your Customer) processes.
“Whilst the current benefits of AI are clear to RegTech vendors, the immediate focus must be on ensuring the algorithms are fed the most relevant data to maximise their efficiency in verifying digital identities and future use cases,” said author of the research, Harshada Thok. “In turn, this will provide a differentiation point for RegTech vendors in an increasingly competitive market.”
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