Global Regulatory Reporting Solutions Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Regulatory Reporting Solutions Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

‘Regulatory reporting’ is the submission of raw or summary data needed by regulators to evaluate a company’s operations and its overall health, thereby determining the status of compliance with applicable regulatory provisions. Regulatory reporting solutions are used to automate workflows and facilitate electronic delivery of data.

Market Overview:

The latest research study on the global Regulatory Reporting Solutions market finds that the global Regulatory Reporting Solutions market reached a value of USD 523.32 million in 2022. It’s expected that the market will achieve USD 1453.93 million by 2028, exhibiting a CAGR of 18.57% during the forecast period.

The impact of COVID-19 on the global economy. More than three million lives have been lost to COVID-19 since the start of 2021 and the toll continues to rise. Many more have suffered a serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing. This is the worst global recession in decades, despite the huge efforts of governments with the support of fiscal and monetary policies to deal with the economic downturn. But from a long-term perspective, it is expected that the severe recession caused by the pandemic will cause a prolonged economic depression by reducing investment. Should COVID-19 outbreaks persist, should restrictions on movement be extended or reintroduced, or should disruptions to economic activity be prolonged, the recession could be deeper. Businesses might find it hard to service debt, heightened risk aversion could lead to climbing borrowing costs, and bankruptcies and defaults could result in financial crises in many countries. Under such unfavorable circumstances, there will still be a possibility of a global decline in 2021.

The impact of the epidemic on the Regulatory Reporting Solutions industry is mainly manifested in the industrial chain. The COVID-19 epidemic has affected downstream industries. Manufacturing and other industries cannot continue production due to supply chain interruption and transportation problems. Such downstream users may reduce their purchases due to financial problems. At the same time, the epidemic has put pressure on companies that meet the deadline of regulatory change. In addition, the epidemic has added a new process layer to manage compliance around the home work environment.

Downstream demand drives market growth

Compliance is particularly important in highly regulated industries such as finance and banking. Compliance depends entirely on the organization's compliance with laws, regulations, guidelines and norms related to its business processes. Violation of regulations usually leads to legal penalties, including federal fines. This requires industry organizations and providers to develop effective processes, policies and procedures to define appropriate behaviors, train employees of organizations, and then monitor the compliance of processes, policies and procedures. Compliance covers many areas, including but not limited to transactions, bills, hosting contracts, privacy and security. Compliance also helps organizations avoid disputes with government authorities and other stakeholders. An effective Regulatory Compliance Services can find problems and solutions before government agencies find them. It can also reduce sanctions or financial penalties. In addition, it can help organizations avoid responsibility for dereliction of duty. Therefore, regulatory reporting solutions are very important. Regulatory reporting solutions ensures that organizations comply with established compliance guidelines and revise compliance practices according to changing regulations. It effectively improves the organization's compliance and helps the organization avoid accident claims to the maximum extent. The efficiency of regulatory reporting solutions increases the dependence of downstream organizations on it.

Data and technology security issues

The main factor hindering the market is the problems related to data and security, which are caused by the high dependence on network technology and data integration. Regulatory reporting solutions is related to data function and may be the target of various network attacks. For example, privacy is one of the biggest problems. Many different laws protect the confidentiality of stakeholders. If the information is leaked, it may lead to economic losses, fraud and even identity theft. Therefore, network security and data protection have become problems faced by regulatory reporting solutions.

Brand barrier

The entrants of regulatory reporting solutions will face brand barriers. The users of regulatory reporting solutions involve organizations of different sizes and regions. The business scope will involve all aspects of the daily operation of each organization, so most customers have certain requirements for the popularity of service providers. Due to the lack of successful cases and brand awareness, it is difficult for new entrants to occupy a favorable position in the fierce market competition.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (48.32% in 2022).

Company Overview:

AxiomSL is one of the major players operating in the Regulatory Reporting Solutions market, holding a share of 112.71% in 2023.

AxiomSL

AxiomSL Ltd. provides risk data management and regulatory reporting solutions. The Company offers enterprise data management (EDM) platform that delivers data lineage, risk aggregation, analytics, workflow automation, reconciliation, validation, and audit functionality, as well as disclosures. AxiomSL serves banks, financial broker, asset managers, and insurance companies worldwide.

IBM

International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions.

Segmentation Overview:

By type, Regulatory Compliance Services segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Financial Institutions, with a market share of 51.19% in 2022.

Key Companies in the global Regulatory Reporting Solutions market covered in Chapter 3:

BearingPoint
Wolters Kluwer
Moodyas Analytics
Corvil(Pico)
TAS Group
Vermeg
Oracle
Workiva
AxiomSL
Wipro
IBM
Vena Solutions
Deloitte
SS&C Technologies

In Chapter 4 and Chapter 14.2, on the basis of types, the Regulatory Reporting Solutions market from 2018 to 2029 is primarily split into:

Regulatory Compliance Services
Transaction Regulatory Reporting Services
Managed Regulatory Reporting Services

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Regulatory Reporting Solutions market from 2018 to 2029 covers:

Financial Institutions
Banking
IT & Telecom
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)