DUBLIN--(BUSINESS WIRE)--The "Australia RegTech Business and Investment Opportunities Databook - 50+ KPIs on RegTech Market Size, By Industry, By Technology, By Type of Product, By Deployment, By Product Offering, Market Share - Q3 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The regtech industry in Australia is expected to grow by 18.8% on annual basis to reach US$338.29 million in 2024. The regtech industry is expected to grow steadily over the forecast period, recording a CAGR of 12.8% during 2024-2029. The regtech in the country will increase from US$284.79 million in 2023 to reach US$617.43 million by 2029.
The RegTech landscape in Australia is rapidly evolving, driven by technological advancements and increasing regulatory pressures. As organizations seek to enhance their compliance capabilities, the demand for innovative RegTech solutions will continue to grow. While regulatory complexity and market fragmentation persist, opportunities for collaboration and growth abound. By embracing advanced technologies and fostering partnerships, the Australian RegTech sector is well-positioned to become a global leader in regulatory innovation, benefiting organizations, regulators, and consumers.
Trends in RegTech
Recent Regulatory Technology (RegTech) trends in Australia highlight the growing adoption of advanced technologies to streamline compliance processes across various industries.
- Increased Investment: The Australian RegTech sector is the third largest in the world, reflecting the strong demand for efficient compliance solutions. However, investment in local RegTech has declined by 50% since 2018, underscoring the need for greater public and private sector support to drive growth and innovation in the industry.
- Adoption of AI and Machine Learning: Australian RegTech firms leverage cutting-edge technologies like artificial intelligence and machine learning to offer advanced solutions for analysing regulatory requirements, monitoring compliance, and meeting reporting needs. These technologies enable real-time compliance monitoring and risk assessment, helping organizations manage complex regulatory landscapes more effectively.
- Expansion to Other Regulated Industries: RegTech solutions, which initially gained momentum in the financial services sector, are now proving their relevance in a wider range of regulated industries, such as telecommunications, energy, and the public sector. This diversification underscores the importance of RegTech in addressing universal compliance challenges, instilling confidence in the industry's continued relevance.
A notable example is Advice RegTech, an award-winning regulatory technology business that supports Australia's AFSL Advice sector with software for governance, risk, and compliance oversight. Their Supervision and Monitoring Intelligence software, SAMI, was recognized as the Compliance Innovator of the Year in 2019, demonstrating the practical application of RegTech in enhancing compliance processes in the financial advice industry.
Recent Launches
- Engage Hub's Partnership with the RegTech Association - In September 2023, Engage Hub, a provider of journey orchestration and cross-channel communication solutions, announced its partnership with the RegTech Association in Australia. This collaboration aims to support RegTech adoption in accordance with best-practice Environmental, Social, and Governance (ESG) principles.
- The partnership signifies Engage Hub's commitment to helping organizations streamline compliance in an increasingly complex regulatory landscape. The RegTech Association, comprising nearly 200 organizations, serves as a valuable forum for driving innovation when regulators are tightening consumer protection laws. By joining forces, Engage Hub and the RegTech Association aim to facilitate knowledge sharing and collaboration among stakeholders, ultimately enhancing the RegTech ecosystem in Australia.
Partnerships and Collaborations
- AUSTRAC's RegTech Engagement Program - In 2023, AUSTRAC (Australian Transaction Reports and Analysis Centre) launched its RegTech Engagement (ARTE) program to support RegTech firms in navigating Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. This initiative aims to foster collaboration between RegTech providers and reporting entities to enhance compliance processes.
- RegTech firms can engage with AUSTRAC through one-on-one sessions to discuss their solutions and gain insights into AML/CTF legislation. This collaborative approach not only helps RegTech companies understand regulatory requirements better but also enables them to tailor their solutions to meet the needs of financial institutions. By facilitating these partnerships, AUSTRAC is positioning itself as a key player in the growth of the RegTech sector in Australia, promoting innovation and efficiency in compliance practices.
Reasons to buy
- Gain comprehensive Market Insights: Access detailed analyses of RegTech spending across various industries, including banking, healthcare, and retail. This understanding will enable you to allocate budgets effectively and prioritize investments based on market demand.
- Product and Technology Breakdown: Explore various RegTech products, such as identity verification solutions, compliance management platforms, and fraud detection systems. Insights into the adoption of technologies like AI, blockchain, and RPA will inform your product development and integration strategies.
- Industry-Specific Applications: Gain tailored insights on how different sectors implement RegTech solutions. By examining industry-specific needs, you can better align your offerings to meet regulatory requirements and enhance operational efficiency.
- Market Share and Competitive Analysis: Understand the competitive landscape through in-depth market share analysis among RegTech companies. This information will assist in identifying potential partnerships and benchmarking your organization against key market players.
- Deployment Models and Compliance Focus: Review various deployment options, including on-premise, hybrid, and service models, to determine the best fit for your organization. Additionally, grasp the regulatory landscape to ensure compliance management strategies are both proactive and effective.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 177 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $338.3 Million |
| Forecasted Market Value (USD) by 2029 | $617.4 Million |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Australia |
Scope: This report provides an in-depth data-centric analysis of the RegTech industry in Australia through 118 tables and 144 charts. Below is a summary of key market segments.
Regulatory Compliance Spending By Industry
- Banking and Financial Services
- Insurance
- Healthcare
- Telecommunications
- Retail
- Transportation and Logistics
- Real Estate
- Government and Public Sector
- Other Industries
RegTech Spending
RegTech Companies Market Share By Type of Products
- Identity Verification Solutions
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Risk Assessment Tools
- Fraud Detection Systems
- Data Protection Technologies
- Training and E-Learning Platforms
- Regulatory Intelligence Tools
- Workflow Automation Solutions
- Other Products
By Industry
- Banking and Financial Services
- Insurance
- Healthcare
- Telecommunications
- Retail
- Transportation and Logistics
- Real Estate
- Government and Public Sector
- Other Industries
By Technology
- Artificial Intelligence (AI)
- Big Data Analytics
- Robotic Process Automation (RPA)
- Blockchain Technology
- Cloud Computing
- API Integrations and Biometric Authentication
- Data Encryption and Security Technologies
- Data Visualization Tools
- Other Technology
By Industry and Type of Products
Banking and Financial Services and Type of Products
- Identity Verification Solutions
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Risk Assessment Tools
- Fraud Detection Systems
- Regulatory Intelligence Tools
- Workflow Automation Solutions
- Data Protection Technologies
- Other Products
Insurance and Type of Products
- Identity Verification Solutions
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Risk Assessment Tools
- Fraud Detection Systems
- Data Protection Technologies
- Other Products
Healthcare and Type of Products
- Compliance Management Platforms
- Data Protection Technologies
- Training and E-Learning Platforms
- Other Products
Telecommunications and Type of Products
- Compliance Management Platforms
- Data Protection Technologies
- Other Products
Retail and Type of Products
- Fraud Detection Systems
- Data Protection Technologies
- Other Products
Transportation and Logistics and Type of Products
- Transportation and Logistics Compliance Management Platforms
- Risk Assessment Tools
- Other Products
Real Estate and Type of Products
- Compliance Management Platforms
- Workflow Automation Solutions
- Other Products
Government and Public Sector and Type of Products
- Compliance Management Platforms
- Regulatory Intelligence Tools
- Other Products
Technology and Type of Products
Artificial Intelligence (AI) Technology and Type of Products
- Identity Verification Solutions
- Fraud Detection Systems
- Risk Assessment Tools
- Regulatory Intelligence Tools
- Other Products
Big Data Analytics Technology and Type of Products
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Other Products
Robotic Process Automation (RPA) Technology and Type of Products
- Compliance Management Platforms
- Workflow Automation Solutions
- Other Products
Blockchain Technology and Type of Products
- Identity Verification Solutions
- Automated Reporting Tools
- Other Products
Cloud Computing Technology and Type of Products
- Compliance Management Platforms
- Automated Reporting Tools
- Other Products
API Integrations and Biometric Authentication and Type of Products
- Identity Verification Solutions
- Automated Reporting Tools
- Other Products
Data Encryption and Security Technologies and Type of Products
- Protection Technologies
- Fraud Detection Systems
- Other Products
Data Visualization Tools and Type of Products
- Regulatory Intelligence Tools
- Regulatory Reporting
- Automated Reporting Tools
- Other Products
By Deployment
- Service Model
- On-premise Model
- Hybrid Model
By Product Offering
- Service
- Solution
By Company Size
- Small Company
- Medium Company
- Large Company
For more information about this report visit https://www.researchandmarkets.com/r/evugnf
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