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. The market in Europe region witnessed noteworthy growth over the forecast period 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). The 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.
The global regulatory reporting-as-a-service market is further classified on the basis of region as follows:
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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global regulatory reporting-as-a-service market includes the following segments:
By Deployment Type
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The rising demand for workflow management in financial industry is estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Slow digitalization of industries in under-developed regions are estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the adoption of digitalized regulatory reporting services in the region.
Ans: The major players in the market are IBM Corporation, Contentive, Oracle Corporation, AXIOMSL Inc., Moody’s Analytics Inc., Lombard Risk Systems, TAS S.p.A, SS&C Technologies Inc., Wipro Ltd., Information Builders, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by deployment type, service, industry, and by region.
Ans: The managed services segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.