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What Percent of Financial Services’ IT Budgets Are Devoted to Regulatory Technology?
- As of 2017, the cost of regulatory compliance is equal to 14.3% of IT budgets on average
- That’s a 30% increase in compliance costs over the last 6 years
- The regtech market’s compound annual growth rate is 25% through 2023, growing to revenues of $7.2 billion
- Solution categories in the regtech market include:
- Data management
- Reporting
- AML/KYC
- Risk management
- Records management
- Change management
- Governance
- More than $9 billion was invested in regtech firms between 2014 & 2018
- In 2018 alone, $4.5 billion was invested in reg tech firms
- The bulk of the regtech investments have been in the AML/KYC space