The RegTech Market is projected to increase by USD 25.20 billion from 2023 to 2028, with a CAGR of 25.89%, according to Technavio. The pressing need to detect financial crimes and reduce the soaring costs of compliance is driving this growth. Industries like insurance are particularly focusing on RegTech solutions. As regulatory demands become more intricate, financial institutions are relying on advanced AML software to fortify their anti-money laundering (AML) and know-your-customer (KYC) processes. Additionally, the rising costs of adhering to regulations are pushing companies toward solutions that streamline compliance procedures and reduce operational burdens. The insurance industry, for instance, is turning to transaction monitoring systems that improve compliance while enhancing overall productivity. This growing reliance on RegTech solutions is expected to intensify as organizations grapple with evolving regulatory challenges and resource management.

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