Regulatory reporting solutions are employed by all sizes of companies to automate the process of monitoring and reporting their shareholding disclosures. In enterprise applications, the need for regulatory systems is rapidly increasing due to the growing need to manage enforcement actions that keep changing dynamically. Regulatory reporting solutions are faster and more cost-effective to provide core reporting capabilities across the enterprise and are also flexible to meet future requirements which are subject to change.
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Companies are primarily adopting regulatory reporting solutions to improve the accuracy, quality, and efficiency of the regulatory compliance environment. Moreover, these solutions also include several features, such as exception management, real-time data processing, and monitoring.
Regulatory Reporting Solutions Market growth is primarily driven by the rising demand for streamlined data management across the organizations. Product implementation not only speeds up tracking transactions and investors in a complex environment but also ensures that the accounting records up to date. Thereby, the performance achieved by deploying regulatory reporting solutions facilitates quick reporting for a prompt response to regulatory inquiries. Improved performance and reliability are some of the key factors anticipated to propel the Regulatory reporting Solutions Market demand in the years to come.
The regulatory reporting solutions market is segmented by its services and industries. Based on services, the global regulatory reporting solutions market is categorized into transaction regulatory reporting services, administrative regulatory reporting services, and regulatory compliance services. Whereas based on the end-users the regulatory reporting solutions market is categorized into IT and telecoms, banks, and financial institutions.
Banks are one of the major end-users in the regulatory reporting solutions market space. For example, the India based company Wipro offers ’s leading regulatory reporting platform -- AxiomSL to the banking clients which delivers compliance reporting for clients affiliated to regulatory bodies including FINMA, PRA (UK), FED (US), BEA (US), TIC (US), JSDA & FFAJ (Japan). The company claims that their platform has helped Banks to save about 30% on IT expenditure. Such cost-saving benefits are projected to stimulate the regulatory reporting solutions market trends in the years, thus fostering product adoption.
Based on geography, the North American region is expected to account for a majority of the global regulatory reporting solutions market share during the forecast period. Such dominance can be attributed to the massive adoption of regulatory reporting solutions by companies to automate business workflows. Following North America, Western Europe and Asia-Pacific are also expected to hold a significant proportion of the revenue share due to steadily growing product penetration in the regions.