Regulatory compliance refers to an organization's adherence to relevant laws, regulations, guidelines, and specifications to its business processes.
The global regulatory compliance market size was valued US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Emerging technologies and systems for monitoring regulatory requirements are expected to drive market growth.
Artificial intelligence (AI) ability to process large volumes of data with speed and accuracy can potentially transform regulatory compliance. In the short term, the technology is used to assist business leaders to understand compliance requirements quickly and take apposite action. Eventually, the continued use of AI in regulatory compliance can eliminate the need for humans in the process. Moreover, regulators are enacting new regulations or amending existing ones virtually every day to maintain these conditions in the face of fast change, driven mainly by technology innovation. It makes the enforcement process more difficult for regulators, but it also makes it more difficult for organizations that must comply with these requirements to keep track of them. Such issues have prompted businesses to investigate the use of analytics and artificial intelligence (AI) in regulatory compliance to reduce the load on all parties concerned. Therefore, the need for regulatory technology is only set to increase in the forecast period.
Drawbacks of government regulation, including large amounts of administrative work, plenty of controls necessary, regulations are costly, and flawed regulations may do more harm than good; innovations and technological progress are slowed, high levels of regulations may hurt the competitiveness of the country and penalities may be subject to a high level of discretion. As a result of these issues, the market is likely to be hampered in the forecast year.
COVID-19 Impact Analysis
The epidemic caused by the SARS-CoV-2 virus resulted in a global lockdown and moderately affected regulatory compliance. Governments have been under extreme time pressure to devise policy solutions to the COVID-19 pandemic and have relied on streamlined administrative procedures and new types of coordinating committees to approve plenty of emergency rules. Moreover, several countries have reprioritized staffing resources to develop the immediate crisis response and away from regulatory management tools and practice, including regulatory oversight functions. Some countries have shifted personnel priorities away from regulatory management tools and practices, including regulatory oversight functions, and toward creating immediate crisis response capabilities. However, the situation is expected to improve gradually in the forecast period.
Service segment is expected to hold the largest market share in regulatory compliance market
The service segment accounted for the largest market share in 2020. Intensified government scrutiny and the demand for greater transparency continues to raise this bar, further increasing the risk of noncompliance. Nearly 70 percent of organizations are subject to five or more regulatory requirements. Regulatory guidelines are in place for almost all industries, and it's critical for an organization's success. Moreover, Companies are challenged to comply with laws and regulations while increasing shareholder value and protecting their brand. These challenges are acute in highly regulated industries such as financial services, health care, and life sciences, where the compliance plan has evolved beyond mere compliance to include strategic issues. For instance, PricewaterhouseCoopers is a network that predicts the impact of emerging regulations on strategic direction, business model and compliance/risk management processes and systems, determining the right compliance roles and accountabilities between legal, compliance, audit and business functions, driving compliance culture change across diverse geographies, functions and teams. Additionally, developing integrated compliance capabilities to anticipate global trends better, increase efficiency, and participate in the evolution of the company's core strategies. Therefore, the market is expected to boost in the forecast period from the above statements.
North America region holds the largest market share in the global regulatory compliance market.
In 2020, North America accounted for the highest revenue share. The region's growth is attributed to the healthcare infrastructure that is well-developed, modern, and controlled, early penetration of advanced technologies, growing cyber-threats, stringent government regulatory norms, presence of large multinational pharmaceuticals, biotechnology, and medical device companies are some of the factors due to which the market is expected to boost in the forecast period. For instance, according to a report released by the World Trade Organization (WTO) in April 2020, the United States was the world's top importer of medical items from 2017 to 2019, accounting for 19% of total global medical imports. It means that a more significant number of pharmaceutical and medical device companies worldwide are entering the US market, necessitating faster regulatory approval from the US Food and Drug Administration (USFDA) to obtain a competitive advantage. Therefore, the North American region is expected to hold the largest market share in the forecast period.
Major key players in the regulatory compliance market are Deloitte, Protiviti Inc., Ernst and Young, MetricStream, Complinity, Baker Tilly International, Grant Thornton International, Norton Rose Fulbright, PricewaterhouseCoopers and Enablon.
Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, was founded in London in 1845 and expanded into the United States in 1890. It is a global professional services network with over 150 locations in over 150 countries and territories. Deloitte is one of the Big Four accounting firms and the world's largest professional services network regarding revenue and personnel.
Regulatory and Compliance Program Services provided by Deloitte member firms assist organizations in adapting to a changing regulatory environment. It has many potential benefits to clients, especially in the following areas: Understanding the implications and requirements of new regulations, Implementing appropriate processes, policies, and procedures, and designing and assessing policies and procedure.
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- Emerging Companies
Global Regulatory Compliance Market - By Type
Regulatory and Legal Compliance
Financial Services Compliance
Regulatory Compliance Solution
Risk and Compliance (GRC) Solution
Global Regulatory Compliance Market - By Application
- Large Enterprises
- Small and medium-sized enterprises (SMEs)
Global Regulatory Compliance Market - By Region
- North America
- South America
- Asia Pacific
- Middle East & Africa
Table of Contents
1. Global Regulatory Compliance Market Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
2. Global Regulatory Compliance Market - Market Definition and Overview
3. Global Regulatory Compliance Market - Executive Summary
- 3.1. Market Snippet by Type
- 3.2. Market Snippet by Application
- 3.3. Market Snippet by Region
4. Global Regulatory Compliance Market - Market Dynamics
- 4.1. Market Impacting Factors
- 4.1.1. Drivers
- 220.127.116.11. Emerging technologies and systems for monitoring regulatory requirements are expected to drive market growth.
- 4.1.2. Restraints:
- 18.104.22.168. Costly Regulations are expected to hamper the market's growth.
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
5. Global Regulatory Compliance Market - Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Epidemiology Analysis
- 5.3. Supply Chain Analysis
- 5.4. Pricing Analysis
- 5.5. Regulatory Analysis
- 5.6. Reimbursement Analysis
- 5.7. Unmet Needs
6. Global Regulatory Compliance Market - COVID-19 Analysis
- 6.1. Analysis of Covid-19 on the Market
- 6.1.1. Before COVID-19 Market Scenario
- 6.1.2. Present COVID-19 Market Scenario
- 6.1.3. After COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid Covid-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
7. Global Regulatory Compliance Market - By Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
- 7.1.2. Market Attractiveness Index, By Type Segment
- 7.2. Service*
- 7.2.1. Regulatory and Legal Compliance
- 7.2.2. IT Compliance
- 7.2.3. Financial Services Compliance
- 7.2.4. Others
- 7.2.5. Introduction
- 7.2.6. Market Size Analysis, US$ Million, 2019-2028 and Y-o-Y Growth Analysis (%), 2020-2028
- 7.3. Software
- 7.3.1. Regulatory Compliance Solution
- 7.3.2. Risk and Compliance (GRC) Solution
- 7.3.3. Others
8. Global Regulatory Compliance Market - By Application
- 8.1. Introduction
- 8.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
- 8.1.2. Market Attractiveness Index, By Application Segment
- 8.2. Large Enterprises*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis, US$ Million, 2019-2028 and Y-o-Y Growth Analysis (%), 2020-2028
- 8.3. Small and medium-sized enterprises (SMEs)
9. Global Regulatory Compliance Market - By Region
- 9.1. Introduction
- 9.1.1. Market Size Analysis, US$ Million, 2019-2028 and Y-o-Y Growth Analysis (%), 2020-2028, By Region
- 9.1.2. Market Attractiveness Index, By Region
- 9.2. North America
- 9.2.1. Introduction
- 9.2.2. Key Region-Specific Dynamics
- 9.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
- 9.2.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
- 9.2.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
- 22.214.171.124. U.S.
- 126.96.36.199. Canada
- 188.8.131.52. Mexico
- 9.3. Europe
- 9.3.1. Introduction
- 9.3.2. Key Region-Specific Dynamics
- 9.3.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
- 9.3.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
- 9.3.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
- 184.108.40.206. Germany
- 220.127.116.11. U.K.
- 18.104.22.168. France
- 22.214.171.124. Italy
- 126.96.36.199. Spain
- 188.8.131.52. Rest of Europe
- 9.4. South America
- 9.4.1. Introduction
- 9.4.2. Key Region-Specific Dynamics
- 9.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
- 9.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
- 9.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
- 184.108.40.206. Brazil
- 220.127.116.11. Argentina
- 18.104.22.168. Rest of South America
- 9.5. Asia Pacific
- 9.5.1. Introduction
- 9.5.2. Key Region-Specific Dynamics
- 9.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
- 9.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
- 9.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
- 22.214.171.124. China
- 126.96.36.199. India
- 188.8.131.52. Japan
- 184.108.40.206. Australia
- 220.127.116.11. Rest of Asia Pacific
- 9.6. Middle East and Africa
- 9.6.1. Introduction
- 9.6.2. Key Region-Specific Dynamics
- 9.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
- 9.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
10. Global Regulatory Compliance Market - Competitive Landscape
- 10.1. Key Developments and Strategies
- 10.2. Company Share Analysis
- 10.3. Product Benchmarking
- 10.4. List of Key Companies to Watch
- 10.5. List of Company with disruptive technology
- 10.6. List of Start Up Companies
11. Global Regulatory Compliance Market- Company Profiles
- 11.1. Deloitte*
- 11.1.1. Company Overview
- 11.1.2. Product Portfolio and Description
- 11.1.3. Key Highlights
- 11.1.4. Financial Overview
- 11.2. Protiviti Inc.
- 11.3. Ernst and Young
- 11.4. MetricStream
- 11.5. Baker Tilly International
- 11.6. Grant Thornton International
- 11.7. Norton Rose Fulbright
- 11.8. PricewaterhouseCoopers
- 11.9. Complinity
- 11.10. Enablon
LIST NOT EXHAUSTIVE
12. Global Regulatory Compliance Market - DataM
- 12.1. Appendix
- 12.2. About Us
- 12.3. Contact Us