South Africa’s regulatory technology market is expected to grow by 27.7% on an annual basis, to reach $302.31 million in 2024., which notes the regtech industry is expected to grow steadily over the forecast period, recording a compound annual growth rate of 18.5% during 2024-2029.
Research and Markets says following South Africa’s recent inclusion in the Financial Action Task Force grey list, there is an urgent need for enhanced compliance with international standards. This designation indicates that while the country has committed to addressing these deficiencies, it has not yet fully implemented necessary reforms.
It notes that as organisations seek to enhance their compliance capabilities, the demand for innovative regtech solutions will continue to grow.