Regulatory Reporting Solution Market Growth – Trends & Forecast 2023-2033

Regulatory Reporting Solution Demand in Korea from 2023 to 2033

The regulatory reporting solution adoption in Korea is witnessing a rising demand for these solutions, particularly in South Gyeongsang and North Jeolla. By 2023, the deployment of regulatory reporting solutions is poised to reach a valuation of USD 201.6 million.

The demand for regulatory reporting solutions in Korea is likely to expand at a 13.6% CAGR from 2023 to 2033, attaining USD 721.4 million by 2033.

Businesses in Korea engage in a significant amount of foreign investment and commerce. Businesses need strong reporting solutions in order to comply with international regulations and guarantee transparent and legal cross border transactions.

These solutions assist in handling the difficulties associated with complying with cross border rules, such as those pertaining to trade agreements, international tax reporting, and currency exchange laws.

Key Insights that Promotes the Acceptance of Regulatory Reporting Solution in Korea

• Government initiatives- The regulatory reporting process is being modernized and streamlined by the Korean government. For example, digital reporting through the FSS's Data Analysis, Retrieval, and Transfer System (DART) has greatly improved the accessibility and transparency of financial data.
• Technological advances- The technological landscape of Korea has witnessed a growing assimilation of advanced technologies, including automation, artificial intelligence, and data analytics.
• Emphasis on financial compliance- Robust regulatory reporting solutions are necessary for financial organizations, such as banks and securities firms, to comply with the stringent regulations imposed by the Financial Supervisory Service (FSS).

Attributes	Details
Industry size in 2023	USD 201.6 million
Expected Industry size by 2033	USD 721.4 million
Forecasted CAGR between 2023 to 2033	13.6%

Key Trends Influencing the Demand for Regulatory Reporting Solution in Korea

• Companies are increasingly adopting automation and data analytics to improve the precision and effectiveness of their regulatory reporting procedures. By leveraging advanced technology, manual labor is reduced in data collection and processing.
• The need for all-inclusive, integrated solutions that address a variety of regulatory criteria is growing. Companies are seeking platforms that can effectively manage multiple regulatory organizations and evolving compliance requirements, thereby simplifying the reporting process.
• In Korea, there is a growing trend for cloud-based regulatory reporting systems. Since cloud platforms are affordable, scalable, and easily accessible, they are a popular option for businesses seeking to enhance their regulatory reporting capacities.

Category-wise Insights

Demand for Regulatory Reporting Software in Korea is Suring amid Rising Complexity across Different Sectors

In 2023, the software segment is likely to gain an industry share of 67.70% in Korea.

Solution Segment	Regulatory Reporting Software
Industry share in 2023	67.70%

Regulatory reporting software is gaining momentum in the Korea regulatory reporting solution ecosystem due to increased regulatory complexity. The financial and economic sectors in Korea face a constantly changing landscape of legislation and reporting standards.

To guarantee compliance with local and international requirements, organizations must use effective and accurate reporting solutions. In the Korea regulatory reporting solution industry, the necessity to negotiate complex regulatory requirements while limiting the risk of noncompliance has increased the demand for robust regulatory reporting software.

Rising Regulatory Scrutiny Drives Banks toward Comprehensive Regulatory Reporting Systems in Korea

The bank industry segment of the Korea regulatory reporting solution sector is estimated to garner a 33.90% industry share in 2023.

Industry Segment	Banks
Industry Share in 2023	33.90%

Due to increased regulatory monitoring, banks are likely to implement comprehensive regulatory reporting systems. Regulators have tightened their control over banking operations in the wake of financial crises as well as in response to changing international financial legislation.

Banks are required to disclose a variety of information about their activities in order to guarantee compliance and exhibit transparency.

Regulatory reporting solutions assist banks in avoiding fines from authorities and reputational harm while preserving operational efficiency. They simplify this process and provide an affordable means of satisfying the increasing demand for rapid, accurate, and thorough reporting.

City-wise Insights

Financial Industry in South Gyeongsang to Enhance Deployment Rates

Banks, insurance providers, and other financial organizations are widely present in South Gyeongsang, as they are throughout the entirety of Korea. For these organizations, adhering to national and international financial standards is of supreme importance.

To make sure that financial institutions in the area fulfill their reporting requirements precisely and on time, regulatory reporting solutions are crucial. The increasing need for regulatory reporting solutions is driven by the necessity of adhering to strict financial requirements.

Strong Agricultural Industry to Boost Demand in North Jeolla

North Jeolla is a significant agricultural and food producing region and is frequently referred to as being the 'Rice Granary of Korea'.

Regulatory reporting solutions are required to manage compliance with food quality and safety standards, export rules, and other regulatory obligations linked to the production and distribution of food because of the robust agricultural sector and food processing business of the region.

North Jeolla has had a notable increase in tourism due to its picturesque landscapes, historical landmarks, and rich cultural legacy. Regulatory reporting solutions are required to handle the compliance needs of the tourism industry, including tax reporting, permit monitoring, and visitor data, as a result of this increase in tourists.

The regional economic growth is greatly influenced by the tourism industry, which in turn fuels demand for solutions to fulfill regulatory requirements.

Competitive Landscape

Diversification into adjacent or complementary industries is a common strategy used by Korea-based enterprises looking to increase their revenue streams. This generally entail the introduction of novel goods or services, the exploration of untapped marketplaces abroad, or the involvement of developing sectors.

Through diversification, they try to reach a wider audience and become less dependent on a particular marketplace.

Korea-based companies also frequently make significant investments in research and development, fostering creativity, and adopting of cutting-edge technologies. This makes it possible for them to produce innovative goods or services that can garner high prices or boost productivity. By staying at the forefront of technology, they aim to maintain a competitive edge in their respective industries.

Some of the Important Players in Korea Dealing with Regulatory Reporting Solution

• Woori Technology
• DART (Data Analysis, Retrieval and Transfer System)
• Samsung SDS
• FIS (Fidelity National Information Services)
• KOFIA (Korea Financial Investment Association)
• KOSCOM (Korea Securities Computer Corporation)
• SK C&C (SK Celeriti)

Recent Developments Observed in Korea Regulatory Reporting Solution Ecosystem

Company	Recent Developments
Woori Technology	Woori Technology has acquired new technology through consistent investment in the Fusion Biotechnology enterprise. WOORI TECHNOLOGY owns the technology for building and setting up offshore wind energy plants. This was accomplished by acquiring CGO, which is recognized as the sole offshore wind power producing and renewable energy company in Korea. Their primary goals were to react quickly to changes in governmental policy and take a more active role in the restructuring of the world energy market.
KOSCOM (Korea Securities Computer Corporation)	In 2021, Koscom implemented Oracle Database Cloud Service and Oracle Exadata Cloud@Customer, both of which are hosted on Oracle Cloud Infrastructure (OCI). This was done to grow in both existing as well as new sectors, strengthen its support for its mission-critical operations, and extend its cloud-based operations in the financial industry. "The business was also in a better position to offer more sophisticated capabilities due to its use of blockchain, artificial intelligence (AI), and digital technology.

Scope of the Report

Attribute	Details
Estimated Industry Size in 2023	USD 201.6 million
Projected Industry Size by 2033	USD 721.4 million
Attributed CAGR between 2023 and 2033	13.6%
Historical Analysis of Demand for regulatory reporting solution in Korea Countries	2018 to 2022
Forecast Period	2023 to 2033
Report Coverage	Industry size, industry trends, analysis of key factors influencing regulatory reporting solution in Korea, insights on global players and their industry strategy in Korea, ecosystem analysis of local and regional Korea providers
Key Cities within Korea Analyzed while Studying Opportunities for regulatory reporting solution	South Gyeongsang, North Jeolla, South Jeolla, Jeju, Rest of Korea
Key Companies Profiled	Woori Technology; DART (Data Analysis, Retrieval and Transfer System); Samsung SDS; FIS (Fidelity National Information Services); KOFIA (Korea Financial Investment Association); KOSCOM (Korea Securities Computer Corporation); SK C&C (SK Celeriti)

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
• 5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Solution
  • 5.1. Regulatory Reporting Software
  • 5.2. Services
• 6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Industry
  • 6.1. Banks
  • 6.2. Insurance
  • 6.3. Wealth & Asset Management
  • 6.4. Securities & Investments
  • 6.5. Others
• 7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
  • 7.1. South Gyeongsang
  • 7.2. North Jeolla
  • 7.3. South Jeolla
  • 7.4. Jeju
  • 7.5. Rest of Korea
• 8. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 9. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 10. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 11. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 12. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
• 13. Market Structure Analysis
• 14. Competition Analysis
  • 14.1. Moody’s Analytics
  • 14.2. Wolters Kluwer
  • 14.3. Regnology
  • 14.4. Oracle
  • 14.5. SS&C Technologies
  • 14.6. Saude Labs
  • 14.7. Vermeg
  • 14.8. Workviva
  • 14.9. Prima Solutions
  • 14.10. Matterhorn Reporting Services
  • 14.11. Sopra Banking Software
  • 14.12. Sovos Compliance
  • 14.13. Bloomberg
  • 14.14. Fintelix
  • 14.15. Smart Stream Technologies
• 15. Assumptions & Acronyms Used
• 16. Research Methodology