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
| 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% |
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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.
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.
Principal Consultant
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.
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.
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.
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Recent Developments Observed in Korea Regulatory Reporting Solution Ecosystem
| Company | Recent Developments |
|---|---|
| Woori Technology |
|
| KOSCOM (Korea Securities Computer Corporation) |
|
| 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) |
The valuation of regulatory reporting solution industry in Korea reaches USD 201.6 million in 2023.
By 2033, the total value of the regulatory reporting solution industry in Korea is estimated to reach USD 721.4 million.
From 2023 to 2033, the Korea regulatory reporting solution industry is likely to develop at a 13.6% CAGR.
The regulatory reporting software segment is likely to lead the industry in 2023.
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
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Regulatory Reporting Solution Industry Analysis in Korea
