19-Mar-2021 | Facts and Factors
As per the report published by Facts and Factors, the global Video KYC market was valued at approximately USD 154.3 Million in 2019 and is expected to generate revenue of around USD 500 Million by end of 2026, growing at a CAGR of around 14.9% between 2020 and 2026.
Know your customer or KYC is the process through which a bank or any financial institution verify the details and identity of its clients and through which it asses the risk potential of entering into the business relationship with the client. The goal of the KYC is to nullify financial crimes like money laundering and other illicit activities. Video KYC entails people can do remote KYC via video call and verify other details of authenticity through Video assistant software.
Top Market Players
Some of the key players in the global Video KYC market are Ameyo, SignDesk, GIEOM Business Solutions, IDnow GmbH, Onfido, PegasystemsInc, Wibmo Inc., LeadSquared, FRSLABS, Signzy Technologies Private Limited., Shufti Pro, HyperVerge, Inc., Signicat, and Great Software Laboratory.
Report Scope
Report Attributes |
Details |
Market Size in 2019 |
USD 154.3 Million |
Projected Market Size in 2026 |
USD 500 Million |
Growth Rate |
CAGR 14.9% |
Base Year |
2019 |
Forecast Years |
2020 – 2026 |
Key Market Players |
Wibmo Inc., Ameyo, SignDesk, GIEOM Business Solutions, Onfido, PegasystemsInc, IDnow GmbH, LeadSquared, FRSLABS, Signzy Technologies Private Limited., Shufti Pro, HyperVerge, Inc., Signicat, and Great Software Laboratory amongst others. |
Key Segment |
By Deployment, By Offering, By End User, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Increased Demand for Digitized Method to Simplify the Procedure in BFSI Sector
Important driving factor for the growth of the market is the growing demand from end-user as well as from their consumer to simplify the procedure of KYC. Technological innovation especially related to data analytics and increased usage of smartphone has accelerated the trend of Video KYC. COVID 19 pandemic has further accentuated the transition to Video based KYC as mobility is reduced and frequent contact is discouraged. Video based KYC is simple, seamless, and scalable. The market for Video KYC is growing as it reduces the onboarding cost as well as streamlines the tedious process of authentication. AI-enabled features assist in detecting fraud and malicious activity. Thus, it ensures that the employees focus on more productive activities than the routine job.
APAC Region Projected To Dominate Global Video KYC Market Growth
The North American region is expected to capture the larger share of the market owing to the fact that major BFSI sector companies are located in this region. Additionally, a high number of technology provider and high technology adoption rate of this region is likely to elevate the market further. Ongoing research in AI and data security is assisting to make Video KYC an acceptable standard in the BFSI sector. APAC region also has tremendous potential for growth as governments in these countries are focusing on financial inclusion. The inclusion of a vast population in the financial requires the assistance of technology such as Video KYC. Therefore, push from the government and start-up ecosystem in this region is driving the market towards growth.
.Browse the full “Video KYC Market By Deployment (Cloud and On-Premise), By Offering (Software and Service), By End User (Banks, Financial Institutions, Telecom Companies, Government Entities, Insurance Companies, and E-payment Service Providers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/video-kyc-market
The global Video KYC market is segmented as follows:
By Deployment
By Offering:
By Application
- Banks
- Financial Institutions
- Telecom Companies
- Government Entities
- Insurance Companies
- E-payment Service Providers
By Region
- North America
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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