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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
Total Page: 225 Report Code: FAF-1406 Base Year: 2020
According to 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 the end of 2026, growing at a CAGR of around 14.9% between 2020 and 2026.
Market Overview
The method of digitally authenticating customers and resolving the challenge of physically inspecting documents is known as video KYC or VCIP. KYC authentication requires verifying all of the documentation submitted by consumers, which is a time-consuming and challenging process for humans due to the lack of technology. The Video KYC has overcome this barrier, adding efficiencies to the KYC process and lowering the cost of customer onboarding. This proved to be beneficial to both the banks and the customers.
Industry Growth Factors
The growing need to minimize manual errors while also improving customer service quality and reducing costs would result in a significant expansion of the e-KYC industry in the coming years. Furthermore, the growth of the global video KYC market is mainly attributed to improved financial technology services that are increasingly in demand. These demands cannot be ignored by financial institutions, or they risk losing customers to the competition. This has compelled banks to keep up with banking developments, even in the face of the Coronavirus (COVID-19) pandemic, which has made social distancing the standard in many countries. Indeed, it could be argued that the crisis has intensified the adoption of digital services by organizations.
Segmentation Analysis
The global Video KYC market is segregated based on deployment, offering, and end user and regions. Cloud and OnPremise are the further bifurcations of the deployment segment. Based on offering, the Video KYC market is categorized into software and services. In addition, the report also classified the end-users segment into banks, financial institutions, telecom companies, government entities, insurance companies, and e-payment service providers.
Regional Analysis
From a regional standpoint, North America is projected to maintain its dominance in the global Video KYC industry. High technology adoption rate paired with the presence of key market participants is projected to prompt the e demand of video KYC Market. In 2019, U.S accounted for the highest revenue share in the North America video KYC market. Asia Pacific market is mainly driven by a government effort to digitalization mainly in China and India. Furthermore, video KYC is a huge step forward in the financial sector, but it's only the beginning of building an impeccable reputation in the e-commerce, telecom, and networking industries is also predicted to surge the demand for video KYC market in the Asia Pacific in near future.
Competitive Players
Some main participants of the Video KYC market are 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 Market Players Wibmo Inc., Ameyo, SignDesk, GIEOM Business Solutions, Onfido, PegasystemsInc, IDnow GmbH, LeadSquared, FRSLABS, Signzy Technologies
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
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Video KYC Market: Regional Segment Analysis
North America
The U.S.
Canada
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
