30-Apr-2021 | Zion Market Research
As per the analyst at Zion Market Research, the value of the global video KYC market in 2019 was at about USD 152 million and is slated to hit revenue of about USD 502 million by 2026, registering approximately 14.3% CAGR during the forecast timeline. The key firms included in the global video KYC market consist of Wibmo Inc., Signicat, Ameyo, SignDesk, HyperVerge, Inc., FRSLABS, GIEOM Business Solutions, Shufti Pro, Onfido, Pegasystems Inc., IDnow GmbH, Signzy Technologies Private Limited, LeadSquared, and Great Software Laboratory. Necessity of avoiding the physical inspection of documents in financial institutions due to COVID crises is likely to expand video KYC market size in the forthcoming years. Demand for delivering value-based services has culminated in the expansion of video KYC industry over 2020-2026.
Need To Offer Seamless Services Virtually To Drive Market Trends Over 2020-2026
With contactless, cashless, and virtual financial transactions likely to dominate the banking and Fintech sector owing to rapid spread of COVID disease across the globe will result in massive popularity of video KYC activities globally. This will prop up the expansion of video KYC industry over 2020-2026. Requirement of swift out-boarding methods without need of physical presence will augment the scope of video KYC market in the foreseeable future. Apparently, video KYC activities will assist banks & Fintech institutes enhance customer service along with saving the travel time of customers as well as banks for verifying the KYC documents. This will further boost the business landscape. With growing trend of using data analytics in banking & Fintech sector, Video KYC market is anticipated to witness huge growth prospects in the near future. Furthermore, use of video KYC will prevent data duplication and redundancy caused as a result of physical data collection. It will also help the experts in investigating suspicious events along with investigating the fraudulent activities. Face to face interaction of employees of the banks with customers in video KYC will also help in building long-term customer relationships as well as enhancing personal touch between private & public financial institutions and customers.
Asia Pacific Video KYC Market To Record Noteworthy Growth By 2026
The regional market expansion during the forecast timeline is due to massive efforts made by countries like China and India to make use of advance technologies such as video technology for banking activities both in public and private banks. Apart from this, rise in urbanization & digitization in these countries will proliferate the video KYC market size in Asia Pacific zone over 2020-2026. Need for reducing high risk costs, effect of lowered margins, and requirement for minimizing costs has resulted in large-scale use of video KYC activities across the banking sector in the recent years in APAC, thereby scaling up video KYC market value in the region. Development of agile techniques, consumer-centric fiscal transactions, and data-driven culture will translate into the humungous industry growth in Asia Pacific. Necessity of reinventing themselves has resulted in financial institutes such as banks across the region opting for new technologies such as Videos for KYC activities. This will culminate in rapid surge in video KYC market volume as well as industry value in the zone over the forecast period. Apparently, the need to unlock huge growth potential of video KYC business activities in the region will prop up the video KYC market evolution in Asia Pacific. With exponential rise in banking lending activities across the region, the market for video KYC is projected to expand by leaps & bounds in the region within the next couple of years. Reportedly, the bank lending in SME industry will accrue revenue of nearly USD 22.5 trillion in 2025 in the region. For the record, the regional industry is slated to grow at the rate of 9.01% yearly. Need for building best –in-class online and analytic abilities across wealth management and retail lending sectors in countries such as Philippines, Thailand, Japan, Indonesia, India, Singapore, Malaysia and China will crop up the market space in Asia Pacific over 2020-2026.
Browse the full “Video KYC Market- By Deployment (Cloud And On-Premise), By Offering (Software And Services), 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.zionmarketresearch.com/report/video-kyc-market
The global video KYC market is segmented as follows:
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