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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

Published Date: 29-Apr-2021 Category: Technology & Media Report Format : PDF Pages: 130 Report Code: ZMR-6185 Status : Published

The global Video KYC market accrued earnings worth approximately 152(USD Million) in 2019 and is predicted to gain revenue of about 502 (USD Million) by 2026, is set to record a CAGR of nearly 14.3% over the period from 2020 to 2026.

Description

The global Video KYC market accrued earnings worth approximately 152(USD Million) in 2019 and is predicted to gain revenue of about 502 (USD Million) by 2026, is set to record a CAGR of nearly 14.3% over the period from 2020 to 2026. The report offers assessment and analysis of the Video KYC market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Million).

Overview

Video KYC is a medium via which the end-users can do KYC for their bank accounts in a few minutes. In this procedure, customer KYC documents are checked and their signatures are documented via video call by officer of bank. This move made by financial institutions has helped the customers in avoiding visit to the banks or preventing the requirement of physical presence at banks in these times of COVID pandemic. Onset of AI, AR, Machine Learning, and VR and need for identifying & examining collected information has resulted into humungous demand for Video KYC activities in the ensuing years.

Furthermore, geo-tagging, facial recognition, and liveness identification requires Video KYC in detecting the profile authenticity in few minutes. Apart from this, it can also identify geographical site while garnering data as well as doing parallel checks via easily accessible databases. Apparently, video KYC is based on three technologies, namely, Geo sites, cloud storage, cloud solutions, AI, and OCR. In addition to this, completion of video KYC requires acquiring of customer permission, checking location of customer, determining liveliness, capturing id proof as well as validating it, and capturing & matching face of customer.

Global Video KYC Market

Market Growth Dynamics

Escalating requirement for financial institutions, both public and private, for developing virtual tools for interacting with customers due to COVID crises has enhanced the popularity of Video KYC in the recent years. Apart from this, video tools help the firms in garnering customer data and makes it easier for retail banks in collecting authentic information related to KYC. In addition to this, automation methods can assist corporate firms integrate external data service providers, KYC utilities, and public registers into workflows of KYC. This is likely to result in surge in video KYC penetration in various financial institutes as well as Fintech firms across the globe. All these factors will add massively towards the overall market size in the upcoming years.

Furthermore, escalating need for making KYC utilities cost-efficient has become a challenging task and this has created growing demand for value added services such as Video KYC. This, in turn, will expand the scope of video KYC market in the foreseeable future.

Asia Pacific Market Size To Witness Exponential Growth Over 2020-2026

The escalating need of banking industry to strengthen its macroeconomic growth, increase profit margins, expand customer base across the globe, and increase investments will result in expansion of Video KYC industry in Asia Pacific over 2020-2026. Financial firms in the region are focusing on developing digital-based and data driven technologies. This is likely to result in market penetration in Asia Pacific over the upcoming years. Demand for boosting productivity, optimizing capital, and pursuing strategic growth will trace a favorable roadmap for the business in the sub-continent over the forthcoming years. Increase in lending activities such as SME enterprise lending activities & retail lending activities as well as thriving wealth management activities will define the industry landscape in region. Efforts made by the regional government in creation of customer-centric technologies will result in market upswing in Asia Pacific during forecast period.

Report Scope :

Key players profiled in the study include 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.

The global Video KYC Market is segmented as follows:

By Deployment

  • Cloud
  • On-Premise

By Offering

  • Software
  • Services

By End-User

  • Banks
  • Financial Institutions
  • Telecom Companies
  • Government Entities
  • Insurance Companies
  • E-payment Service Providers

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • 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 & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

  • Chapter 1. Preface
    • 1.1. Report Description and Scope
    • 1.2. Research Scope
    • 1.3. Research Methodulogy
      • 1.3.1. Market Research Type
      • 1.3.2. Market Research Methodulogy
  • Chapter 2. Executive Summary
    • 2.1. Video KYC Market, 2016–2026(USD Million)
    • 2.2. Video KYC Market: Snapshot
  • Chapter 3. Global Video KYC Market– Industry Analysis
    • 3.1. Video KYC Market: Market Dynamics
    • 3.2. Market Drivers
      • 3.2.1. Huge need of financial institutions, both public and private, for developing virtual touls for interacting with customers due to COVID pandemic has increased the popularity of Video KYC in the recent years.
      • 3.2.2. Automation procedures can help corporate firms integrate external data service providers, KYC utilities, and public registers into workflows of KYC. This is likely to result in rise in video KYC penetration across various financial institutes as well as Fintech firms across the world leading to expansion in market size.
    • 3.3. Porter’s Five Forces Analysis
    • 3.4. Market Attractiveness Analysis
      • 3.4.1. Market attractiveness analysis By Offering
      • 3.4.2. Market attractiveness analysis By Deployment
      • 3.4.3. Market attractiveness analysis By End-User
  • Chapter 4. Global Video KYC Market– Competitive Landscape
    • 4.1. Company market share analysis
      • 4.1.1. Global Video KYC Market: company market share, 2019
    • 4.2. Strategic development
      • 4.2.1. Acquisitions & mergers
      • 4.2.2. New Technulogy launches
      • 4.2.3. Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4. Research and development and Regional expansion
    • 4.3. Price trend analysis
  • Chapter 5. Global Video KYC Market– Offering Analysis
    • 5.1. Global Video KYC Market overview: By Offering
      • 5.1.1. Global Video KYC Market share, By Offering , 2019 and 2026
    • 5.2. Software
      • 5.2.1. Global Video KYC Marketby Software, 2016–2026(USD Million)
    • 5.3. Services
      • 5.3.1. Global Video KYC Market by Services, 2016–2026(USD Million)
  • Chapter 6. Global Video KYC Market– Deployment Analysis
    • 6.1. Global Video KYC Market overview: By Deployment
      • 6.1.1. Global Video KYC Market share, By Deployment , 2019 and 2026
    • 6.2. Cloud
      • 6.2.1. Global Video KYC Market by Cloud, 2016–2026(USD Million)
    • 6.3. On-Premise
      • 6.3.1. Global Video KYC Market by On-Premise, 2016–2026(USD Million)
  • Chapter 7. Global Video KYC Market– End-User
    • 7.1. Global Video KYC Market overview: By End-User
      • 7.1.1. Global Video KYC Market share, By End-User , 2019 and 2026
    • 7.2. Banks
      • 7.2.1. Global Video KYC Market by Banks, 2016–2026(USD Million)
    • 7.3. Financial Institutions
      • 7.3.1. Global Video KYC Market by Financial Institutions, 2016–2026(USD Million)
    • 7.4. Telecom Companies
      • 7.4.1. Global Video KYC Market by Telecom Companies, 2016–2026(USD Million)
    • 7.5. Government Entities
      • 7.5.1. Global Video KYC Market by Government Entities, 2016–2026(USD Million)
    • 7.6. Insurance Companies
      • 7.6.1. Global Video KYC Market by Insurance Companies, 2016–2026(USD Million)
    • 7.7. E-payment Service Providers
      • 7.7.1. Global Video KYC Market by E-payment Service Providers, 2016–2026(USD Million)
  • Chapter 8. Company Profiles
    • 8.1. SIAWibmo Inc.
      • 8.1.1. Overview
      • 8.1.2. Financials
      • 8.1.3. Technulogy Portfulio
      • 8.1.4. Business Strategy
      • 8.1.5. Recent Developments
    • 8.2. Signicat
      • 8.2.1. Overview
      • 8.2.2. Financials
      • 8.2.3. Technulogy Portfulio
      • 8.2.4. Business Strategy
      • 8.2.5. Recent Developments
    • 8.3. Ameyo
      • 8.3.1. Overview
      • 8.3.2. Financials
      • 8.3.3. Technulogy Portfulio
      • 8.3.4. Business Strategy
      • 8.3.5. Recent Developments
    • 8.4. SignDesk
      • 8.4.1. Overview
      • 8.4.2. Financials
      • 8.4.3. Technulogy Portfulio
      • 8.4.4. Business Strategy
      • 8.4.5. Recent Developments
    • 8.5. HyperVerge, Inc.
      • 8.5.1. Overview
      • 8.5.2. Financials
      • 8.5.3. Technulogy Portfulio
      • 8.5.4. Business Strategy
      • 8.5.5. Recent Development
    • 8.6. FRSLABS
      • 8.6.1. Overview
      • 8.6.2. Financials
      • 8.6.3. Technulogy Portfulio
      • 8.6.4. Business Strategy
      • 8.6.5. Recent Development
    • 8.7. GIEOM Business Sulutions
      • 8.7.1. Overview
      • 8.7.2. Financials
      • 8.7.3. Technulogy Portfulio
      • 8.7.4. Business Strategy
      • 8.7.5. Recent Development
    • 8.8. Shufti Pro
      • 8.8.1. Overview
      • 8.8.2. Financials
      • 8.8.3. Technulogy Portfulio
      • 8.8.4. Business Strategy
      • 8.8.5. Recent Development
    • 8.9. Onfido
      • 8.9.1. Overview
      • 8.9.2. Financials
      • 8.9.3. Technulogy Portfulio
      • 8.9.4. Business Strategy
      • 8.9.5. Recent Development
    • 8.10. Pegasystems Inc.
      • 8.10.1. Overview
      • 8.10.2. Financials
      • 8.10.3. Technulogy Portfulio
      • 8.10.4. Business Strategy
      • 8.10.5. Recent Development
    • 8.11. IDnow GmbH
      • 8.11.1. Overview
      • 8.11.2. Financials
      • 8.11.3. Technulogy Portfulio
      • 8.11.4. Business Strategy
      • 8.11.5. Recent Development
    • 8.12. Signzy Technulogies Private Limited
      • 8.12.1. Overview
      • 8.12.2. Financials
      • 8.12.3. Technulogy Portfulio
      • 8.12.4. Business Strategy
      • 8.12.5. Recent Development
    • 8.13. LeadSquared
      • 8.13.1. Overview
      • 8.13.2. Financials
      • 8.13.3. Technulogy Portfulio
      • 8.13.4. Business Strategy
      • 8.13.5. Recent Development
    • 8.14. Great Software Laboratory
      • 8.14.1. Overview
      • 8.14.2. Financials
      • 8.14.3. Technulogy Portfulio
      • 8.14.4. Business Strategy
      • 8.14.5. Recent Development

Methodology


Frequently Asked Questions

Humungous need of financial institutions, both public and private, for developing virtual tools for interacting with customers due to COVID crises has enhanced the popularity of Video KYC in the recent years. Additionally, video tools help the firms in garnering customer data and makes it easier for retail banks in collecting authentic information related to KYC. In addition to this, automation procedures can support corporate firms integrate external data service providers, KYC utilities, and public registers into workflows of KYC. This is likely to result in surge in video KYC penetration in various financial institutes as well as Fintech firms across the world. All these factors will contribute remarkably towards the overall market revenue in the coming years. Moreover, burgeoning need for making KYC utilities inexpensive has become a challenging task and this has created high demand for value added services such as Video KYC, thereby resulting in business growth.

According to Zion market research report, the global Video KYC market accrued earnings worth approximately 152(USD Million) in 2019 and is predicted to gain revenue of about 502 (USD Million) by 2026, is set to record a CAGR of nearly 14.3% over the period from 2020 to 2026.

Asia Pacific will contribute sizably towards the global market value over the estimated timeline. The regional market surge is due to escalating need of banking industry to strengthen its macroeconomic growth, increase profit margins, expand customer base across the globe, and increase investments. Financial firms in the region are focusing on developing digital-based and data driven technologies. This is likely to result in market expansion in Asia Pacific over the upcoming years. Necessity to boost productivity, raise capital, and pursue strategic expansion will chart out a profitable growth graph for the business in the sub-continent over the next couple of years. Increase in lending activities such as SME enterprise lending activities & retail lending activities as well as thriving wealth management activities will elevate the industry landscape in region.

The key market participants include 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.

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