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 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.
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 :
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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
By Offering
By End-User
By Region
List of Figures
1. Market research Type
2. Market research methodology
3. Global Video KYC Market, 2016–2026(USD Million)
4. Porter’s Five Forces Analysis
5. Global Video KYC Marketattractiveness, By Offering
6. Global Video KYC Marketattractiveness, By Deployment
7. Global Video KYC Marketattractiveness, By End-User
8. Global Video KYC Marketshare by Offering ,2019 and 2026 (USD Million)
9. Global Video KYC Marketby Software, 2016–2026(USD Million)
10. Global Video KYC Marketby Services, 2016–2026(USD Million)
11. Global Video KYC Marketshare by Deployment ,2019 and 2026 (USD Million)
12. Global Video KYC Marketby Cloud, 2016–2026(USD Million)
13. Global Video KYC Marketby On-Premise, 2016–2026(USD Million)
14. Global Video KYC Marketshare by End-User ,2019 and 2026 (USD Million)
15. Global Video KYC Marketby Financial Institutions, 2016–2026(USD Million)
16. Global Video KYC Marketby Banks, 2016–2026(USD Million)
17. Global Video KYC Marketby Telecom Companies, 2016–2026(USD Million)
18. Global Video KYC Marketby Government Institutes, 2016–2026(USD Million)
19. Global Video KYC Marketby E-payment Service Providers, 2016–2026(USD Million)
20. Global Video KYC Marketby Insurance Companies, 2016–2026(USD Million)
21. Global Video KYC Marketshare, by Region, 2019 and 2026
22. North America Video KYC Market, 2016–2026(USD Million)
23. Europe Video KYC Market, 2016–2026(USD Million)
24. Asia Pacific Video KYC Market, 2016–2026(USD Million)
25. Latin America Video KYC Market, 2016–2026(USD Million)
26. The Middle East and Africa Video KYC Market, 2016–2026(USD Million)
List of Tables
1. Global Video KYC Market: snapshot
2. Drivers of the Video KYC Market: impact analysis
3. North America Video KYC Market revenue, By Offering ,2016–2026(USD Million)
4. North America Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
5. North America Video KYC Market revenue, By End-User ,2016–2026(USD Million)
6. The U.S. Video KYC Market revenue, By Offering ,2016–2026(USD Million)
7. The U.S. Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
8. The U.S. Video KYC Market revenue, By End-User ,2016–2026(USD Million)
9. Rest of North America Video KYC Market revenue, By Offering ,2016–2026(USD Million)
10. Rest of North America Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
11. Rest of North America Video KYC Market revenue, By End-User ,2016–2026(USD Million)
12. Europe Video KYC Market revenue, By Offering ,2016–2026(USD Million)
13. Europe Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
14. Europe Video KYC Market revenue, By End-User ,2016–2026(USD Million)
15. UK Video KYC Market revenue, By Offering ,2016–2026(USD Million)
16. UK Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
17. UK Video KYC Market revenue, By End-User ,2016–2026(USD Million)
18. France Video KYC Market revenue, By Offering ,2016–2026(USD Million)
19. France Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
20. France Video KYC Market revenue, By End-User ,2016–2026(USD Million)
21. Germany Video KYC Market revenue, By Offering ,2016–2026(USD Million)
22. Germany Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
23. Germany Video KYC Market revenue, By End-User ,2016–2026(USD Million)
24. Rest of Europe Video KYC Market revenue, By Offering ,2016–2026(USD Million)
25. Rest of Europe Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
26. Rest of Europe Video KYC Market revenue, By End-User ,2016–2026(USD Million)
27. Asia Pacific Video KYC Market revenue, By Offering ,2016–2026(USD Million)
28. Asia Pacific Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
29. Asia Pacific Video KYC Market revenue, By End-User ,2016–2026(USD Million)
30. China Video KYC Market revenue, By Offering ,2016–2026(USD Million)
31. China Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
32. China Video KYC Market revenue, By End-User ,2016–2026(USD Million)
33. Japan Video KYC Market revenue, By Offering ,2016–2026(USD Million)
34. Japan Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
35. Japan Video KYC Market revenue, By End-User ,2016–2026(USD Million)
36. India Video KYC Market revenue, By Offering ,2016–2026(USD Million)
37. India Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
38. India Video KYC Market revenue, By End-User ,2016–2026(USD Million)
39. Rest of Asia Pacific Video KYC Market revenue, By Offering ,2016–2026(USD Million)
40. Rest of Asia Pacific Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
41. Rest of Asia Pacific Video KYC Market revenue, By End-User ,2016–2026(USD Million)
42. Latin America Video KYC Market revenue, By Offering ,2016–2026(USD Million)
43. Latin America Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
44. Latin America Video KYC Market revenue, By End-User ,2016–2026(USD Million)
45. Brazil Video KYC Market revenue, By Offering ,2016–2026(USD Million)
46. Brazil Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
47. Brazil Video KYC Market revenue, By End-User ,2016–2026(USD Million)
48. Rest of Latin America Video KYC Market revenue, By Offering ,2016–2026(USD Million)
49. Rest of Latin America Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
50. Rest of Latin America Video KYC Market revenue, By End-User ,2016–2026(USD Million)
51. The Middle East and Africa Video KYC Market revenue, By Offering ,2016–2026(USD Million)
52. The Middle East and Africa Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
53. The Middle East and Africa Video KYC Market revenue, By End-User ,2016–2026(USD Million)
54. Saudi Arabia Video KYC Market revenue, By Offering ,2016–2026(USD Million)
55. Saudi Arabia Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
56. Saudi Arabia Video KYC Market revenue, By End-User ,2016–2026(USD Million)
57. South Africa Video KYC Market revenue, By Offering ,2016–2026(USD Million)
58. South Africa Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
59. South Africa Video KYC Market revenue, By End-User ,2016–2026(USD Million)
60. Rest of the Middle East & Africa Video KYC Market revenue, By Offering ,2016–2026(USD Million)
61. Rest of the Middle East & Africa Video KYC Market revenue, By Deployment ,2016–2026(USD Million)
62. Rest of the Middle East & Africa Video KYC Market revenue, By End-User ,2016–2026(USD Million)
Request the coronavirus impact analysis across industries and markets
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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