Video KYC Market

Fatpos Global has released a report titled “Video KYC Market - Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030” which is anticipated to reach USD 862.83 million by 2030. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 16.97% between 2020 and 2030. According to the report, the demand for Video KYC is increasing because it lowers onboarding costs and streamlines the time-consuming authentication process. Artificial intelligence-enabled features aid in the detection of fraud and malicious activity. As a result, workers are able to concentrate on more profitable tasks rather than the routine work. Moreover, surging demand from end-user as well as from their consumer to ease the process of KYC is bolstering the market for Video KYC.

The market report on global Video KYC market includes in-depth insights as:

• The estimated value of the market was USD 179.95 million in the year 2020.
• Region-wise, the market in North America, which held the largest market share of XX.X% in the year 2020, emerged as a key market for Video KYC market.
• Based on End-user, Financial Institutions emerged as a key segment in the global Video KYC market.
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“Advent of technological advancements especially related to data analytics and rising usage of smartphones is anticipated to accelerate the market growth in the near future. Additionally, evolving technologies including Artificial Intelligence (AI), machine learning, UIDAI Biometrics, face matching, and recognition are supporting the global growth of Video KYC market. Furthermore, COVID 19 pandemic has further heightened the adoption of Video-based KYC due to restrictions in mobility and increasing need for a paperless system that is trustworthy as well as cost-effective.”, said a lead analyst at Fatpos Global

Know your customer, or KYC is the process by which a bank or other financial institution verifies the information and identity of its customers and assesses the risk of entering in a contractual relationship with them. The KYC is designed to deter financial crimes such as money laundering and other criminal activities. People can do remote KYC via Video call and verify other details of authenticity using Video assistant software with Video KYC. Video KYC is a way of digitally authenticating customers and overcoming the difficulty of physically reviewing documents. Video-based KYC is seamless, simple, and scalable.

Key Players 

Some of the key players operating in the global 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.

Get Valuable Insights into Global Video KYC market

In the new report, Fatpos Global thrives to present an unbiased analysis of the global Video KYC market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into the growth that is witnessed in the market. The market is segmented by Deployment into Cloud-based and On-premise. By Offering the market is segmented into Software and Service. By End User, the market is segmented into Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.