Video KYC Market; Segmented by Deployment (Cloud-based and On-premise); by Offering (Software and Service); by End User (Banks, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Global Video KYC market to surpass USD 862.83 million by 2030 from USD 179.95 million in 2020 at a CAGR of 16.97% in the coming years, i.e., 2021-30.
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.
Global Video KYC market is expected to project a notable CAGR of 16.97% in 2030.
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 can concentrate on more profitable tasks rather than 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.
Financial Institutions segment to grow with the highest CAGR during 2020-30
The Global Video KYC market is segmented by End-user into Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and others. The Financial Institutions segment accounted for the largest revenue share of XX.X% in 2020. Video KYC technology provides institutions a fast and reliable way to validate the identities of new customers, even when they are not able to conduct those checks in person.
The advent of technological advancements especially related to data analytics and the rising usage of smartphones is anticipated to accelerate the market growth shortly. Additionally, evolving technologies including Artificial Intelligence (AI), machine learning, UIDAI Biometrics, face matching, and recognition are supporting the global growth of the Video KYC market. Furthermore, COVID 19 pandemic has further heightened the adoption of Video-based KYC due to restrictions in mobility and the increasing need for a paperless system that is trustworthy as well as cost-effective.
Increasing Need to Reduce Manual Errors
In the coming years, the video e-KYC market is projected to see substantial growth due to the increasing need to reduce manual errors while also enhancing customer service quality and lowering costs. Furthermore, the improved financial technology services that are increasingly in demand are primarily responsible for the global video KYC market growth.
Non-Availability of Adequate Staff to Take Customer Calls
The limitation of video e-KYC is that it requires a representative from a bank or the regulated agency initiating the call to be present for the call. Customers are likely to pick a time that is convenient for them, which could be outside of the bank's regular business hours. In this situation, the bank would need sufficient specialist personnel to answer customer calls 24 hours a day, seven days a week.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Global Video KYC market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Video KYC market in North America held the largest market share of XX.X% in the year 2020 due to the presence of major BFSI sector companies in the region. In Addition, the high adoption rate of technology and a large number of technology provider in the region is contributing to the market growth. Continuous research in AI and data security is helping to make Video KYC an acceptable standard in the BFSI sector. Also, the market in the Asia Pacific is expected to grow in the coming years since the governments in these countries are concentrating on financial inclusion.
Global Video KYC Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Video KYC Market Segments:
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