The video KYC market was valued at around 152 million USD in 2019 and is expected to be worth approximately 502 million USD by 2026, with a CAGR of approximately 14.3% during that time period.
The research looks into and evaluates the global and regional video KYC markets. The article digs closely into the market competition, constraints, revenue projections, prospects, and shifting patterns. The analysis includes revenue projections from 2020 to 2026, as well as historical data from 2017 to 2019. (Many hundreds of millions of dollars).
Overview
Users can complete video KYC for their bank accounts in only a few minutes. In this approach, a bank official analyses the customer’s KYC records and registers their signatures via video chats. Consumers benefited from financial institutions’ usage of this strategy since it eliminated the need for bank visits or physical presence in banks during the COVID outbreak. Video KYC operations will be in high demand in the next years due to the development of AI, AR, Machine Learning, and VR, as well as the requirement to recognize and assess received data.
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Furthermore, geotagging, facial recognition, and liveness identification necessitate Video KYC to quickly assess the legitimacy of the profile. Aside from that, it can identify geographical places while collecting data and do parallel inspections utilizing readily available datasets. Geolocation, cloud storage, cloud solutions, AI, and OCR appear to be the foundations of video KYC. Obtaining customer consent, confirming the customer’s location, determining liveliness, recording and validating id proof, and capturing and matching the customer’s face is all part of the video KYC process.
Dynamics of Market Growth
As a result of COVID concerns, there has been a surge in recent years in demand for financial institutions, both public and private, to build virtual platforms for communicating with clients, resulting in an increase in the usage of video KYC. Additionally, video tools allow firms to collect client information while also assisting retail banks in acquiring accurate KYC data. Integration of KYC processes with public registers, KYC utilities, and external data service providers can also be accomplished via automation techniques. This should boost the adoption of video KYC across a wide spectrum of financial institutions and Fintech enterprises around the world. Each of these elements will have a significant impact on the overall size.
Furthermore, escalating the need for making KYC utility cost-efficient has become a challenging task and this has created a growing demand for value-added services such as Video KYC. This, in turn, will expand the scope of the video KYC market in the foreseeable future.
The Asia Pacific market will grow at an exponential rate between 2020 and 2026.
Between 2020 and 2026, the Asia Pacific Video KYC market will be driven by the banking sector’s growing focus on supporting macroeconomic growth, raising profit margins, extending its worldwide client base, and increasing investments. Regional financial institutions are concentrating their efforts on data-driven, digital technology development. In the coming years, there will undoubtedly be market penetration throughout the Asia Pacific. In the coming years, subcontinental enterprises will be able to expand due to their quest of increased efficiency, capital optimization, and smart development.
Together with booming wealth management operations, lending activities like SME enterprise lending and retail lending would increase. as well as thriving wealth management activities, will define the industry landscape in the region. Efforts made by the regional government in the creation of customer-centric technologies will result in a market upswing in Asia Pacific during the forecast period.
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
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