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
Product Overview
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.
Market Highlights
Global Video KYC market is expected to project a notable CAGR of 16.97% in 2030.
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. 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.
Global Video KYC Market: Segments
Financial Institutions segment to grow with the highest CAGR during 2020-30
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.
Market Dynamics
Drivers
Technological Advancements
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 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.
Restraint
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.
Global Video KYC Market: Key Players
Wibmo Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Ameyo
SignDesk
GIEOM Business Solutions
Onfido
PegasystemsInc,
IDnow GmbH
LeadSquared
FRSLABS
Signzy Technologies Private Limited.
Shufti Pro
HyperVerge Inc.
Signicat
Great Software Laboratory
Other Prominent Players
Global Video KYC Market: Regions
Global Video KYC market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and 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 the 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 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
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Video KYC Market report also contains analysis on:
Video KYC Market Segments:
By Deployment
Cloud-based
On-premise
By Offering
Software
Service
By End-user
Banks
Financial Institutions
E-payment Service Providers
Telecom Companies
Government Entities
Insurance Companies
Others
Video KYC Market Dynamics
Video KYC Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Video KYC Market Report Scope and Segmentation
Frequently Asked Questions
How big is the Video KYC market
What is the Video KYC market growth
Which segment accounted for the largest Video KYC market share
Who are the key players in the Video KYC market
What are the factors driving the Video KYC market
Contents
1. Executive Summary
2. Global Video KYC Market
1. Product Overview
2. Market Definition
3. Segmentation
4. Assumptions and Acronyms
3. Research Methodology
1. Research Objectives
2. Primary Research
3. Secondary Research
4. Forecast Model
5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
6. Market Dynamics
1. Growth Drivers
2. Restraints
3. Opportunity
4. Trends
7. Correlation & Regression Analysis
1. Correlation Matrix
2. Regression Matrix
8. Recent Development, Policies & Regulatory Landscape
9. Risk Analysis
1. Demand Risk Analysis
2. Supply Risk Analysis
10. Global Video KYC Market Analysis
1. Porters Five Forces
1. Threat of New Entrants
2. Bargaining Power of Suppliers
3. Threat of Substitutes
4. Rivalry
2. PEST Analysis
1. Political
2. Economic
3. Social
4. Technological
11. Global Video KYC Market
1. Market Size & forecast, 2020A-2030F
1. By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
12. Global Video KYC Market: Market Segmentation
1. By Regions
1. North America:(U.S. and Canada), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Latin America: (Brazil, Mexico, Argentina, Rest of Latin America), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
4. Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
5. Middle East and Africa: (Israel, GCC, North Africa, South Africa, Rest of Middle East and Africa), By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. By Deployment: Market Share (2020-2030F)
1. Cloud-based, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. On-premise, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. By Offering: Market Share (2020-2030F)
1. Software, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Service, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
4. By End-Users: Market Share (2020-2030F)
1. Banks, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
2. Financial Institutions, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
3. E-payment Service Providers, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
4. Telecom Companies, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
5. Government Entities, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
6. Insurance Companies, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
7. Others, By Value (USD Million) 2020-2030F; Y-o-Y Growth (%) 2021-2030F
Company Profile
1. Wibmo Inc.
1. Company Overview
2. Company Total Revenue (Financials)
3. Market Potential
4. Global Presence
5. Key Performance Indicators
6. SWOT Analysis
7. Product Launch
2. Ameyo
3. SignDesk
4. GIEOM Business Solutions
5. Onfido
6. PegasystemsInc,
7. IDnow GmbH
8. LeadSquared
9. FRSLABS
10. Signzy Technologies Private Limited.
11. Shufti Pro
12. HyperVerge Inc.
13. Signicat
14. Great Software Laboratory
15. Other Prominent Players
Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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