For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
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 t- deter financial crimes such as money laundering and other criminal activities. People can d- remote KYC via Vide- call and verify other details of authenticity using Vide- assistant software with Vide- KYC. Vide- 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 Vide- KYC market is expected t- project a notable CAGR of 16.97% in 2030.
Global Vide- KYC market t- 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 Vide- 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 t- concentrate on more profitable tasks rather than the routine work. Moreover, surging demand from end-user as well as from their consumer t- ease the process of KYC is bolstering the market for Vide- KYC.
Global Vide- KYC Market: Segments
Financial Institutions segment t- grow with the highest CAGR during 2020-30
Global Vide- KYC market is segmented by End-user int- 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. Vide- KYC technology provides institutions a fast and reliable way t- validate the identities of new customers, even when they are not able t- conduct those checks in person.
Market Dynamics
Drivers
Technological Advancements
Advent of technological advancements especially related t- data analytics and rising usage of smartphones is anticipated t- 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 Vide- KYC market. Furthermore, COVID 19 pandemic has further heightened the adoption of Video-based KYC due t- restrictions in mobility and the increasing need for a paperless system that is trustworthy as well as cost-effective.
Increasing Need t- Reduce Manual Errors
In the coming years, the vide- e-KYC market is projected t- see substantial growth due t- the increasing need t- reduce manual errors while als- enhancing customer service quality and lowering costs. Furthermore, the improved financial technology services that are increasingly in demand are primarily responsible for the global vide- KYC market growth.
Restraint
Non-Availability of Adequate Staff t- Take Customer Calls
The limitation of vide- e-KYC is that it requires a representative from a bank or the regulated agency initiating the call t- be present for the call. Customers are likely t- 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 t- answer customer calls 24 hours a day, seven days a week.
Global Vide- KYC Market: Key Players
Wibm- 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 Vide- KYC Market: Regions
Global Vide- KYC market is segmented based on regional analysis int- five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Vide- KYC market in North America held the largest market share of XX.X% in the year 2020 due t- 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 t- the market growth. Continuous research in AI and data security is helping t- make Vide- KYC an acceptable standard in the BFSI sector. Also, the market in Asia Pacific is expected t- grow in the coming years since the governments in these countries are concentrating on financial inclusion.
Global Vide- 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 Vide- KYC Market report als- contains analysis on:
Vide- 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
Vide- KYC Market Dynamics
Vide- KYC Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Vide- KYC Market Report Scope and Segmentation
Frequently Asked Questions
How big is the Vide- KYC market?
What is the Vide- KYC market growth?
Which segment accounted for the largest Vide- KYC market share?
Wh- are the key players in the Vide- KYC market?
What are the factors driving the Vide- KYC market?