New York, NY, April 05, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Video KYC Market By Deployment (Cloud and On-Premise), By Offering (Software and Service), By End User (Banks, Financial Institutions, Telecom Companies, Government Entities, Insurance Companies, and E-payment Service Providers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026”.
“As per the recent research study report, the global Video KYC Market size & share will increase from USD 154.3 Million in 2019 and is expected to reach USD 500 Million by 2026. The global Video KYC Market is expected to grow at a compound annual growth rate (CAGR) of 14.9% from 2020 to 2026”.
Know your customer or KYC is the process through which a bank or any financial institution verify the details and identity of its clients and through which it asses the risk potential of entering into the business relationship with the client. The goal of the KYC is to nullify financial crimes like money laundering and other illicit activities. Video KYC entails people can do remote KYC via video call and verify other details of authenticity through Video assistant software.
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Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the Video KYC Market?
2) What is the market size, share of the Video KYC Market?
3) Who are the top market players in Video KYC Market?
4) What will be the future market of the Video KYC Market?
Also Read, E-KYC Market 2020-2026 Research Report
Industry Major Market Players
- Wibmo Inc.
- GIEOM Business Solutions
- IDnow GmbH
- Signzy Technologies Private Limited.
- Shufti Pro
- HyperVerge Inc.
- Great Software Laboratory
To know an additional revised 2020 list of market players, request a sample report: https://www.fnfresearch.com/sample/video-kyc-market
Global Video KYC Market: Growth Factors
The growing need to minimize manual errors while also improving customer service quality and reducing costs would result in a significant expansion of the e-KYC industry in the coming years. Furthermore, the growth of the global video KYC market is mainly attributed to improved financial technology services that are increasingly in demand. These demands cannot be ignored by financial institutions, or they risk losing customers to the competition. This has compelled banks to keep up with banking developments, even in the face of the Coronavirus (COVID-19) pandemic, which has made social distancing the standard in many countries. Indeed, it could be argued that the crisis has intensified the adoption of digital services by organizations.
Global Video KYC Market: Segmentation
The global Video KYC market is segregated based on deployment, offering, and end-user and regions. Cloud and On-Premise are the further bifurcations of the deployment segment. Based on offering, the Video KYC market is categorized into software and services. In addition, the report also classified the end-users segment into banks, financial institutions, telecom companies, government entities, insurance companies, and e-payment service providers.
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Increased Demand for Digitized Method to Simplify the Procedure in BFSI Sector
Important driving factor for the growth of the market is the growing demand from end-user as well as from their consumer to simplify the procedure of KYC. Technological innovation especially related to data analytics and increased usage of smartphones has accelerated the trend of Video KYC. COVID 19 pandemic has further accentuated the transition to Video based KYC as mobility is reduced and frequent contact is discouraged. Video based KYC is simple, seamless, and scalable. The market for Video KYC is growing as it reduces the onboarding cost as well as streamlines the tedious process of authentication. AI-enabled features assist in detecting fraud and malicious activity. Thus, it ensures that the employees focus on more productive activities than the routine job.
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APAC Region Projected To Dominate Global Video KYC Market Growth
The North American region is expected to capture the larger share of the market owing to the fact that major BFSI sector companies are located in this region. Additionally, a high number of technology provider and high technology adoption rate of this region is likely to elevate the market further. Ongoing research in AI and data security is assisting to make Video KYC an acceptable standard in the BFSI sector. APAC region also has tremendous potential for growth as governments in these countries are focusing on financial inclusion. The inclusion of a vast population in the financial requires the assistance of technology such as Video KYC. Therefore, push from the government and start-up ecosystem in this region is driving the market towards growth.
Browse the full “Video KYC Market By Deployment (Cloud and On-Premise), By Offering (Software and Service), By End User (Banks, Financial Institutions, Telecom Companies, Government Entities, Insurance Companies, and E-payment Service Providers): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/video-kyc-market
Frequently Asked Questions
What are the key factors driving 5 G core market expansions?
With the COVID-19 pandemic driving everyone into their homes, there is an increasing need for a paperless system that is both reliable and cost-effective. In addition, emerging technologies such as Artificial Intelligence (AI), UIDAI Biometrics, machine learning, face matching, and recognition are expected to help the global growth of Video KYC.
What will be the value of the Video KYC market during 2020- 2026?
According to Facts and Factors, global demand for the Video KYC market is expected to generate revenue of around USD 408.8 Million by end of 2026, growing at a CAGR of around 14.9% between 2020 and 2026.
Which region will make notable contributions towards global Video KYC market revenue?
In 2019, North America is expected to have a large market share. High technology adoption rate paired with the presence of key market players is expected to fuel the growth of the video KYC market. Furthermore, Europe is primarily driven by favorable government initiatives across the region. The Asia Pacific has emerged as the fastest-growing region during the analysis period.
What are the key players leveraging Video KYC market growth?
Some main participants operating in the global Video KYC market are LeadSquared, HyperVerge, Inc., FRSLABS, Signzy Technologies Private Limited., Shufti Pro, Wibmo Inc., Ameyo, SignDesk, GIEOM Business Solutions, Onfido, Pegasystems Inc, IDnow GmbH, Great Software Laboratory, and Signicat amongst others.
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