Video KYC Market Size, Share, Growth, Trend, Forecast To 2032

Video KYC Market Insights

According to a report from Zion Market Research, the global Video KYC Market was valued at USD 867.2 Million in 2023 and is projected to hit USD 3745.73 Million by 2032, with a compound annual growth rate (CAGR) of 15.8% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Video KYC Market industry over the next decade.

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Video KYC Market: Overview

Video KYC is a medium via which the end-users can do KYC for their bank accounts in a few minutes. In this procedure, customer KYC documents are checked and their signatures are documented via video call by officer of bank. This move made by financial institutions has helped the customers in avoiding visit to the banks or prevent the requirement of physical presence at banks in these times of COVID pandemic. Onset of AI, AR, Machine Learning, and VR and need for identifying & examining collected information has resulted into humungous demand for Video KYC activities in the ensuing years.

Furthermore, geo-tagging, facial recognition, and liveness identification require Video KYC in detecting the profile authenticity in few minutes. Apart from this, it can also identify geographical site while garnering data as well as doing parallel checks via easily accessible databases. Apparently, video KYC is based on three technologies, namely, Geo sites, cloud storage, cloud solutions, AI, and OCR. In addition to this, completion of video KYC requires acquiring of customer permission, checking the location of the customer, determining liveliness, capturing id proof as well as validating it, and capturing & matching the face of the customer.

Video KYC Market Growth Dynamics

Escalating requirements for financial institutions, both public and private, for developing virtual tools for interacting with customers due to the COVID crisis has enhanced the popularity of Video KYC in recent years. Apart from this, video tools help the firms in garnering customer data and make it easier for retail banks in collecting authentic information related to KYC. In addition to this, automation methods can assist corporate firms integrate external data service providers, KYC utilities, and public registers into the workflows of KYC. This is likely to result in a surge in video KYC penetration in various financial institutes as well as Fintech firms across the globe. All these factors will add massively to the overall market size in the upcoming years.

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Furthermore, escalating 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.

Video KYC Market: Report Scope

Asia Pacific Market Size To Witness Exponential Growth Over 2024-2032

The escalating need of the banking industry to strengthen its macroeconomic growth, increase profit margins, expand its customer base across the globe, and increase investments will result in an expansion of the Video KYC industry in Asia Pacific over 2024-2032. Financial firms in the region are focusing on developing digital-based and data-driven technologies. This is likely to result in market penetration in Asia Pacific over the upcoming years. Demand for boosting productivity, optimizing capital, and pursuing strategic growth will trace a favorable roadmap for the business in the sub-continent over the forthcoming years.

An increase in lending activities such as SME enterprise lending activities & retail lending activities as well as thriving wealth management activities will define the industry landscape in region. Efforts made by the regional government in the creation of customer-centric technologies will result in 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