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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

Covid-19

Global Video KYC Market Size, Share

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Insights

[225+ Pages Report] According to the report published by Facts and Factors, the global Video KYC market was valued at approximately USD 154.3 Million in 2019 and is expected to generate revenue of around USD 500 Million by the end of 2026, growing at a CAGR of around 14.9% between 2020 and 2026.

logoMarket Overview            

The method of digitally authenticating customers and resolving the challenge of physically inspecting documents is known as video KYC or VCIP. KYC authentication requires verifying all of the documentation submitted by consumers, which is a time-consuming and challenging process for humans due to the lack of technology. The Video KYC has overcome this barrier, adding efficiencies to the KYC process and lowering the cost of customer onboarding. This proved to be beneficial to both the banks and the customers.

logoIndustry 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.

Video KYC Market

logoSegmentation Analysis

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.

logo Regional Analysis

From a regional standpoint, North America is projected to maintain its dominance in the global Video KYC industry. High technology adoption rate paired with the presence of key market participants is projected to prompt the e demand of video KYC Market. In 2019, U.S accounted for the highest revenue share in the North America video KYC market. Asia Pacific market is mainly driven by a government effort to digitalization mainly in China and India. Furthermore, video KYC is a huge step forward in the financial sector, but it's only the beginning of building an impeccable reputation in the e-commerce, telecom, and networking industries is also predicted to surge the demand for video KYC market in the Asia Pacific in near future.

logo Competitive Players

Some main participants of the Video KYC market are Wibmo Inc., Ameyo, SignDesk, GIEOM Business Solutions, Onfido, PegasystemsInc, IDnow GmbH, LeadSquared, FRSLABS, Signzy Technologies Private Limited., Shufti Pro, HyperVerge, Inc., Signicat, and Great Software Laboratory amongst others.

logoVideo KYC Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • 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 and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Covid-19

Video KYC Market

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Major Market Players

  • Wibmo Inc.
  • Ameyo
  • SignDesk
  • GIEOM Business Solutions
  • Onfido
  • PegasystemsInc,
  • IDnow GmbH
  • LeadSquared
  • FRSLABS
  • Signzy Technologies Private Limited.
  • Shufti Pro
  • HyperVerge Inc.
  • Signicat 
  • Great Software Laboratory 

Frequently Asked Questions

Strict enforcement of laws by government authorities mandating Video KYC Market.
According to Facts and Factors research report, the global Video KYC Market accrued earnings worth approximately XX (USD Billion) in 2020 and is predicted to gain revenue of about XX(USD Billion) by 2028, is set to record a CAGR of nearly XX% over the period from 2021 to 2028.
North America will contribute lucratively towards the global market value over the estimated timeline. The regional market surge is subject to large-scale presence of giant participants in countries such as the U.S. Apart from this, favorable compensation policies along with high acceptance of new Video KYC Market will drive regional market trends. With regional governments enforcing strict laws pertaining to drug abuse, the market for Video KYC Market in North America is set to witness exponential growth over years to come. Legalization of cannabis in countries such as Canada and U.S. through passing of acts in parliament is likely to enlarge scope of Video KYC Market in North America over coming decade.
The key market participants include xx, xx, xx
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key questions answers

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