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
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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.
Research Methodology:
Video KYC Market Size Estimation
To estimate market size and trends, we use a combination of top-down and bottom-up methods. This allows us to evaluate the market from various perspectives—by company, region, product type, and end users.
Our estimates are based on actual sales data, excluding any discounts. Segment breakdowns and market shares are calculated using weighted averages based on usage rates and average prices. Regional insights are determined by how widely a product or service is adopted in each area.
Key companies are identified through secondary sources like industry reports and company filings. We then verify revenue estimates and other key data points through primary research, including interviews with industry experts, company executives, and decision-makers.
We take into account all relevant factors that could influence the market and validate our findings with real-world input. Our final insights combine both qualitative and quantitative data to provide a well-rounded view. Please note, these estimates do not account for unexpected changes such as inflation, economic downturns, or policy shifts.
Data Source
Secondary Sources
This study draws on a wide range of secondary sources, including press releases, annual reports, non-profit organizations, industry associations, government agencies, and customs data. We also referred to reputable databases and directories such as Bloomberg, Wind Info, Hoovers, Factiva, Trading Economics, Statista, and others. Additional references include investor presentations, company filings (e.g., SEC), economic data, and documents from regulatory and industry bodies.
These sources were used to gather technical and market-focused insights, identify key players, analyze market segmentation and classification, and track major trends and developments across industries.
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Primary Sources
As part of our primary research, we interviewed a variety of stakeholders from both the supply and demand sides to gather valuable qualitative and quantitative insights.
On the supply side, we spoke with product manufacturers, competitors, industry experts, research institutions, distributors, traders, and raw material suppliers. On the demand side, we engaged with business leaders, marketing and sales heads, technology and innovation directors, supply chain executives, and end users across key organizations.
These conversations helped us better understand market segmentation, pricing, applications, leading players, supply chains, demand trends, industry outlook, and key market dynamics—including risks, opportunities, barriers, and strategic developments.
Key Data Information from Primary Sources
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