7newswire 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 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.
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 into 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.
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Global Video KYC Market: Key Players
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 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.
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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.
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Global Video KYC Market report also contains analysis on:
Video KYC Market Segments:
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