What is Video KYC?
Video KYC is a medium via which the end-users can do KYC for their bank accounts in a few minutes. This method checks customer KYC documents, and a bank officer documents their signatures via video call. The onset of AI, AR, Machine Learning, and VR and the need for identifying & investigating collected information has resulted in humungous demand for Video KYC activities in the coming years.
Best Industry for Doing Business, Click Here
Why Video KYC Market is growing?
The need for Video KYC is increasing because it lowers onboarding costs and streamlines the time-consuming authentication method. Artificial intelligence-enabled elements help in the detection of fraud and hostile activity. Consequently, workers can concentrate on more profitable tasks rather than routine work. Moreover, surging demand from end-users and their consumers to ease the process of KYC is bolstering the market for Video KYC. the growth of the global video KYC market is mainly attributed to improved financial technology services that are increasingly in demand. Financial institutions must identify these demands and avoid losing customers to the competition. It has compelled banks to keep up with banking developments, even in the face of the pandemic, which has made social distancing the standard in many countries. Indeed, the problem has intensified organizations' adoption of digital services.
Growth Drivers in KYC Market
Growing Needs in Public and Private Sectors
Increasing requirements for financial institutions, both public and private, to develop virtual tools for interacting with customers due to covid-19 problems has improved the popularity of Video KYC in recent years. Also, video tools assist the firms in garnering customer data and make it more effortless for retail banks to collect authentic information connected to KYC. In addition, automation methods can assist corporate firms in combining external data service providers, KYC utilities, and public registers into the workflows of KYC. All these factors will add massively to the overall demand size in the coming years.
Related Feasibility Study Reports: Detailed Project Reports
Growing Financial Activities
Demand for boosting productivity, optimizing capital, and pursuing strategic growth will trace a good 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 the region. Efforts made by the regional government to create customer-centric technologies will result in market growth.
Opportunities in KYC Market
Advancement in Technology
The rising technological advancements in KYC software are also a significant factor driving the market. KYC software uses digital footprint analysis, AI and machine learning, biometrics, real-time video, and live verification technologies for better identification. Digital footprint analysis proves the user's existence by assessing their behavior, web history, and online presence to verify their authenticity, which creates more opportunities in the India video KYC market.
Restraints in KYC Market
Lack of Adequate Staff to Take Customer Queries
The limitation of video e-KYC is that it needs a representative from a bank or the regulated agency creating the call to be present for the call. Customers are likely to pick a suitable time, 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.
Read our Books Here
Pre Covid-19 Impact on Video KYC Market
Pre covid-19 period, Biometric authentication is also gaining popularity in performing electronic KYC checks in financial institutions. Governments and financial institutions in all regions increasingly adopt biometric authentication for electronic KYC checks. Government industries are expected to create more lucrative opportunities before the covid-19 period.
Covid-19 Impact on Video KYC Market
During the Covid-19 period, the pandemic played an important role in driving the video KYC market over the forecast period. Restrictions on the movement of the people and the spreading of contamination due to the pandemic explosion of banks and financial institutions worldwide to adopt electronic verification for KYC checks. At the same time, increased online operations such as online payments and online onboarding made it essential for different end-users, such as banks, telecom companies, and financial institutions, to turn towards video KYC solutions.
Post Covid-19 Impact on Video KYC Market
After the covid-19 period, In the coming years, the video e-KYC market is projected to notice substantial growth due to the increasing need to decrease manual mistakes while also improving customer service quality and lowering costs. Furthermore, the improved financial technology services increasingly in demand are primarily responsible for the India video KYC market growth.
Watch other Informative Videos: MSME Business Ideas | Most Profitable Business Ideas for Startup
KYC Market is Segmented into:
By Deployment Segmental Analysis
Based on deployment segmental analysis, the India video e-KYC market is segmented into Cloud and On-Premise. The cloud segment is noticed for the largest share of the India Video KYC market. The growing adoption of cloud-based KYC solutions among banks and financial institutions is a significant factor driving the segment. Market players are also concentrating on developing cloud-based KYC solutions to reduce fraud.
By Offering Segmental Analysis
Based on offering segmental analysis, the India video e-KYC market is segmented into Software and Services. The software segment recorded the largest share of the India video KYC market. The rapid deployment of KYC software across banks and financial institutions to verify and improve customer identification to prevent fraud is a major factor driving the segment. Major market players are developing automated KYC soft wares to simplify the KYC review processes.
By End-User Segmental Analysis
Based on end-user segmental analysis, the India video e-KYC market is segmented into Banks, Financial Institutions, Telecom Companies, Government Entities, Insurance companies and E-payment Services Providers. The BFSI segment led the highest market share in India video e-KYC market. The segment growth can be attributed to increased online payment activities through different regional banks and financial institutions. Customers need to do KYC checks to operate online payment media for online payment transactions. Banks and financial institutions are embracing numerous innovative technologies, such as AI and cloud computing, to grow their existence in the market.
Competitors Analysis in KYC Market
The companies include Ameyo, SignDesk, GIEOM Business Solutions, Onfido, Pegasystems Inc., Great Software Laboratory, Signicat, HyperVerge Inc., LeadSquared and other prominent players in India Video KYC Market.
Click here to send your queries/Contact Us
Recent Developments in KYC Market
· In August 2021- Kroll, A digital technology partner, established Kroll Business to improve onboarding efficiency and KYC inspections.
· In July 2022- Encompass Corporation, a KYC solution provider, introduced a video KYC implementation team to help banks execute the KYC processes and digital onboarding.
About Us:
NIIR PROJECT CONSULTANCY SERVICES, also known as NPCS, is a privately incorporated management research and consulting firm. The major services provided by NPCS include Management Consulting, Industrial Research, Market Surveys, Research based on Primary and Secondary Approaches, Pre-Feasibility Study, Techno-Economic Reports and many more. By choosing our reports, you will get the benefits like superior quality, easy communication, the latest information, unique content, and affordable pricing. NPCS was established with a mission to provide growth for businesses across the globe in various industry verticals. We have a team of professionals composed of various domains and industry expertise. We have an experience of more than one decade of expertise in syndicated and customized research across Automotive, Consumer Goods, Chemicals, Aviation, Retail, Agriculture, BFSI, ICT, Healthcare, Oil & Gas, Power and Energy, Aerospace and Defense, Industrial Automation, Logistics, Semiconductors etc. We have delivered solutions to various businesses across the globe. Kindly visit our website for more information. To purchase this report, you can contact us directly through the website or can drop a mail to npcs.india@gmail.com.
About this Report
This India Video-KYC market report provides growth drivers, latest opportunities, Segment revenue, covid-19 impact, restraints and prominent payers. In addition, this report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the market along with changing dynamics and trends.
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬
NIIR PROJECT CONSULTANCY SERVICES, DELHI
An ISO 9001:2015 Company
ENTREPRENEUR INDIA
106-E, Kamla Nagar, Opp. Mall ST,
New Delhi-110007, India.
Email: npcs.ei@gmail.com
info@entrepreneurindia.co
Tel: +91-11-23843955, 23845654, 23845886
Mobile: +91-9097075054, 8800733955
Website: https://www.entrepreneurindia.co
https://www.niir.org
PB_20Art23
What is Video KYC?
Video KYC is a medium via which the end-users can do KYC for their bank accounts in a few minutes. This method checks customer KYC documents, and a bank officer documents their signatures via video call. The onset of AI, AR, Machine Learning, and VR and the need for identifying & investigating collected information has resulted in humungous demand for Video KYC activities in the coming years.
Best Industry for Doing Business, Click Here
Why Video KYC Market is growing?
The need for Video KYC is increasing because it lowers onboarding costs and streamlines the time-consuming authentication method. Artificial intelligence-enabled elements help in the detection of fraud and hostile activity. Consequently, workers can concentrate on more profitable tasks rather than routine work. Moreover, surging demand from end-users and their consumers to ease the process of KYC is bolstering the market for Video KYC. the growth of the global video KYC market is mainly attributed to improved financial technology services that are increasingly in demand. Financial institutions must identify these demands and avoid losing customers to the competition. It has compelled banks to keep up with banking developments, even in the face of the pandemic, which has made social distancing the standard in many countries. Indeed, the problem has intensified organizations' adoption of digital services.
Growth Drivers in KYC Market
Growing Needs in Public and Private Sectors
Increasing requirements for financial institutions, both public and private, to develop virtual tools for interacting with customers due to covid-19 problems has improved the popularity of Video KYC in recent years. Also, video tools assist the firms in garnering customer data and make it more effortless for retail banks to collect authentic information connected to KYC. In addition, automation methods can assist corporate firms in combining external data service providers, KYC utilities, and public registers into the workflows of KYC. All these factors will add massively to the overall demand size in the coming years.
Related Feasibility Study Reports: Detailed Project Reports
Growing Financial Activities
Demand for boosting productivity, optimizing capital, and pursuing strategic growth will trace a good 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 the region. Efforts made by the regional government to create customer-centric technologies will result in market growth.
Opportunities in KYC Market
Advancement in Technology
The rising technological advancements in KYC software are also a significant factor driving the market. KYC software uses digital footprint analysis, AI and machine learning, biometrics, real-time video, and live verification technologies for better identification. Digital footprint analysis proves the user's existence by assessing their behavior, web history, and online presence to verify their authenticity, which creates more opportunities in the India video KYC market.
Restraints in KYC Market
Lack of Adequate Staff to Take Customer Queries
The limitation of video e-KYC is that it needs a representative from a bank or the regulated agency creating the call to be present for the call. Customers are likely to pick a suitable time, 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.
Read our Books Here
Pre Covid-19 Impact on Video KYC Market
Pre covid-19 period, Biometric authentication is also gaining popularity in performing electronic KYC checks in financial institutions. Governments and financial institutions in all regions increasingly adopt biometric authentication for electronic KYC checks. Government industries are expected to create more lucrative opportunities before the covid-19 period.
Covid-19 Impact on Video KYC Market
During the Covid-19 period, the pandemic played an important role in driving the video KYC market over the forecast period. Restrictions on the movement of the people and the spreading of contamination due to the pandemic explosion of banks and financial institutions worldwide to adopt electronic verification for KYC checks. At the same time, increased online operations such as online payments and online onboarding made it essential for different end-users, such as banks, telecom companies, and financial institutions, to turn towards video KYC solutions.
Post Covid-19 Impact on Video KYC Market
After the covid-19 period, In the coming years, the video e-KYC market is projected to notice substantial growth due to the increasing need to decrease manual mistakes while also improving customer service quality and lowering costs. Furthermore, the improved financial technology services increasingly in demand are primarily responsible for the India video KYC market growth.
Watch other Informative Videos: MSME Business Ideas | Most Profitable Business Ideas for Startup
KYC Market is Segmented into:
By Deployment Segmental Analysis
Based on deployment segmental analysis, the India video e-KYC market is segmented into Cloud and On-Premise. The cloud segment is noticed for the largest share of the India Video KYC market. The growing adoption of cloud-based KYC solutions among banks and financial institutions is a significant factor driving the segment. Market players are also concentrating on developing cloud-based KYC solutions to reduce fraud.
By Offering Segmental Analysis
Based on offering segmental analysis, the India video e-KYC market is segmented into Software and Services. The software segment recorded the largest share of the India video KYC market. The rapid deployment of KYC software across banks and financial institutions to verify and improve customer identification to prevent fraud is a major factor driving the segment. Major market players are developing automated KYC soft wares to simplify the KYC review processes.
By End-User Segmental Analysis
Based on end-user segmental analysis, the India video e-KYC market is segmented into Banks, Financial Institutions, Telecom Companies, Government Entities, Insurance companies and E-payment Services Providers. The BFSI segment led the highest market share in India video e-KYC market. The segment growth can be attributed to increased online payment activities through different regional banks and financial institutions. Customers need to do KYC checks to operate online payment media for online payment transactions. Banks and financial institutions are embracing numerous innovative technologies, such as AI and cloud computing, to grow their existence in the market.
Competitors Analysis in KYC Market
The companies include Ameyo, SignDesk, GIEOM Business Solutions, Onfido, Pegasystems Inc., Great Software Laboratory, Signicat, HyperVerge Inc., LeadSquared and other prominent players in India Video KYC Market.
Click here to send your queries/Contact Us
Recent Developments in KYC Market
· In August 2021- Kroll, A digital technology partner, established Kroll Business to improve onboarding efficiency and KYC inspections.
· In July 2022- Encompass Corporation, a KYC solution provider, introduced a video KYC implementation team to help banks execute the KYC processes and digital onboarding.
About Us:
NIIR PROJECT CONSULTANCY SERVICES, also known as NPCS, is a privately incorporated management research and consulting firm. The major services provided by NPCS include Management Consulting, Industrial Research, Market Surveys, Research based on Primary and Secondary Approaches, Pre-Feasibility Study, Techno-Economic Reports and many more. By choosing our reports, you will get the benefits like superior quality, easy communication, the latest information, unique content, and affordable pricing. NPCS was established with a mission to provide growth for businesses across the globe in various industry verticals. We have a team of professionals composed of various domains and industry expertise. We have an experience of more than one decade of expertise in syndicated and customized research across Automotive, Consumer Goods, Chemicals, Aviation, Retail, Agriculture, BFSI, ICT, Healthcare, Oil & Gas, Power and Energy, Aerospace and Defense, Industrial Automation, Logistics, Semiconductors etc. We have delivered solutions to various businesses across the globe. Kindly visit our website for more information. To purchase this report, you can contact us directly through the website or can drop a mail to npcs.india@gmail.com.
About this Report
This India Video-KYC market report provides growth drivers, latest opportunities, Segment revenue, covid-19 impact, restraints and prominent payers. In addition, this report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the market along with changing dynamics and trends.
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬
NIIR PROJECT CONSULTANCY SERVICES, DELHI
An ISO 9001:2015 Company
ENTREPRENEUR INDIA
106-E, Kamla Nagar, Opp. Mall ST,
New Delhi-110007, India.
Email: npcs.ei@gmail.com
info@entrepreneurindia.co
Tel: +91-11-23843955, 23845654, 23845886
Mobile: +91-9097075054, 8800733955
Website: https://www.entrepreneurindia.co
https://www.niir.org
PB_20Art23