The Know Your Customer Software Market: Overview
The Know Your Customer Software Market is valued at around USD 3.49 billion in 2022 and is expected to reach USD 15.81 billion by 2030, registering a CAGR of 20.8% over the forecast period. Financial institutions can streamline KYC or KYB compliance and anti-money laundering (AML) processes with the aid of a compliance management solution like Know Your Customer. Organizational charts can be made, business documents can be captured, and operations for onboarding new clients can be streamlined.
The Know Your Customer Software Market - Growth Factor
The rise in identity-related fraud in financial institutions and the increasing importance of compliance management can both be credited with the market's expansion. The market is being driven by strict government regulations that aim to stop financial fraud and money laundering by using know your customer (KYC) applications. The market for KYC software is also expanding thanks to the use of cutting-edge technologies like machine learning, artificial intelligence (AI), and biometrics for face recognition. Financial institutions all over the world are focusing on implementing KYC solutions to effectively verify the customer.
The Know Your Customer Software Market Market Trends
The market was dominated by the software sector. Growing innovations in KYC solutions to speed up customer service and improve operational functionality are anticipated to drive the segment's growth.
The cloud industry dominated the market. The segment is growing as a result of increasing investments in cloud-based KYC solutions that help customers open accounts remotely.
Over the forecast period, the segment of small and medium-sized businesses is anticipated to grow at the fastest rate. The segment's expansion can be attributed to an increase in the use of digital solutions to effectively reach more potential customers.
The Know Your Customer Software Market Segmentation
The Know Your Customer Software Market fragrance concentrates market has been sub-classified into component, deployment, enterprise size, end-user.
On the basis of component, the Know Your Customer Software Market is bifurcated into:
Software
Services- managed services, professional services
others
On the basis of deployment, the market is segmented into:
on-premise
cloud
others
On the basis of enterprise size, the market is segmented into:
large enterprises
small and medium enterprises
Others
On the basis of end-user, the market is segmented into:
BFSI- telecom, insurance companies, financial service provider
Telecom
Government
Others
The Know Your Customer Software Market Regional Analysis
Asia Pacific dominated the global Know Your Customer Software Market, the market and held more than 25.0% of the total revenue generated globally in 2021. One of the main factors promoting regional growth is the presence of significant market players like Truth Technologies, Inc., Pegasystems, Inc., and Experian Information Solutions, Inc. In order to provide customers with a convenient verification process, banks and other financial institutions are increasingly adopting automated KYC solutions, which is expected to increase the growth opportunities for KYC providers in the area.
The Know Your Customer Software Market Key Market players
Global key players of Know Your Customer Software Market include Truth Technologies, Inc; Trulioo; Equiniti; ACTICO GmbH; Pegasystems Inc.; Experian Information Solutions, Inc.; Acuant, Inc.; LexisNexis Risk Solutions Group
Report scope
Global Know Your Customer Software Market: Historical Years- 2018-2021
Global Know Your Customer Software Market: Forecast Years- 2022-2030
Global Know Your Customer Software Market 2022- USD 3.49 billion
Global Know Your Customer Software Market 2030- USD 15.81 billion
Global Know Your Customer Software Market CAGR- 20.8%
