Know Your Customer Software Market Size, Industry Analysis Report By Component (Software, Services), By Deployment (On-Premise, Cloud), By Enterprise Size (Large Enterprises, Small And Medium Enterprises), By End-User (Telecom, Government) & Region – Forecast
- PUBLISHED ON
- 15/12/2022
- NO OF PAGES
- 250
- CATEGORY
- Information Communication & Technology
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%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
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An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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