• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Financial Sector to Drive Booming Video KYC Market

April 5, 2021

Facts and Factors has published a new report that suggests that the demand for Video Know Your Customer solutions will triple in the next five years, though the total numbers are still much more modest than they are for some other markets. The report specifically predicts that the market will climb from $154.3 Million in 2019 to $500 million in 2026, based on a CAGR of 14.9 percent for the forecast period.

Financial Sector to Drive Booming Video KYC Market

According to Facts and Factors, the trend speaks to the growing interest in simpler KYC solutions, particularly in the wake of the COVID-19 pandemic, which has accelerated digital transformation. Video KYC technology gives organizations a fast and secure way to verify the identities of new customers, even when they are not able to conduct those checks in person.

That makes Video KYC technology especially appealing (and even necessary) for financial institutions, to the point that Facts and Factors argued that banks that do not integrate the technology into their customer-facing operations will end up losing those customers to their competition. For consumers, Video KYC tech is convenient because it makes their smartphone their primary vector for interactions with their financial institution.

On the corporate side, Video KYC tech can help institutions lower their costs and reduce the number of errors associated with manual onboarding and authentication procedures. Facts and Factors expects the North American region to make up the biggest portion of the Video KYC market, due to high technology adoption rates and the presence of several major technology providers. However, the Asia Pacific region will exhibit the most growth, while the European region will support the industry with favorable government initiatives.

Facts and Factors identified Onfido, IDnow, and Signicat as some of the primary players in the Video KYC space. Adroit Market Research has previously predicted that the broader video analytics market will be worth $11 billion by 2025.

Filed Under: Industry News Tagged With: Facts and Factors, financial services, industry forecasts, Know Your Customer, KYC compliance, market forecasts, market reports, market trends, Video Know Your Customer, Video KYC

Related News & Articles

iPad Users Can Now Log Into Google Accounts via Android 2FA

Yoti Brings Transparency, Privacy Principles to Its Own Website

Samsung Pay Officially Launches In Italy

Primary Sidebar

Register For the Next Virtual Identity Summit

Register now!

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Kenya’s New President Pushes for Digital ID By Year’s End
  • MDL, Digital ID Gain Momentum in State Efforts
  • Brazil-based Selfie Onboarding Startup Reports 250% Sales Jump, Global Expansion
  • ‘All Partners Remain Committed’ to Digital Travel ID Project: Transport Canada
  • North Carolina DMV Seeks Political Support for MDL

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld