Product Code: GVR-4-68040-002-5
Know Your Customer Software Market Growth & Trends:
The global know your customer software market size is expected to reach USD 15.81 billion by 2030, expanding at a CAGR of 20.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growth of the know your customer (KYC) software market can be attributed to the rising identity financial frauds across the globe. For instance, in 2021, according to the Federal Trade Commission (FTC), identity theft was the most common complaint registered by consumers accounting for almost 29.4% of all the reports received by the FTC in 2021.
Technological advancements made in the market, including blockchain-based KYC, are expected to surge the market growth over the forecast period. Additionally, banks across the globe are entering into partnerships with government entities to leverage blockchain technology in KYC processes. For instance, in April 2022, Mashreq Bank in partnership with Dubai's Department of Economy and Tourism (DET) joined the KYC blockchain platform initiative in UAE that helped banks to provide instant digital bank accounts along with KYC remediation. Mashreq Bank also joined the group of banks that are already live on the KYC network, including Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CBD), and HSBC.
The rising application of electronic Know Your Customer (eKYC) software for eliminating the paperwork during the account opening process and automatic customer onboarding activity is leading to an increase in the growth of the market. Major KYC software providers are focusing on developing an eKYC solution to simplify the onboarding process for the end-users. For instance, in June 2021, Liquid, Inc. launched its new e-KYC biometric solution designed specifically to prevent data thefts and frauds as more businesses transformed to digital processes in response to the COVID-19 outbreak.
The COVID-19 outbreak played a vital role in driving the market. Banks and financial institutions across the globe adopted digitalization to reduce the paperwork involved in the banking process. For instance, in May 2022, Vietcombank, a commercial bank in Vietnam, launched an eKYC solution that would assist its customers to open bank accounts digitally from anywhere, thus reducing the waiting time for customers. Such initiatives are expected to create growth opportunities for the market over the coming years.
Know Your Customer Software Market Report Highlights:
- The software segment dominated the market in 2021. Rising developments in KYC solutions to reduce the waiting for customers and enhance operation functionality are expected to propel the growth of the segment
- The cloud segment dominated the market in 2021. Rising investments in cloud-based KYC solutions to assist customers remotely in account opening are fueling the segment growth
- The small and medium enterprises segment is expected to witness the fastest growth over the forecast period. The growth of the segment can be attributed to rising adoption of digitized solutions to capture more potential customers efficiently
- The BFSI segment dominated the KYC software market in 2021. The adoption of new payment technologies by retailers in order to increase revenue and reduce transaction time is expected to propel the growth of the segment
- North America dominated the market in 2021. The rising data thefts and financial frauds across the region are expected to play a decisive role in driving the regional market.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope and Assumptions
- 1.3. List of Data Sources
Chapter 2 Executive Summary
- 2.1. Know Your Customer Software Market - Industry Snapshot & Key Buying Criteria, 2017 - 2030
- 2.2. Global Know Your Customer Software Market , 2017 - 2030
- 2.2.1. Global know your customer software market , by region, 2017 - 2030
- 2.2.2. Global know your customer software market, by component, 2017 - 2030
- 2.2.3. Global know your customer software market, by deployment, 2017 - 2030
- 2.2.4. Global know your customer software market, by enterprise size, 2017 - 2030
- 2.2.5. Global know your customer software market, by end-use, 2017 - 2030
Chapter 3 Know Your Customer Software Industry Outlook
- 3.1. Market Segmentation and Scope
- 3.2. Know Your Customer Software Market - Value Chain Analysis
- 3.3. Know Your Customer Software Market - Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.1.1. Rising stringent government regulations for KYC checks
- 3.3.1.2. Growing adopting of digital technologies
- 3.3.1.3. Technological innovations in KYC solutions
- 3.3.2. Market challenge analysis
- 3.3.2.1. Lack of awareness
- 3.3.3. Market opportunity analysis
- 3.3.3.1. Emerging blockchain solutions to reduce fraudelent acitivites
- 3.4. Know Your Customer Software Market - Porter's Five Forces Analysis
- 3.5. Know Your Customer Software Market - PESTEL Analysis
Chapter 4 Know Your Customer SoftwareComponent Outlook
- 4.1. Know Your Customer Software Market Share By Component, 2021
- 4.2. Software
- 4.2.1. Know your customer software market, 2017 - 2030
- 4.3. Services
- 4.3.1. Know your customer services market, 2017 - 2030
- 4.3.1.1. Know your customer managed services market, 2017 - 2030
- 4.3.1.2. Know your customer professional services market, 2017 - 2030
Chapter 5 Know Your Customer Software Deployment Outlook
- 5.1. On-premise
- 5.1.1. On-premise know your customer software market, 2017 - 2030
- 5.2. Cloud
- 5.2.1. Cloud know your customer software market, 2017 - 2030
Chapter 6 Know Your Customer Software Enterprise Size Outlook
- 6.1. Large Enterprises
- 6.1.1. Know your customer software market by large enterprises, 2017 - 2030
- 6.2. Small and Medium Enterprises
- 6.2.1. Know your customer software market by small and medium enterprises, 2017 - 2030
Chapter 7 Know Your Customer Software End-use Outlook
- 7.1. Know Your Customer Software Market Share By End-Use, 2021
- 7.2. BFSI
- 7.2.1. Know your customer software market in bfsi, 2017 - 2030
- 7.2.1.1. Know your customer software market in banks, 2017 - 2030
- 7.2.1.2. Know your customer software market in insurance companies, 2017 - 2030
- 7.2.1.3. Know your customer software market in financial service provider, 2017 - 2030
- 7.3. Telecom
- 7.3.1. Know your customer software market in telecom, 2017 - 2030
- 7.4. Government
- 7.4.1. Know your customer software market in government, 2017 - 2030
- 7.5. Others
- 7.5.1. Know your customer software market in others, 2017 - 2030
Chapter 8 Know Your Customer Software Regional Outlook
- 8.1. Know Your Customer Software Market Share By Region, 2021
- 8.2. North America
- 8.2.1. North America know your customer software market, 2017 - 2030
- 8.2.2. North America know your customer software market, by component, 2017 - 2030
- 8.2.2.1. North America know your customer software market, by services, 2017 - 2030
- 8.2.3. North America know your customer software market, by deployment, 2017 - 2030
- 8.2.4. North America know your customer software market, by enterprise size, 2017 - 2030
- 8.2.5. North America know your customer software market, by end-use, 2017 - 2030
- 8.2.5.1. North America know your customer software market, by bfsi 2017 - 2030
- 8.2.6. U.S.
- 8.2.6.1. U.S. know your customer software market, 2017 - 2030
- 8.2.6.2. U.S. know your customer software market, by component, 2017 - 2030
- 8.2.6.2.1. U.S. know your customer software market, by services, 2017 - 2030
- 8.2.6.3. U.S. know your customer software market, by deployment, 2017 - 2030
- 8.2.6.4. U.S. know your customer software market, by enterprise size, 2017 - 2030
- 8.2.6.5. U.S. know your customer software market, by end-use, 2017 - 2030
- 8.2.6.5.1. U.S. know your customer software market, by bfsi, 2017 - 2030
- 8.2.7. Canada
- 8.2.7.1. Canada Know your customer software market, 2017 - 2030
- 8.2.7.2. Canada Know your customer software market, by component, 2017 - 2030
- 8.2.7.2.1. Canada Know your customer software market, by services, 2017 - 2030
- 8.2.7.3. Canada Know your customer software market, by deployment, 2017 - 2030
- 8.2.7.4. Canada Know your customer software market, by enterprise size, 2017 - 2030
- 8.2.7.5. Canada Know your customer software market, by end-use, 2017 - 2030
- 8.2.7.5.1. Canada Know your customer software market, by bfsi, 2017 - 2030
- 8.3. Europe
- 8.3.1. Europe know your customer software market, 2017 - 2030
- 8.3.2. Europe know your customer software market, by component, 2017 - 2030
- 8.3.2.1. Europe know your customer software market, by services, 2017 - 2030
- 8.3.3. Europe know your customer software market, by deployment, 2017 - 2030
- 8.3.4. Europe know your customer software market, by enterprise size, 2017 - 2030
- 8.3.5. Europe know your customer software market, by end-use, 2017 - 2030
- 8.3.5.1. Europe know your customer software market, by bfsi 2017 - 2030
- 8.3.6. U.K.
- 8.3.6.1. U.K. Know your customer software market, 2017 - 2030
- 8.3.6.2. U.K. Know your customer software market, by component, 2017 - 2030
- 8.3.6.2.1. U.K. Know your customer software market, by services, 2017 - 2030
- 8.3.6.3. U.K. Know your customer software market, by deployment, 2017 - 2030
- 8.3.6.4. U.K. Know your customer software market, by enterprise size, 2017 - 2030
- 8.3.6.5. U.K. Know your customer software market, by end-use, 2017 - 2030
- 8.3.6.5.1. U.K. Know your customer software market, by bfsi, 2017 - 2030
- 8.3.7. Germany
- 8.3.7.1. Germany Know your customer software market, 2017 - 2030
- 8.3.7.2. Germany Know your customer software market, by component, 2017 - 2030
- 8.3.7.2.1. Germany Know your customer software market, by services, 2017 - 2030
- 8.3.7.3. Germany Know your customer software market, by deployment, 2017 - 2030
- 8.3.7.4. Germany Know your customer software market, by enterprise size, 2017 - 2030
- 8.3.7.5. Germany Know your customer software market, by end-use, 2017 - 2030
- 8.3.7.5.1. Germany Know your customer software market, by bfsi, 2017 - 2030
- 8.3.8. France
- 8.3.8.1. France Know your customer software market, 2017 - 2030
- 8.3.8.2. France Know your customer software market, by component, 2017 - 2030
- 8.3.8.2.1. France Know your customer software market, by services, 2017 - 2030
- 8.3.8.3. France Know your customer software market, by deployment, 2017 - 2030
- 8.3.8.4. France Know your customer software market, by enterprise size, 2017 - 2030
- 8.3.8.5. France Know your customer software market, by end-use, 2017 - 2030
- 8.3.8.5.1. France Know your customer software market, by bfsi, 2017 - 2030
- 8.3.9. Italy
- 8.3.9.1. Italy Know your customer software market, 2017 - 2030
- 8.3.9.2. Italy Know your customer software market, by component, 2017 - 2030
- 8.3.9.2.1. Italy Know your customer software market, by services, 2017 - 2030
- 8.3.9.3. Italy Know your customer software market, by deployment, 2017 - 2030
- 8.3.9.4. Italy Know your customer software market, by enterprise size, 2017 - 2030
- 8.3.9.5. Italy Know your customer software market, by end-use, 2017 - 2030
- 8.3.9.5.1. Italy Know your customer software market, by bfsi, 2017 - 2030
- 8.3.10. Spain
- 8.3.10.1. Spain Know your customer software market, 2017 - 2030
- 8.3.10.2. Spain Know your customer software market, by component, 2017 - 2030
- 8.3.10.2.1. Spain Know your customer software market, by services, 2017 - 2030
- 8.3.10.3. Spain Know your customer software market, by deployment, 2017 - 2030
- 8.3.10.4. Spain Know your customer software market, by enterprise size, 2017 - 2030
- 8.3.10.5. Spain Know your customer software market, by end-use, 2017 - 2030
- 8.3.10.5.1. Spain Know your customer software market, by bfsi, 2017 - 2030
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific Know your customer software market, 2017 - 2030
- 8.4.2. Asia Pacific Know your customer software market, by component, 2017 - 2030
- 8.4.2.1. Asia Pacific Know your customer software market, by services, 2017 - 2030
- 8.4.3. Asia Pacific Know your customer software market, by deployment, 2017 - 2030
- 8.4.4. Asia Pacific Know your customer software market, by enterprise size, 2017 - 2030
- 8.4.5. Asia Pacific Know your customer software market, by end-use, 2017 - 2030
- 8.4.5.1. Asia Pacific Know your customer software market, by bfsi 2017 - 2030
- 8.4.6. China
- 8.4.6.1. China know your customer software market, 2017 - 2030
- 8.4.6.2. China know your customer software market, by component, 2017 - 2030
- 8.4.6.2.1. China know your customer software market, by services, 2017 - 2030
- 8.4.6.3. China know your customer software market, by deployment, 2017 - 2030
- 8.4.6.4. China know your customer software market, by enterprise size, 2017 - 2030
- 8.4.6.5. China know your customer software market, by end-use, 2017 - 2030
- 8.4.6.5.1. China know your customer software market, by bfsi, 2017 - 2030
- 8.4.7. India
- 8.4.7.1. India know your customer software market, 2017 - 2030
- 8.4.7.2. India know your customer software market, by component, 2017 - 2030
- 8.4.7.2.1. India know your customer software market, by services, 2017 - 2030
- 8.4.7.3. India know your customer software market, by deployment, 2017 - 2030
- 8.4.7.4. India know your customer software market, by enterprise size, 2017 - 2030
- 8.4.7.5. India know your customer software market, by end-use, 2017 - 2030
- 8.4.7.5.1. India know your customer software market, by bfsi, 2017 - 2030
- 8.4.8. Japan
- 8.4.8.1. Japan Know your customer software market, 2017 - 2030
- 8.4.8.2. Japan Know your customer software market, by component, 2017 - 2030
- 8.4.8.2.1. Japan Know your customer software market, by services, 2017 - 2030
- 8.4.8.3. Japan Know your customer software market, by deployment, 2017 - 2030
- 8.4.8.4. Japan Know your customer software market, by enterprise size, 2017 - 2030
- 8.4.8.5. Japan Know your customer software market, by end-use, 2017 - 2030
- 8.4.8.5.1. Japan Know your customer software market, by bfsi, 2017 - 2030
- 8.4.9. South Korea
- 8.4.9.1. South Korea Know your customer software market, 2017 - 2030
- 8.4.9.2. South Korea Know your customer software market, by component, 2017 - 2030
- 8.4.9.2.1. South Korea Know your customer software market, by services, 2017 - 2030
- 8.4.9.3. South Korea Know your customer software market, by deployment, 2017 - 2030
- 8.4.9.4. South Korea Know your customer software market, by enterprise size, 2017 - 2030
- 8.4.9.5. South Korea Know your customer software market, by end-use, 2017 - 2030
- 8.4.9.5.1. South Korea Know your customer software market, by bfsi, 2017 - 2030
- 8.5. Latin America
- 8.5.1. Latin America know your customer software market, 2017 - 2030
- 8.5.2. Latin America know your customer software market, by component, 2017 - 2030
- 8.5.2.1. Latin America know your customer software market, by services, 2017 - 2030
- 8.5.3. Latin America know your customer software market, by deployment, 2017 - 2030
- 8.5.4. Latin America know your customer software market, by enterprise size, 2017 - 2030
- 8.5.5. Latin America Know your customer software market, by end-use, 2017 - 2030
- 8.5.5.1. Latin America know your customer software market, by bfsi 2017 - 2030
- 8.5.6. Brazil
- 8.5.6.1. Brazil know your customer software market, 2017 - 2030
- 8.5.6.2. Brazil know your customer software market, by component, 2017 - 2030
- 8.5.6.2.1. Brazil know your customer software market, by services, 2017 - 2030
- 8.5.6.3. Brazil know your customer software market, by deployment, 2017 - 2030
- 8.5.6.4. Brazil know your customer software market, by enterprise size, 2017 - 2030
- 8.5.6.5. Brazil know your customer software market, by end-use, 2017 - 2030
- 8.5.6.5.1. Brazil know your customer software market, by bfsi, 2017 - 2030
- 8.5.7. Mexico
- 8.5.7.1. Mexico know your customer software market, 2017 - 2030
- 8.5.7.2. Mexico know your customer software market, by component, 2017 - 2030
- 8.5.7.2.1. Mexico know your customer software market, by services, 2017 - 2030
- 8.5.7.3. Mexico know your customer software market, by deployment, 2017 - 2030
- 8.5.7.4. Mexico know your customer software market, by enterprise size, 2017 - 2030
- 8.5.7.5. Mexico know your customer software market, by end-use, 2017 - 2030
- 8.5.7.5.1. Mexico know your customer software market, by bfsi, 2017 - 2030
- 8.6. MEA
- 8.6.1. MEA know your customer software market, 2017 - 2030
- 8.6.2. MEA know your customer software market, by component, 2017 - 2030
- 8.6.2.1. MEA know your customer software market, by services, 2017 - 2030
- 8.6.3. MEA know your customer software market, by deployment, 2017 - 2030
- 8.6.4. MEA know your customer software market, by enterprise size, 2017 - 2030
- 8.6.5. MEA know your customer software market, by end-use, 2017 - 2030
- 8.6.5.1. MEA know your customer software market, by bfsi 2017 - 2030
- 8.6.6. UAE
- 8.6.6.1. UAE Know your customer software market, 2017 - 2030
- 8.6.6.2. UAE Know your customer software market, by component, 2017 - 2030
- 8.6.6.2.1. UAE Know your customer software market, by services, 2017 - 2030
- 8.6.6.3. UAE Know your customer software market, by deployment, 2017 - 2030
- 8.6.6.4. UAE Know your customer software market, by enterprise size, 2017 - 2030
- 8.6.6.5. UAE Know your customer software market, by end-use, 2017 - 2030
- 8.6.6.5.1. UAE Know your customer software market, by bfsi, 2017 - 2030
- 8.6.7. Saudi Arabia
- 8.6.7.1. Saudi Arabia Know your customer software market, 2017 - 2030
- 8.6.7.2. Saudi Arabia Know your customer software market, by component, 2017 - 2030
- 8.6.7.2.1. Saudi Arabia Know your customer software market, by services, 2017 - 2030
- 8.6.7.3. Saudi Arabia Know your customer software market, by deployment, 2017 - 2030
- 8.6.7.4. Saudi Arabia know your customer software market, by enterprise size, 2017 - 2030
- 8.6.7.5. Saudi Arabia know your customer software market, by end-use, 2017 - 2030
- 8.6.7.5.1. Saudi Arabia know your customer software market, by bfsi, 2017 - 2030
Chapter 9 Competitive Analysis
- 9.1. Recent Developments and Impact Analysis, by Key Market Participants
- 9.2. Company Categorization
- 9.3. Vendor Landscape
- 9.3.1. Key company market share analysis, 2021
- 9.4. Company Analysis Tools
- 9.4.1. Company market position analysis
- 9.4.2. Competitive dashboard analysis
Chapter 10 Competitive Landscape
- 10.1. WWW.KYCPORTAL.COM
- 10.1.1. Company overview
- 10.1.2. Financial performance
- 10.1.3. Product benchmarking
- 10.1.4. Strategic initiatives
- 10.2. Fenergo
- 10.2.1. Company overview
- 10.2.2. Financial performance
- 10.2.3. Product benchmarking
- 10.2.4. Strategic initiatives
- 10.3. Truth Technologies, Inc.
- 10.3.1. Company overview
- 10.3.2. Financial performance
- 10.3.3. Product benchmarking
- 10.3.4. Strategic initiatives
- 10.4. Trulioo
- 10.4.1. Company overview
- 10.4.2. Financial performance
- 10.4.3. Product benchmarking
- 10.4.4. Strategic initiatives
- 10.5. Equiniti
- 10.5.1. Company overview
- 10.5.2. Financial performance
- 10.5.3. Product benchmarking
- 10.5.4. Strategic initiatives
- 10.6. ACTICO GmbH
- 10.6.1. Company overview
- 10.6.2. Financial performance
- 10.6.3. Product benchmarking
- 10.6.4. Strategic initiatives
- 10.7. Pegasystems Inc.
- 10.7.1. Company overview
- 10.7.2. Financial performance
- 10.7.3. Product benchmarking
- 10.7.4. Strategic initiatives
- 10.8. Experian Information Solutions, Inc.
- 10.8.1. Company overview
- 10.8.2. Financial performance
- 10.8.3. Product benchmarking
- 10.8.4. Strategic initiatives
- 10.9. Acuant, Inc.
- 10.9.1. Company overview
- 10.9.2. Financial performance
- 10.9.3. Product benchmarking
- 10.9.4. Strategic initiatives
- 10.10. LexisNexis Risk Solutions Group
- 10.10.1. Company overview
- 10.10.2. Financial performance
- 10.10.3. Product benchmarking
- 10.10.4. Strategic initiatives