Market Overview:
The global KYC software market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth of the market can be attributed to the increasing demand for KYC software from banking, securities and insurance, and other financial institutions applications. Additionally, the growing need for compliance with regulatory requirements is also driving the growth of the global KYC software market. However, lack of standardization across countries is restraining the growth of this market.
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Product Definition:
KYC software is used by businesses to identify and verify the identities of their customers. This software is important because it helps businesses ensure that they are doing business with legitimate customers, and it helps protect against fraud.
Cloud-based:
Cloud-based KYC software is a type of online banking service that helps financial institutions and banks to store customer information. The main objective of this software is to ensure the security of critical consumer data by allowing only authorized users access to the system. Cloud-based KYC solutions are used for various purposes such as identity verification, account opening, card issuing, and monitoring transactions among others.
On-premise:
On-premise solutions are used for KYC software as it helps in maintaining the confidentiality of customer data and also helps to prevent any misuse or leakage of information. These solutions help in managing regulatory compliances such as money laundering, terrorism financing, and fraud prevention.
The on-premise solution is a complete set of applications that can be installed at a client’s site without accessing the cloud.
Application Insights:
The banking application segment led the global KYC software market in 2017. The segment is expected to expand at a CAGR of XX% from 2018 to 2030 owing to the stringent regulations imposed by regulatory authorities, banks, and other financial institutions for identity verification of customers, their transactions/accounts history and monitoring suspicious or unusual activities.
The securities and insurance application segment is estimated to witness a significant growth rate over the forecast period owing to enhanced compliance standards adopted by various institutions such as broker-dealers, mutual funds, hedge funds and others for identifying high-risk individuals/entities who may attempt frauds or run away with money in case of robberies. Such factors are anticipated to drive product adoption across these applications during the forecast period.
Regional Analysis:
The Asia Pacific regional market is expected to witness significant growth over the forecast period owing to the increasing adoption of cloud-based KYC software by financial institutions. The growing number of fintech companies in China and India has resulted in an increased demand for know your customer (KYC) solutions from these countries. Moreover, regulatory inclination towards promoting digital payment systems is also likely to drive the demand for KYC software in this region.
North America held a substantial share of more than 25% in 2016, owing to heavy investments made by various governments towards improving banking transparency and compliance with money laundering regulations such as Bank Secrecy Act (BSA), Financial Crimes Enforcement Network (FinCEN), USA Patriot Act, etc., which has led financial institutions across North America adopt know your customer solution providers aggressively.
Growth Factors:
- Increased demand for KYC software from the BFSI sector due to increasing regulations and compliance requirements.
- The need for KYC software among small and medium businesses (SMBs) to streamline their customer onboarding process and reduce costs.
- Rapid growth of the digital economy, which is resulting in an increase in the number of online transactions, thereby driving the demand for KYC software.
- The growing trend of outsourcing by companies, which is leading to an increase in the number of third-party service providers who require KYC software solutions to meet compliance requirements.
Scope Of The Report
Report Attributes
Report Details
Report Title
Know Your Customer (KYC) Software Market Research Report
By Type
Cloud-based, On-premise
By Application
Banking, Securities and Insurance, Other Financial Institutions
By Companies
Pega, Experian, Truth Technologies, LexisNexis (Accuity), KYC Portal, ACTICO GmbH, KYCware, Fenergo, Acuant, Equiniti
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
225
Number of Tables & Figures
158
Customization Available
Yes, the report can be customized as per your need.
Global Know Your Customer (KYC) Software Market Report Segments:
The global Know Your Customer (KYC) Software market is segmented on the basis of:
Types
Cloud-based, On-premise
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Banking, Securities and Insurance, Other Financial Institutions
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Pega
- Experian
- Truth Technologies
- LexisNexis (Accuity)
- KYC Portal
- ACTICO GmbH
- KYCware
- Fenergo
- Acuant
- Equiniti
 Software Market Overview.svg)
Highlights of The Know Your Customer (KYC) Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-based
- On-premise
- By Application:
- Banking
- Securities and Insurance
- Other Financial Institutions
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Know Your Customer (KYC) Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
KYC software is a type of software that helps businesses verify the identity of their customers. This verification process can include verifying the customer's name, address, and other personal information.
Some of the major players in the know your customer (kyc) software market are Pega, Experian, Truth Technologies, LexisNexis (Accuity), KYC Portal, ACTICO GmbH, KYCware, Fenergo, Acuant, Equiniti.
The know your customer (kyc) software market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Know Your Customer (KYC) Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Know Your Customer (KYC) Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Know Your Customer (KYC) Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Know Your Customer (KYC) Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Know Your Customer (KYC) Software Market Size & Forecast, 2018-2028
4.5.1 Know Your Customer (KYC) Software Market Size and Y-o-Y Growth
4.5.2 Know Your Customer (KYC) Software Market Absolute $ Opportunity
Chapter 5 Global Know Your Customer (KYC) Software Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Know Your Customer (KYC) Software Market Size Forecast by Type
5.2.1 Cloud-based
5.2.2 On-premise
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Know Your Customer (KYC) Software Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Know Your Customer (KYC) Software Market Size Forecast by Applications
6.2.1 Banking
6.2.2 Securities and Insurance
6.2.3 Other Financial Institutions
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Know Your Customer (KYC) Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Know Your Customer (KYC) Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Know Your Customer (KYC) Software Analysis and Forecast
9.1 Introduction
9.2 North America Know Your Customer (KYC) Software Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Know Your Customer (KYC) Software Market Size Forecast by Type
9.6.1 Cloud-based
9.6.2 On-premise
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Know Your Customer (KYC) Software Market Size Forecast by Applications
9.10.1 Banking
9.10.2 Securities and Insurance
9.10.3 Other Financial Institutions
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Know Your Customer (KYC) Software Analysis and Forecast
10.1 Introduction
10.2 Europe Know Your Customer (KYC) Software Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Know Your Customer (KYC) Software Market Size Forecast by Type
10.6.1 Cloud-based
10.6.2 On-premise
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Know Your Customer (KYC) Software Market Size Forecast by Applications
10.10.1 Banking
10.10.2 Securities and Insurance
10.10.3 Other Financial Institutions
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Know Your Customer (KYC) Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Know Your Customer (KYC) Software Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Know Your Customer (KYC) Software Market Size Forecast by Type
11.6.1 Cloud-based
11.6.2 On-premise
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Know Your Customer (KYC) Software Market Size Forecast by Applications
11.10.1 Banking
11.10.2 Securities and Insurance
11.10.3 Other Financial Institutions
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Know Your Customer (KYC) Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Know Your Customer (KYC) Software Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Know Your Customer (KYC) Software Market Size Forecast by Type
12.6.1 Cloud-based
12.6.2 On-premise
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Know Your Customer (KYC) Software Market Size Forecast by Applications
12.10.1 Banking
12.10.2 Securities and Insurance
12.10.3 Other Financial Institutions
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Know Your Customer (KYC) Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Know Your Customer (KYC) Software Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Know Your Customer (KYC) Software Market Size Forecast by Type
13.6.1 Cloud-based
13.6.2 On-premise
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Know Your Customer (KYC) Software Market Size Forecast by Applications
13.10.1 Banking
13.10.2 Securities and Insurance
13.10.3 Other Financial Institutions
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Know Your Customer (KYC) Software Market: Competitive Dashboard
14.2 Global Know Your Customer (KYC) Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Pega
14.3.2 Experian
14.3.3 Truth Technologies
14.3.4 LexisNexis (Accuity)
14.3.5 KYC Portal
14.3.6 ACTICO GmbH
14.3.7 KYCware
14.3.8 Fenergo
14.3.9 Acuant
14.3.10 Equiniti
