PUBLISHER: Quadrant Knowledge Solutions | PRODUCT CODE: 1445888
PUBLISHER: Quadrant Knowledge Solutions | PRODUCT CODE: 1445888
Global Market Share: Know Your Customer (KYC Market), 2022
Quadrant Knowledge Solutions Reveals that Know Your Customer (KYC) Market is Projected to Register a CAGR of 16.80% by 2027.
Stopping money laundering is an especially vexing task that businesses must follow. They must walk a tightrope, balancing coping with an increasingly stringent slew of regulations with keeping away fraudsters resorting to novel ways aided by technological advancements.to carry out cyberattacks. The COVID-19 pandemic has added a new wrinkle by allowing fraudsters to walk away with billions of dollars intended for fiscal stimulus. Along with banks and FIs, KYC is becoming essential for other industries, as stolen IDs have been used for other purposes, including terrorism and data breaches. These factors, along with changing security fabric, multiple payment channels, business processes, and increasingly rigorous compliance requirements, underline the need for dynamic and flexible identity management solutions in place of existing screening methods. Hence, KYC/CDD has become a fundamental practice for organizations worldwide. KYC/CDD solutions help organizations assess customer risks, determine their involvement in fraudulent activities, and comply with KYC laws. KYC/CDD solutions include identity resolution and customer onboarding, regulatory reporting, risk score assessment & management, and customer lifecycle management. These solutions ensure that even approved customers' financial activities are monitored and evaluated throughout their lifecycle.
Quadrant Knowledge Solutions defines "Know Your Customer (KYC) as a process or set of procedures that businesses and financial institutions implement to verify and identify their customers' identities. KYC regulations are designed to prevent identity theft, fraud, money laundering, terrorist financing, and other illegal activities." Vendors are also incorporating new tools and technologies like AI, ML, RPA, advanced analytics, and behavioral biometrics to make KYC/CDD solutions more effective. By facilitating seamless customer onboarding and identifying atypical consumers, beneficial owners, and authorized signatories, the convergence of technology and intelligent automation is boosting the KYC/CDD process and reducing the likelihood of financial fraud.
A robust KYC/CDD solution makes unified customer data available to FIs and banks, which aids them in their fight against financial crimes. The solution also enables banks and FIs to anticipate hazards and prevent reputational harm and fines brought on by noncompliance and fraudulent activity. However, the implementation also poses newer challenges. Although KYC has tackled regulatory compliance challenges, organizations face various operational challenges with KYC/CDD processes. The globally inconsistent, non-standardized, and labor-intensive KYC/CDD processes often result in poor customer experience. The fragmented and inconsistent customer data limits the processability of identifying risky customers accurately.
Table of Contents
Chapter 01: Research Summary
- 2023 Competition Outlook
- Top Research Findings and Key Takeaways
Chapter 02: Market Overview
- Market Definition and Scope
- Revenue Type
- Geographical Regions
- Industry Verticals
Chapter 03: Market Share Analysis
- Market Share by Total Market
- Market Share by Deployment Type
- Cloud
- On-Premises
- Market Share by Geographical Regions
- Canada
- Central & Eastern Europe
- Japan
- Latin America
- Middle East & Africa
- USA
- Western Europe
- Asia Ex-Japan China (AxJC)
- China
- Market Share by Industry Verticals
- Banking and Financial Services
- Electronics & Telecom
- Retail and eCommerce
- Professional Services
- Healthcare and Life Sciences
- Manufacturing
- Media & Entertainment
- Government and Public Sectors
- Education
- Energy & Utility Others
- Others
- Market Share by Customer Types
- SMB
- Large
- Enterprise
Chapter 04: Analyst Recommendations
- Analyst Recommendations
Chapter 05: Appendix
- Research Methodologies
List of Tables
- Table 1 : Market Share, Total Market, Worldwide
- Table 2 : Market Share By Deployment Type, Worldwide
- Table 3 : Market Share By Geographical Regions, USA
- Table 4 : Market Share By Geographical Regions, Canada
- Table 5 : Market Share By Geographical Regions, Latin America
- Table 6 : Market Share By Geographical Regions, Western Europe
- Table 7 : Market Share By Geographical Regions, Central & Eastern Europe
- Table 8 : Market Share By Geographical Regions, MEA
- Table 9 : Market Share By Geographical Regions, Asia ex. JPC
- Table 10 : Market Share By Geographical Regions, Japan
- Table 11 : Market Share By Geographical Regions, China
- Table 12 : Market Share By Industry Vertical 1, Worldwide
- Table 13 : Market Share By Industry Vertical 2, Worldwide
- Table 14 : Market Share By Industry Vertical 3, Worldwide
- Table 15 : Market Share By Industry Vertical 4, Worldwide
- Table 16 : Market Share By Industry Vertical 5, Worldwide
- Table 17 : Market Share By Industry Vertical 6, Worldwide
- Table 18 : Market Share By Industry Vertical 7, Worldwide
- Table 19 : Market Share By Industry Vertical 8, Worldwide
List of Figures
- Fig. 1 Market Share of Know Your Customer, Worldwide, 2022
- Fig. 2 Market Share of Know Your Customer, USA, 2022
- Fig. 3 Market Share of Know Your Customer, Canada, 2022
- Fig. 4 Market Share of Know Your Customer, Latin America, 2022
- Fig. 5 Market Share of Know Your Customer, Western Europe, 2022
- Fig. 6 Market Share of Know Your Customer, Central & Eastern Europe, 2022
- Fig. 7 Market Share of Know Your Customer, Middle East & Africa, 2022
- Fig. 8 Market Share of Know Your Customer, Asia excluding Japan and China, 2022
- Fig. 9 Market Share of Know Your Customer, Japan, 2022
- Fig. 10 Market Share of Know Your Customer, China, 2022
- Fig. 11 Market Share of Know Your Customer, IT & Telecom Industry, 2022
- Fig. 12 Market Share of Know Your Customer, Banking & Financial Services Industry, 2022
- Fig. 13 Market Share of Know Your Customer, Insurance Industry, 2022
- Fig. 14 Market Share of Know Your Customer, Healthcare Industry, 2022
- Fig. 15 Market Share of Know Your Customer, Government & Public Sector, 2022
- Fig. 16 Market Share of Know Your Customer, Retail & eCommerce, 2022
- Fig. 17 Market Share of Know Your Customer, Manufacturing, 2022
- Fig. 18 Market Share of Know Your Customer, Hospitality, 2022
- Fig. 19 Market Share of Know Your Customer, On-premises Deployment, 2022
- Fig. 20 Market Share of Know Your Customer, Cloud Deployment, 2022
- Fig. 21 Market Share of Know Your Customer, SMB Customers, 2022
- Fig. 22 Market Share of Know Your Customer, Large Customers, 2022
- Fig. 23 Market Share of Know Your Customer, Enterprise Customers, 2022
