The Asia Pacific Know Your Customer Software Market would witness market growth of 20.5% CAGR during the forecast period (2022-2028).
Organizations need to be constantly aware of their consumers' positions due to the current regulatory environment. Therefore, most KYC software is programmed to extract all the pertinent information from the records retrieved from the company's official registries to speed up corporate client onboarding. In addition, the technology digitizes the processes any onboarding officer would have to take, streamlining the process and reducing costs by identifying the company's Ultimate Beneficial Owners (UBOs) and proactively screening them against AML watch lists.
The financial sector's use of cloud technologies and services has expanded due to development. The banking industry can use video KYC software and other remote KYC tools owing to cloud computing. While doing so, the KYC software also enables banks to verify their customers and employees, hence lowering compliance and fraud risks. The banking industry is now widely concentrating on utilizing cloud-based services to boost client identification flexibility and satisfy shifting customer needs.
The Reserve Bank of India (RBI) advised the national banks to follow specific procedures for customer verification. The regulating body issued the regulations for improved KYC and AML inspection under Rule 7 of Prevention of Money-Laundering and Section 35A of the Banking Regulation Act of 1949. RBI also ensues penalties for any bank or financial institution that may show non-compliance or contravention. To further promote KYC awareness among the general public, the Indian government launched mandatory KYC in every bank, which necessitated linking an owner’s identity card with their accounts. Therefore, the know your customer software market has immense growth prospects as many governments have asked the national banks to implement KYC measures to assist AML drives efficiently.
The China market dominated the Asia Pacific Know Your Customer Software Market by Country in 2021; thereby, achieving a market value of $827 million by 2028. The Japan market is registering a CAGR of 19.8% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 21.3% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Deployment, the market is segmented into Cloud and On-premise. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End-use, the market is segmented into BFSI, Telecom, Government, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Know Your Customer Software Market is Projected to reach USD 9.5 Billion by 2028, at a CAGR of 19.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Pegasystems, Inc., Experian PLC, RELX PLC (LexisNexis Risk Solutions, Inc.), Fenergo, Truth Technologies, Inc., Equiniti Group plc (Siris Capital Group LLC), ACTICO GmbH, Trulioo, Inc. and Acuant, Inc.
By Component
By Deployment
By Enterprise Size
By End-use
By Country
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