The Europe Know Your Customer Software Market would witness market growth of 19.4% CAGR during the forecast period (2022-2028).
Specific human behavioral problems like that of financial criminality never dissolve. As a result, the onus of safeguarding against potential fraud falls on regulators and companies. Moreover, as the digital economy develops and a financial system is created, these problems can grow more significant to be rightly assessed as global problems. Therefore, most businesses see using KYC software as a prominent security measure, as it records every client interaction from onboarding to remediation and monitoring.
The rise in identity-related fraud in financial institutions and the increasing relevance of compliance management are also credited with the market's expansion. In addition, the implementation of KYC is driven by strict government rules that aim to stop money laundering. The demand for KYC software is also expanding owing to the adoption of technologies like artificial intelligence (AI), machine learning, and biometrics for facial recognition.
The European Supervisory Authorities have been actively promoting novel solutions to manage compliance challenges. Consequently, the authorities prompted the member states to adopt a consistent standard throughout the region. Regarding the adoption rates of fintech, the UK has the second highest rates in the world. This high rate is possible by implementing innovative solutions by the Financial Conduct Authority (FCA), the national regulating body for financial markets and financial services firms. Moreover, the nation has robust KYC and AML regulations and laws. Once the KYC and AML compliance have been established, specific programs that can perform ongoing monitoring are implemented. As a result, the know your customer software market is proliferating in the region.
The Germany market dominated the Europe Know Your Customer Software Market by Country in 2021; thereby, achieving a market value of $648.6 million by 2028. The UK market is exhibiting a CAGR of 18.5% during (2022 - 2028). Additionally, The France market would experience a CAGR of 20.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Know Your Customer Software Market will Hit $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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