The North America Know Your Customer Software Market would witness market growth of 18.9% CAGR during the forecast period (2022-2028).
Any business and financial institution may be impacted by money laundering, corruption, and fraud. The impact of these instances also affects companies as they experience reputational harm. Even permits for businesses can be revoked in extreme circumstances. Therefore, it is crucial for companies to make sure they implement efficient anti-bribery & corruption (ABC) and anti-money laundering (AML) safeguards. As a result, organizations from various sectors beyond the banking industry are taking KYC checks seriously as well.
Politically exposed persons (PEPs) are especially susceptible to corruption and bribery, so it becomes essential to do CDD when dealing with individuals who have ties to government officials or political parties. As a result, companies are investing in professional KYC software, compliance and risk check tool, or CDD software to find relevant background information on businesses and individuals. The KYC software makes the checking process easier and rapidly shows pertinent information owing to access to reliable databases through a single platform.
In this region, the rise of KYC registration is owed to the presence of prominent anti-money laundering and anti-terrorist squads. The increase in the number of KYC being done in the region is also affected by past incidences of fraud. The rising fraud cases in nations like the US and Canada necessitated regional banks and governments to enact laws restricting the flow of money toward unverified accounts or individuals. The governments present in the region have also legislated the necessity of performing KYC for banks, financial services, and other fintech solutions. This increased demand further expands the market's reach in the region.
The US market dominated the North America Know Your Customer Software Market by Country in 2021; thereby, achieving a market value of $2,360.1 million by 2028. The Canada market is experiencing a CAGR of 21.2% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 20.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Know Your Customer Software Market is Predict to reach $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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