According to a new report, published by KBV research, The Global Know Your Customer Software Market size is expected to reach $9.5 billion by 2028, rising at a market growth of 19.7% CAGR during the forecast period.
The Software market is leading the segment in the Global Know Your Customer Software Market by Component in 2021; thereby, achieving a market value of $7.4 billion by 2028. The implementation of KYC software across various financial institutions and banks to improve customer verification and identification is driving the growth of the segment. Many major manufacturers have been developing KYC software with automated functioning for easily carrying out the KYC review process.
The Cloud market is registering a CAGR of 21.2 % during the forecast period. Cloud services do not require the extra cost of infrastructure and therefore, are highly efficient and adaptive for SMEs. Conventionally, these solutions are cost-effective as well. The segment is primarily driven by banks and other financial institutions' increasing usage of cloud-based KYC solutions.
The Large Enterprises market is generating high revenue in the Global Know Your Customer Software Market by Enterprise Size in 2021; thereby, achieving a market value of $5.7 billion by 2028. Many large enterprises are able to develop KYC software that eases the flow of work for them, rendering tedious and repetitive tasks related to KYC doable. These enterprises are increasingly looking for KYC software products as they increase their focus on detecting fraudulent activity.
The Telecom market is showcasing a CAGR of 19.9% during (2022 - 2028). In order to stop fraud, KYC checks are quickly becoming necessary throughout the telecom sector. Digital KYC solutions are now being used by telecom companies to replace paper-based processes, which saves time and money on verification. To solve the criminal issues these enterprises encounter, they have also begun implementing various technologies.
The North America market dominated the Global Know Your Customer Software Market by Region in 2021; thereby, achieving a market value of $3.2 billion by 2028. The Europe market is poised to grow at a CAGR of 19.4% during (2022 - 2028). Additionally, The Asia Pacific would witness a CAGR of 20.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/know-your-customer-software-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
Companies Profiled
Unique Offerings 
