Know Your Customer Kyc Software Market Report 2025 (Global Edition)

Global Know Your Customer Kyc Software Market Report 2025 Market Size Split by Deployment type (On-Premises, Cloud-Based), by Component (Software, Services, Managed Services, Professional Services), b...

Know Your Customer Kyc Software Market Report Description

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Know Your Customer Kyc Software Market Insights Video

Competitive Landscape of the Know Your Customer (KYC) Software Market

Several key players vie in this highly competitive game of the KYC software market, vying for market share and innovation. These players have succeeded in developing AI-driven technologies to enhance the accuracy as well as the efficiency for processes concerned with due diligence on customers. Established software vendors like Thomson Reuters and Experian offer comprehensive solutions for KYC, based on their data analytics expertise, along with regulatory compliance know-how. The competitive and changing market has made companies advance their offerings to meet the changed requirements of evolutionary businesses in digital times.

In October 2022, Fenergo launched Fenergo Smart Review, a new perpetual KYC solution. This solution intends to simplify the periodic review process and automate the frequent monitoring of client profiles for KYC compliance by recognizing changes in transactions, entity data, and AML screening. (Source: https://resources.fenergo.com/newsroom/fenergo-launches-perpetual-KYC-offering) In September 2022, Trulioo expanded its operations to Singapore and increased its footprint in the Asia Pacific region. By establishing offices in Singapore, the company increased its offerings of compliance solutions for improved customer onboarding across global markets. (Source: https://www.trulioo.com/blog/trulioo/trulioo-asia) In August 2022, Experian formed a cooperation with DQ Global, a data quality solution supplier. The alliance is aimed at combating the UK's escalating financial crime. The combination of DQ Global's range of no-code FinTech products with Experian's KYC (Know Your Customer) data provides FCA-regulated customers with a comprehensive view of the firm. (Source: https://www.dqglobal.com/blog/dq-global-partners-with-experian-to-tackle-the-rise-of-uk-financial-crime/)

Top Companies Market Share in Know Your Customer Kyc Software Industry: (In no particular order of Rank)

• KYCPORTAL
• Fenergo
• Truth Technologies
• Inc.
• Trulioo
• Equiniti
• ACTICO GmbH
• Pegasystems Inc.
• Experian Information Solutions
• Inc.
• Acuant
• Inc.
• LexisNexis Risk Solutions Group
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Know Your Customer (KYC) Software Market

Which Region Dominates the Know Your Customer (KYC) Software Market in 2024?

According to Cognitive Market Research, In 2023, the North America segment had the biggest revenue share in the know-your-customer software market. The presence of major market participants plays an important role in encouraging regional growth. Banks, retailers, and other financial institutions should see an increase in demand for new solutions as the trend toward digitization continues

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is predicted to be the fastest-growing regional market throughout the projection period. Regional development might be due to increased awareness of KYC solutions in emerging markets like as India and Japan. Simultaneously, the government's tough controls on customer identity practices are projected to drive regional growth.

The current report Scope analyzes Know Your Customer Kyc Software Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Know Your Customer Kyc Software

According to Cognitive Market Research, the global Know Your Customer (KYC) Software market size was estimated at USD 3124.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 1249.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Know Your Customer (KYC) Software market with a market size of USD 986.09 million in 2024 and is projected to grow at a CAGR of 19.2% during the forecast period. The U.S. market's well-established regulatory environment
• The Canada Know Your Customer (KYC) Software market had a market share of USD 149.98 million in 2024 and is projected to grow at a CAGR of 20.2% during the forecast period. Canada’s strong focus on compliance.
• The Mexico Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 19.9% during the forecast period, with a market size of USD 113.73 million in 2024.

Europe Know Your Customer Kyc Software

According to Cognitive Market Research, the global Know Your Customer (KYC) Software market size was estimated at USD 3124.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 937.3 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.7% from 2024 to 2031.

• The United Kingdom Know Your Customer (KYC) Software market had a market share of USD 157.47 million in 2024 and is projected to grow at a CAGR of 20.5% during the forecast period. In the UK, Know Your Customer (KYC) Software sales witness an upswing due to the implementation of stringent regulations and compliance requirements.
• France Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 18.9% during the forecast period, with a market size of USD 86.24 million in 2024.
• According to Cognitive Market Research, the German Know Your Customer (KYC) Software market size was valued at USD 185.60 million in 2024 and is projected to grow at a CAGR of 19.9% during the forecast period. In Germany, Know Your Customer (KYC) Software surged due to the increasing adoption of digital banking and online services.
• The Italy Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 19.1% during the forecast period, with a market size of USD 80.61 million in 2024.
• The Russia Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 18.7% during the forecast period, with a market size of USD 145.29 million in 2024.
• The Spain Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 18.5% during the forecast period with a market size of USD 76.86 million in 2024
• The Luxembourg Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 19.8% during the forecast period, with a market size of USD 29.06 million in 2024.
• The Portugal Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 19.5% during the forecast period, with a market size of USD 19.68 million in 2024.
• The Greece Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 20.2% during the forecast period, with a market size of USD 11.25 million in 2024.
• The Rest of Europe's Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 18.4% during the forecast period, with a market size of USD 145.29 million in 2024.

Asia Pacific Know Your Customer Kyc Software

According to Cognitive Market Research, the global Know Your Customer (KYC) Software market size was estimated at USD 3124.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 718.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 23.2% from 2024 to 2031.

• According to Cognitive Market Research, the China Know Your Customer (KYC) Software market size was valued at USD 323.39 million in 2024 and is projected to grow at a CAGR of 22.7% during the forecast period. Know Your Customer (KYC) Software surged in China due to the rapid growth of its fintech sector.
• The Japan Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 21.7% during the forecast period, with a market size of USD 99.17 million in 2024.
• The India Know Your Customer (KYC) Software market had a market share of USD 86.24 million in 2024 and is projected to grow at a CAGR of 25.0% during the forecast period. India's increasing digitization of banking and financial services.
• The South Korean Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 22.3% during the forecast period, with a market size of USD 71.86 million in 2024.
• The Australian Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 22.9% during the forecast period, with a market size of USD 37.37 million in 2024.
• The South East Asia Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 22.4% during the forecast period, with a market size of USD 49.59 million in 2024.
• The Rest of Asia Pacific Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 23.0% during the forecast period, with a market size of USD 51.02 million in 2024.

South America Know Your Customer Kyc Software

According to Cognitive Market Research, the global Know Your Customer (KYC) Software market size was estimated at USD 3124.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 156.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Know Your Customer (KYC) Software market size was valued at USD 66.86 million in 2024 and is projected to grow at a CAGR of 21.2% during the forecast period. Know Your Customer (KYC) Software flourished in Brazil due to increasing regulatory pressures and the need for financial institutions.
• Argentina's Know Your Customer (KYC) Software market had a market share of USD 26.25 million in 2024 and is projected to grow at a CAGR of 21.5% during the forecast period. Argentina's growth of digital banking and online transactions
• Colombia Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 24.4% during the forecast period, with a market size of USD 13.90 million in 2024.
• Peru Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 20.8% during the forecast period, with a market size of USD 12.81 million in 2024.
• Chile Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 20.9% during the forecast period, with a market size of USD 11.25 million in 2024.
• The Rest of Latin America's Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 19.7% during the forecast period, with a market size of USD 25.15 million in 2024.

Middle East Know Your Customer Kyc Software

According to Cognitive Market Research, the global Know Your Customer (KYC) Software market size was estimated at USD 3124.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 62.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.9% from 2024 to 2031..

• The GCC Countries Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 21.7% during the forecast period, with a market size of USD 26.75 million in 2024. Know Your Customer (KYC) Software sales flourish due to the presence of major market players.
• The Egypt Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 21.7% during the forecast period, with a market size of USD 6.56 million in 2024.
• The South Africa Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 21.9% during the forecast period, with a market size of USD 9.87 million in 2024. Know Your Customer (KYC) Software sales flourished in South Africa due to the increasing digitization of banking and financial services
• The Turkey Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 20.4% during the forecast period, with a market size of USD 5.37 million in 2024.
• The Nigeria Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 20.0% during the forecast period, with a market size of USD 6.56 million in 2024.
• The Rest of the MEA Know Your Customer (KYC) Software market is projected to witness growth at a CAGR of 19.9% during the forecast period, with a market size of USD 7.37 million in 2024.

Know Your Customer Kyc Software Market Analysis

Know Your Customer (KYC) Software Market Deployment Type Segment Analysis

According to Cognitive Market Research, in 2023, the cloud segment held the greatest proportion, accounting for more than 75.0%. The growing usage of cloud-based KYC solutions by banks and financial institutions is a major driver of the segment. Market participants are also working to develop cloud-based KYC solutions to combat fraud.

The on-premise segment is expected to grow at a considerable CAGR over the projection period. The ability of on-premise KYC software to validate and keep customer data on the organization's premises is a key driver of the segment. On-premise solutions make it easier for financial institutions to validate consumer data on-site.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Know Your Customer Kyc Software Industry. Request a Free Sample PDF!

Know Your Customer (KYC) Software Market Component Segment Analysis

According to Cognitive Market Research, in 2023, the software segment held the highest proportion. The rapid implementation of KYC software across banks and financial institutions to verify and improve client identification and prevent fraud is a primary driver of the segment. Major market players are concentrating on developing automated KYC software to streamline the KYC review process

The services segment is expected to have the highest CAGR during the projection period. The potential of KYC software services to assist banks and other financial institutions in increasing operational efficiency is a primary driver of category growth. Professional and managed services assist banks and financial institutions in managing the software needs for maintaining and improving KYC processes.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Know Your Customer Kyc Software Enterprise size Segment Analysis

Know Your Customer (KYC) Software Market Enterprise size Segment Analysis

According to Cognitive Market Research, in 2023, the large enterprise segment dominated with a share of more than 75.2%. Large organizations are increasingly focused on detecting fraudulent activities, which is driving up demand for KYC software solutions. Large corporations are forming collaborations with technology companies to digitize their KYC processes

Over the forecast period, the small and medium-sized firms’ segment is expected to grow at a considerable CAGR. Small and medium-sized businesses are rapidly digitizing their services to deliver a better consumer experience. Numerous organizations throughout the world are developing KYC development teams to assist small and medium-sized banks in simplifying their KYC processes.

• Large Enterprises
• Small and Medium Enterprises

Know Your Customer Kyc Software End-use Segment Analysis

Know Your Customer (KYC) Software Market End-use Segment Analysis

According to Cognitive Market Research, The BFSI category dominated the market in 2023. The segment's growth can be ascribed to an increase in the number of online payment transactions through various banks and financial institutions around the world. Customers must complete KYC checks before using online payment platforms to conduct online transactions. Banks and financial institutions are implementing a variety of cutting-edge technology, including artificial intelligence and cloud computing, to increase their market position

The telecom segment is expected to grow at a healthy CAGR throughout the projection period. KYC checks are quickly gaining popularity in the telecom business to prevent fraud. Telecom companies around the world have begun to embrace cutting-edge solutions to address the illicit issues they confront. Telecom companies have begun to use digital KYC solutions to reduce paper-based procedures, saving time and money on verification. Furthermore, telecom businesses are using electronic KYC solutions to onboard clients and reach out to potential customers remotely

• BFSI
• Telecom
• Government
• Others

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

LinkedIn

Profile

Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion