The Europe Know Your Customer Software Market should 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.
The market research report covers the analysis of key stakeholders 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.
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.
The market research report covers the analysis of key stakeholders 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.
Scope of the Study
By Component
- Software
- Services
By Deployment
- Cloud
- On-premise
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By End-use
- BFSI
- Telecom
- Government
- Others
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- 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
- Acuant, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Europe Know Your Customer Software Market by Component
Chapter 5. Europe Know Your Customer Software Market by Deployment
Chapter 6. Europe Know Your Customer Software Market by Enterprise Size
Chapter 7. Europe Know Your Customer Software Market by End-use
Chapter 8. Europe Know Your Customer Software Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- 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
- Acuant, Inc.
Methodology
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