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India Video-Based Customer Identification Process Market
- May 14, 2020
- ID: SR/ICT-49
- Format:Pdf
- Pages:110
India Video-Based Customer Identification Process(VCIP)Market by Deployment Model (Hybrid SaaS, Private Cloud and On-Premise), By Technology (AI, Machine Learning, Face Recognition Technology and Others), By End-User (Banking, Investment Management, Insurance, Telecom, Digital Payment Industry, Public Sector, Retail, Hospitality and Others) and By Region (North India, South India, West India and East India) - Forecast to 2027
India Video-Based Customer Identification Process Market Overview:
The video identification process is a quick, convenient, and incredibly secure method of verifying the customer’s identity online. It is a consent-based alternate method to establish the identity for customer onboarding. A video-based customer identification process helpful in verifying customer details over a video call, and this undoubtedly saves costs and resources for enterprise and provides convenience for the end customers. It allows customer verification using facial matching, automated data extraction, and machine learning techniques and is done all in real-time.
India Video-Based Customer Identification Process Market: Insights
The India video-based customer identification process market estimated to grow at a significant rate over during the forecast period, 2020-2207. The growth of the market is based on rise in demand for making India a paper-less banking destination. Further, the growing applications of VCIP for the customer’s identity, and in customer onboarding in leveraging the digital channels for customer identification process will augment the market growth in the analysis period. Additionally, the recently RBI gave the nod for a video-based customer identification process (V-CIP) in India or banks, non-banking financial companies, wallet service providers, and other financial entities. These vital factors will spur the growth of India video-based customer identification process market size in the forecast period.
RBI permit with mandatory for the geo-tagging of the customer’s video to ensure that they are located within the borders of the country. Moreover, the surge in demand for V-CIP in the banking sector for real-time PAN Verification, customer identity verification through Aadhaar, and capturing of Geo-location are anticipated to influence the growth of India V-CIP market in the coming years. Also, the increasing applications of the VCIP in automating document & extraction and real-time capture of signatures & compare to PAN signatures will foster the robust growth of the market. Video-based customer identification process helpful in the account opening through video identification, face biometrics registration in an ATM, and offline account opening process & face biometrics registration in the company branch office. These advantages will drive the India video-based customer identification process industry growth in the forecast span.
Growth Driver
Rise in digital payments in India
Purchasing technology is changing the way customers approach the purchase of goods and services. India’s payment system, particularly its digital payments system, has to turn over the past many years, spurred by developments in information and communication technology, and fostered. According to Niti Aayog, the volume of overall payments steadily increased over the period 2011-12 to 2015-16, registering a compound average annual growth rate (CAGR) of over 58.9%.
RBI approved customer identification process
The RBI amended the KYC norms allowing banks and other lending institutions regulated by it to use the Video-based Customer Identification Process (V-CIP), a move that will help them, onboard customers, remotely. Further, it stated that regulated entities like Banks and NBFCI would have to ensure that the video recording is stored securely and safely and bears the date and time stamp. The live location of the customer shall be captured to ensure that the customer is physically present in India.
Deployment Model Segmental Analysis
Based on the deployment model, the India VCIP market classified into Hybrid SaaS, Private Cloud, and On-Premise. The On-Premise will dominate the India video-based customer identification process market with the highest market share in 2027. The growth of the segment can be attributed to the benefits provided by the segment to banking companies to store data on their servers and protected by its internal firewall. It is helpful to fully manage and have complete control over their integrations with external functionality.
Hybrid SaaS will witness steady growth in the coming years as it provides benefits of SaaS with more security and user control, such as store data on an on-premise server that is managed by user’s organization. Hybrid SaaS is presented through the cloud, hosted by the software provider.
Technology Segmental Analysis
Based on technology, the India video-based customer identification process market segregated into AI, machine learning, face recognition technology, and others. The artificial intelligence segment will account for the largest market share in 2027 attributable to AI automate the verification process itself, helpful in ensuring that the person submitted the documents and the person on it are the same through face match technology.
The face recognition technology segment will grow with a substantial rate during the forecast period owing to the face recognition help in matching any identity proof through a series of data of the same face in a set of training images in a database.
End-User Segmental Analysis
Based on the end-user, the India video-based customer identification process market segmented into Banking, Investment Management, Insurance, Telecom, Digital Payment Industry, Public Sector, Retail, Hospitality, and Others. The banking will hold higher market potential by 2027. It is attributed to growing adoption for video-based customer identification process in onboard thousands of customers and helpful in preventing the number of fraudulent transactions and massive data breaches.
The digital payment segment expected to generate significant revenue during 2020-2027. Due video-based customer identification process help in automate the millions of customers’ KYC through video identification.
Region Segmental Analysis
Based on geography, the India video-based customer identification process market segmented into North India, South India, West India, and East India. North India estimated to occupy the lion’s share in the video-based customer identification process market by 2027 owing to the presence of the massive number of banking branches and non-banking financial institutions in the region, along with the rise in disposable incomes and the surge in digital payment volume.
South India will occupy a prominent share of the Video-Based Customer Identification Process market by 2027 due to the growth of e-commerce, digitalization of banking systems, and the upsurge in smartphone users in the region.
Competitor Analysis
Companies such as Veri5Digital, Signzy, Videokyc, Signdesk, Syntizen, IDfy, and inVOID, are the key players in the India video-based customer identification process market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- India video-based customer identification process service providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to Video-Based Customer Identification Process
- Regulatory bodies
Recent Developments
- In May 2021, RBI (Reserve Bank of India) revised its KYC rule by enabling VCIP (Video-Based Customer Identification Process) with the same legal status as face-to-face customer identification.
- In August 2021, NtechLab collaborates with silhouettes and launches ‘FindFace’ multi to combine face biometrics to enter the Indian market with a rail station contract.
- In May 2021, the KYC updation process, through Video-based customer identification, was launched by IDBI Bank.
- In October 2020, Mastercard collaborated with Indian Startup SIGNZY for video KYC, rollout globally.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Deployment Model
- Hybrid SaaS
- Private Cloud
- On-Premise
By Technology
- AI
- Machine Learning
- Face Recognition Technology
- Others
By End-User
- Banking
- Investment Management
- Insurance
- Telecom
- Digital Payment Industry
- Public Sector
- Retail
- Hospitality
- Others
By Region
- North India
- South India
- West India
- East India
India Video-Based Customer Identification Process Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- India Video-Based Customer Identification Process Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- Demand
- Market Size & Forecast, 2016-2027
- Market Share & Forecast, 2016-2027
- By Deployment Model
- Hybrid SaaS
- Private Cloud
- On-Premise
- By Technology
- Artificial Intelligence
- Machine Learning
- Face Recognition Technology
- Others
- By End-User
- Banking
- Investment Management
- Insurance
- Telecom
- Digital Payment Industry
- Public Sector
- Retail
- Hospitality
- Others
- By Region
- North India
- South India
- West India
- East India
- By Deployment Model
- North India Video-Based Customer Identification Process Market Overview
- North India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- North India Video-Based Customer Identification Process Market Share & Forecast, 2016-2027
- By Deployment Model
- Hybrid SaaS
- Private Cloud
- On-Premise
- By Technology
- Artificial Intelligence
- Machine Learning
- Face Recognition Technology
- Others
- By End-User
- Banking
- Investment Management
- Insurance
- Telecom
- Digital Payment Industry
- Public Sector
- Retail
- Hospitality
- Others
- By Deployment Model
- Demand
- North India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- South India Video-Based Customer Identification Process Market Overview
- South India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- South India Video-Based Customer Identification Process Market Share & Forecast, 2016-2027
- By Deployment Model
- Hybrid SaaS
- Private Cloud
- On-Premise
- By Technology
- Artificial Intelligence
- Machine Learning
- Face Recognition Technology
- Others
- By End-User
- Banking
- Investment Management
- Insurance
- Telecom
- Digital Payment Industry
- Public Sector
- Retail
- Hospitality
- Others
- By Deployment Model
- Demand
- South India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- West India Video-Based Customer Identification Process Market Overview
- West India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- West India Video-Based Customer Identification Process Market Share & Forecast, 2016-2027
- By Deployment Model
- Hybrid SaaS
- Private Cloud
- On-Premise
- By Technology
- Artificial Intelligence
- Machine Learning
- Face Recognition Technology
- Others
- By End-User
- Banking
- Investment Management
- Insurance
- Telecom
- Digital Payment Industry
- Public Sector
- Retail
- Hospitality
- Others
- By Deployment Model
- Demand
- West India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- East India Video-Based Customer Identification Process Market Overview
- East India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- East India Video-Based Customer Identification Process Market Share & Forecast, 2016-2027
- By Deployment Model
- Hybrid SaaS
- Private Cloud
- On-Premise
- By Technology
- Artificial Intelligence
- Machine Learning
- Face Recognition Technology
- Others
- By End-User
- Banking
- Investment Management
- Insurance
- Telecom
- Digital Payment Industry
- Public Sector
- Retail
- Hospitality
- Others
- By Deployment Model
- Demand
- East India Video-Based Customer Identification Process Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Veri5Digital
- Signzy
- Videokyc
- Signdesk
- Syntizen
- IDfy
- inVOID
- Other Prominent Players
Frequently Asked Questions (FAQ):
V-CIP (Video-Based Customer Identification Process) is an alternate method of customer identification in which customer’s KYC details are updated by facial recognition by an authorized official of the regulated organization, ensuring seamless, secure, and live, informed-consent based audio-visual interaction with the customer to obtain identification information.
The segmentation of the Global India Video-Based Customer Identification Process Market is based on by Deployment Model, By Technology, By End-User and By Region.
Increasing need for digitalization, Standardized and low cost are the Global Low-Code Development Platform Market opportunities.
South India will occupy a significant share of the Video-Based Customer Identification Process market by 2027 due to the digitalization of banking systems, the growth of e-commerce, and smartphone users in the region.
Signzy, Veri5Digital, Videokyc, Syntizen, IDfy, Signdesk, and inVOID are the key players operative in the India Video-Based Customer Identification Process Market.
