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.
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.
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%.
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.
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.
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.
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.
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.
Companies such as Veri5Digital, Signzy, Videokyc, Signdesk, Syntizen, IDfy, and inVOID, are the key players in the India video-based customer identification process market.
By Deployment Model