Total Third-party KYC/KYB Systems Market Spend to Reach $52.9 bn by 2029 Globally

A new study from Juniper Research, the foremost experts in fintech and payments markets, found total spend on third-party KYC/KYB (Know Your Customer/Know Your Business) systems will grow 70.5% in five years; from $30.8 billion in 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240903041757/en/

Juniper Research Competitor Leaderboard KYC/KYB System Vendors (Graphic: Business Wire)

Growth is driven by deployment of advanced customer onboarding tools over digital platforms that accept government-issued identifications and comply with age-verification regulations. High-risk industries, including online dating and gambling, are prone to elaborate fraud schemes, namely romance scams and money laundering; as such, they are primed for KYC/KYB deployments.

Find out more: Global KYC/KYB Systems Market 2024-2029, or download a free sample.

Which KYC/KYB Vendors Lead the Market in 2024?

Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 19 KYC/KYB systems vendors, using criteria such as the breadth of solutions, geographical spread, and future business prospects.

The top five vendors for 2024 are:

LexisNexis Risk Solutions
Experian
Entrust
Socure
Moody’s

Competitor Leaderboard Findings & Recommendations

Leading players excelled in product range; curated through a strong succession of acquisitions of their rising competition. For example, LexisNexis Risk Solutions acquired BehavioSec; behavioural biometrics experts who leverage typing and swiping behaviour on phones, to authenticate identity and prevent fraud. This acquisition enhanced its TruNarrative platform and behaviour intelligence offering with exciting future prospects.

Report author Daniel Bedford explained: “Established leaders are remaining competitive by acquiring vendors who are at the forefront of innovation. Therefore, acquisitions should prioritise vendors that are countering emerging threats posed by criminals, by offering tools such as behavioural analytics, that demonstrate their agility in this fast-moving space.”

About the Research Suite

The new research and data suite offers the most comprehensive assessment of the KYC/KYB Systems market to date; providing critical analysis and five-year forecasts for over 60 countries. With over 26,700 market statistics included, the suite also provides a ‘Competitor Leaderboard’ and an examination of future market opportunities.

Juniper Research has, for two decades, provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.

View the KYC/KYB market research: https://www.juniperresearch.com/research/fintech-payments/fraud-identity/kyc-kyb-research-report/

Download the free sample: https://www.juniperresearch.com/resources/whitepapers/whitepaperskyc-kyb-systems-dynamic-regulations-creating-opportunities/

View source version on businesswire.com: https://www.businesswire.com/news/home/20240903041757/en/

Sam Smith, Press Relations
T: +44(0)1256 830002
E: sam.smith@juniperresearch.com

Logo

Images

Tags

More Like This

Juniper Research: Fraud Detection & Prevention in Banking: LexisNexis Risk Solution and Mastercard Revealed as Leaders in New Competitor Leaderboard

Digital ID Verification Spend to Exceed $26 billion Globally by 2029

First-Party Fraud Surpasses Scams to Become the Leading Form of Global Attacks

Experian Named a Leader in IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment

Juniper Research: Open Banking API Call Volume to Surpass 720 Billion Globally by 2029

Three million 'Frankenstein' identities pose a multi-billion pound fraud threat: LexisNexis Risk Solutions

Soaring Scam and Fraud Sophistication Remains Top Challenge Threatening to Overwhelm the Global Financial Services Sector

Quantexa Recognized as Category Leader in the RiskTech Quadrant® for KYC Solutions