The Latin America, Middle East and Africa Know Your Customer Software Market should witness market growth of 21.8% CAGR during the forecast period (2022-2028).
Most terrorist groups depend on funding to exist and carry out their terrorist activities. The means and techniques used by terrorist organizations to finance operations that jeopardize international security are referred to as terrorist funding. Terrorist organizations need money to carry out their terrorist activities, which can come from legal and illegitimate sources. In many nations, the fight against terrorism financing and money laundering has been given priority in accordance with the project initiatives made by the International Monetary Fund (IMF). The unique mix of the IMF's monitoring responsibilities, universal membership, and financial sector knowledge makes it an essential and required part of efforts to stop the financing of terrorism.
Therefore, the measure of the IMF aims to protect the security and dependability of the financial system, deny terrorist access to any resources, and make it harder for criminals to profit from their illegal activities. The market need for KYC is boosted by rising identity-related frauds, changing consumer purchasing patterns, and increased terrorist funding activity. Another essential element propelling the market is the escalating technological developments in KYC software. Additionally, by examining the user's actions, internet activity, and online presence, digital footprint analysis establishes the user's existence.
The whole region generally has a higher degree of established regulations that act as mechanisms supporting the KYC checks. Such as Saudi Arabia, who joined FATF full-time in 2019, appears to be establishing norms for the GCC region's member nations. Therefore, Saudi Arabian organizations can grow internationally and cooperate more effectively in commerce and finance if KYC/AML regulations are followed. Additionally, as a signatory of FATF, the Gulf Cooperation Council (GCC) employs strict controls to reduce financial fraud in this region by adhering to the guidelines of the FATF. Therefore, the region is significantly increasing the growth opportunities for the know your customer software market in the coming years.
The Brazil market dominated the LAMEA Know Your Customer Software Market by Country in 2021; thereby, achieving a market value of $172.4 million by 2028. The Argentina market is showcasing a CAGR of 22.5% during (2022-2028). Additionally, The UAE market would register a CAGR of 21.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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.
Most terrorist groups depend on funding to exist and carry out their terrorist activities. The means and techniques used by terrorist organizations to finance operations that jeopardize international security are referred to as terrorist funding. Terrorist organizations need money to carry out their terrorist activities, which can come from legal and illegitimate sources. In many nations, the fight against terrorism financing and money laundering has been given priority in accordance with the project initiatives made by the International Monetary Fund (IMF). The unique mix of the IMF's monitoring responsibilities, universal membership, and financial sector knowledge makes it an essential and required part of efforts to stop the financing of terrorism.
Therefore, the measure of the IMF aims to protect the security and dependability of the financial system, deny terrorist access to any resources, and make it harder for criminals to profit from their illegal activities. The market need for KYC is boosted by rising identity-related frauds, changing consumer purchasing patterns, and increased terrorist funding activity. Another essential element propelling the market is the escalating technological developments in KYC software. Additionally, by examining the user's actions, internet activity, and online presence, digital footprint analysis establishes the user's existence.
The whole region generally has a higher degree of established regulations that act as mechanisms supporting the KYC checks. Such as Saudi Arabia, who joined FATF full-time in 2019, appears to be establishing norms for the GCC region's member nations. Therefore, Saudi Arabian organizations can grow internationally and cooperate more effectively in commerce and finance if KYC/AML regulations are followed. Additionally, as a signatory of FATF, the Gulf Cooperation Council (GCC) employs strict controls to reduce financial fraud in this region by adhering to the guidelines of the FATF. Therefore, the region is significantly increasing the growth opportunities for the know your customer software market in the coming years.
The Brazil market dominated the LAMEA Know Your Customer Software Market by Country in 2021; thereby, achieving a market value of $172.4 million by 2028. The Argentina market is showcasing a CAGR of 22.5% during (2022-2028). Additionally, The UAE market would register a CAGR of 21.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
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
- Guaranteed best price
- 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. LAMEA Know Your Customer Software Market by Component
Chapter 5. LAMEA Know Your Customer Software Market by Deployment
Chapter 6. LAMEA Know Your Customer Software Market by Enterprise Size
Chapter 7. LAMEA Know Your Customer Software Market by End-use
Chapter 8. LAMEA 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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