Market Overview:
The Digital Onboarding Market is expected to grow at a significant growth rate, and the analysis period is 2022-2028, considering the base year as 2021.
Digital onboarding referred to as remote onboarding is the process of acquiring new customers or subscribing new users to a company or organization by using online tools and software. Verifying the identity of the person onboarded digitally, remotely, and detecting being is the main purpose of digital onboarding in order for a company to make sure that the person is actually who they claim to be. For this purpose, facial biometrics, and liveness detection technology combined with identity document processing are used.
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Market Dynamics:
Drivers:
Digital Onboarding is becoming popular in various financial organizations consisting of banks, insurance companies, accounting firms, and financial advising firms. Digital onboarding is a great solution for this organization because of its higher conversion rates and increased Anti Money Laundering (AML) compliance. This tool provides several benefits which contain improved AML and KYC compliance. The benefits consist of streamlining workflows, enhancing the customer experience, cost-effectiveness, preserving conversion rates, and easy compliance.
Opportunities:
The growing adoption of Artificial Intelligence (AI), blockchain, and digital identity biometrics in the onboarding process provides a lucrative opportunity in the digital onboarding market during the forecast periods. AI is not only changing the operation of organizations but also significantly enhancing the experience of the customer. Blockchain is the security of distributed technology used in KYC is helps users to manage their digital identity safely, while businesses and financial institutions can manage customer data reliably and easily.
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Segmentation Analysis of Digital Onboarding Market:
By Product Type:
The cloud-based segment is anticipated to have maximum market share in the digital onboarding market during the projected timeframe. The growing number of organizational sectors increasing the need for securely stored data and documents.
By End-User:
The Financial Service segment is expected to dominate the digital onboarding market in the forecast period. The financial sectors include banks, insurance companies, accounting firms, and financial advising firms.
By Product Type:
- Cloud-Based
- Web-Based
By End-Users:
- Financial Service
- Government
- Business
- Others
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Regional Analysis of Digital Onboarding Market:
North America is the dominating region in the digital onboarding market during the forecast period. The market growth is owing to rising automotive, healthcare, BFSI, manufacturing, and other verticals in this region.
By Region:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
Top Key Players Covered in Digital Onboarding Market:
- iDenfy(Kaunas)
- SEON Technologies Ltd.(Hungary)
- IHS Markit (UK)
- Digital Onboarding, Inc.(US)
- Asli RI (Indonesia)
- Velocity Solutions (Fort Lauderdale)
- LeadSquared (India) and other major players.
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Key Industry Development in The Digital Onboarding Market:
In September 2022, Velocity Solutions declared its collaboration with Digital Onboarding, a Software-as-a-Service (SaaS) company that assists banks and credit unions to build deep and profitable relationships. With this collaboration, Velocity Solutions will integrate Digital Onboarding’s technology across the Velocity Intelligent Platform a machine-led banking management platform that powers all of Velocity’s solutions.
In October 2022, a new digital onboarding platform launched by Lead Squared assists companies accelerate their digital transformation journeys and automating marketing, service, and sales processes. This platform allows users to develop digital customer acquisition processes, enhance sales team efficiency, and facilitate seamless onboarding processes for partners, vendors, and customers.
Table of Content:
Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2: Executive Summary
Chapter 3: Growth Opportunities by Segment
3.1 By Product Type
3.2 By End-Users
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Chapter 5: Digital Onboarding Market by Product Type
To be Continue….
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