Total third-party KYC/KYB systems market spend to reach $52.9bn by 2029 globally

A new study from Juniper Research found the 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.

Growth is driven by the 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.

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:

1. LexisNexis Risk Solutions
2. Experian
3. Entrust
4. Socure
5. 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.” 

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