Market Overview:
The global digital onboarding market size is projected to reach USD 3,011.8 Million by 2030, from USD 507.4 Million in 2022, at a CAGR of 23.1% during the forecast period.
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, and remotely, and detecting being is the main purpose of digital onboarding 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. Through the digital onboarding process, a new employee acquires all the knowledge required to become an integral part of an organization. The digital onboarding process changes from company to company but some common use cases will have similar requirements. Capturing and verifying the data of the client, documentation is necessary for regulated organizations like banks, and financial service companies. This can be done by digital onboarding, it gives benefits such as fewer errors, compliance management, decreased manual work, and enhanced customer satisfaction. This led to the growth of the market of digital onboarding over the forecast period.
Top Key Players Covered in The 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
Market Dynamics and Factors:
Digital Onboarding is becoming popular in various financial organizations 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 include improved AML and KYC compliance. The benefits consist of streamlining workflows, enhancing the customer experience, cost-effectiveness, preserving conversion rates, and easy compliance. 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. The continuously changing regulations are the key factor that hinders the market growth of digital onboarding. Government regulations are changing on a monthly or sometimes weekly basis so, banks need to adapt their systems accordingly. Apart from this, growing cyber threats are a major concern among the people. Most organizations move towards the digitalization of business, digital onboarding involves the storage of newly hired employees.
The Digital Onboarding Market Report Highlight:
- By Product Type, the cloud-based segment is anticipated to have the maximum market share in the digital onboarding market during the projected timeframe due to the growing number of organizational sectors increasing the need for securely stored data and documents. Digital onboarding provides a cloud storage feature that helps to gather the data safely. They can be accessed from anywhere and retrieved easily.
- 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. Digital onboarding tools are mostly adopted in this sector.
- By Region, 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. The presence of key manufacturers, and developed countries in this region leads to growth of the market.
Key Industry Development:
- In September 2022, Velocity Solutions declared its collaboration with Digital Onboarding, a Software-as-a-Service (SaaS) company that assists banks and credit unions in building 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 in accelerating 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.
The Digital Onboarding Market Segmentation:
By Product Type
- Cloud-Based
- Web-Based
By End-Users
- Financial Service
- Government
- Business
For this report, Introspective Market Research has segmented the Digital Onboarding Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
