KYB Market to Approach $12 Billion by 2022

WASHINGTON, March 8, 2018 /PRNewswire/ -- One World Identity (OWI), an independent identity research and strategy company, today released its 2018 KYB Market Report.  Produced by OWI Labs, the comprehensive analysis explores the 'Know Your Business' or KYB subset of KYC that focuses on the identity verification and risk assessment of a businesses' business entity clients and their beneficial owners (BO).

Among the report's findings:

• The global KYB addressable market is estimated to be $5.6 billion (USD) in 2017 and is expected to grow at a 16 percent compound annual growth rate (CAGR) to $11.8 billion in 2022.
• Regulatory demand for KYB is heating up in the U.S., EU, Australia, Hong Kong, Japan, Singapore and more.
• The main driver of KYB services comes from increased focus on thorough due diligence of legal business entities and beneficial owners from regulators in the European Union and United States.
• Due diligence costs for institutions under regulatory oversight are high, due in part to the complexity and manual nature of many aspects of the KYB due diligence lifecycle.
• The ability to reduce end costs for institutions while maintaining sufficient quality standards during the KYB lifecycle will drive KYB solution adoption.
• Technology applications reduce the cost of compliance but are still limited by high risk entities and regions with limited identity transparency.

"Everyone knows KYC, but KYB is a subset of it that is frequently overlooked. Our team of analysts predict further regulation could be spurred by the one-two punch of the Panama and Paradise papers, which exposed offshore dealings," said Travis Jarae, CEO of OWI. "The need to establish trust through the KYB process is common in the financial services sector, which is governed by strict regulatory structures to help combat money laundering and criminal finance."

Other than financial services, demand for KYB comes from businesses engaged in international commerce that may need to comply with international economic sanctions, as well as B2B enterprises where the identity of the business counterparty may not be immediately apparent as in B2B e-commerce.

For more information, download the full report here.

About OWI
OWI is an independent identity research and strategy company focused on cybersecurity, digital commerce, and risk management. We help businesses, investors, and governments stay ahead of market trends so they can build sustainable, forward-looking identity-enabled products and strategies. We accomplish this by building community and facilitating dialogue through our events, the KNOW Identity Conference, as well as servicing the community with our educational content, news, media, independent research, and consulting.

Visit OWI at www.oneworldidentity.com for the latest in identity news, events, opinion and research.

Contact: Gabriella Velez
Email: [email protected]
Phone. 212.334.9753, ext. 137

SOURCE One World Identity

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