A newly released E-KYC Market report 2023 provides a wealth of insights on the growth outlook of global E-KYC market. It offers short-term and long-term growth projections of the market, banking on in-depth analysis of the various growth factors that are shaping up the market performance and would continue to do so. The report focuses on both direct and indirect, and positive and negative factors to provide a fact-based assessment.
Offices, banks, telecom firms, and other organisations employ the electronic process known as “e-KYC,” commonly referred to as “Electronic Know Your Customer.” In this process, the customer’s identity and address are checked electronically or remotely, giving them a better experience than they would have with a physical KYC. Organizations like banks, workplaces, and other organisations utilise e-KYC as a method of authentication. Know Your Client, or simply KYC, is another name for e-KYC. The procedure through which a company verifies the identification of its customers and evaluates their suitability is known as KYC.
e-KYC market was valued at USD 295.15 billion in 2022 and is expected to expand at a CAGR of 24.5% rising to a value of USD 1579.5 billion in 2030, i.e., forecast period (2022-2030).
All the data that has been presented in report is extracted from authenticated sources to ensure their reliability. Surveys conducted related to current and prospective market conditions of E-KYC are strictly based on industry experts’ opinions. Report coverage is broad and spans from key market dynamics and regional analysis to company profiles and expert recommendations. Growth driving and challenging factors are thoroughly examined to help readers focus on the most impactful aspects of growth. The study reveals a set of market growth constraints to provide sound knowledge about the existing and potential challenges to business growth, which would play an important role for E-KYC companies while strategy designing.
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e-KYC : Segmentation Analysis
e-KYC on the basis of Deployment mode
Cloud- based
On- premise
On the basis of End-User
Banks
Financial Institutions
E-Payment service provider
Telecom companies
Government entities
Insurance companies
On the basis of Product
Identity Authentication and matching
Video Verification
Digital ID Schemes
Enhanced vs Simplified Due Intelligence
e-KYC : Regional Segmentation
In terms of region, North America has the largest revenue in the market. The increasing requirement for fraud detection in countries, such as Canada and the United States is accountable to the market share for e-KYC. Also, the rise in data theft and cyber-attack cases in small and medium-sized businesses is expected to rise the market growth of the e-KYC over the forecast years.
Asia-Pacific is also anticipated to witness a high CAGR in the global market for e-KYC. Growing internal and external threats, rising cloud use, and the Internet of Things (IoT) has also contributed to e-KYC expansion in this region.
Key Players
Acuant; Trust Stamp; Pegasystems Inc.; Mitek; Jumio; Trulioo; Onfido; GB Group; IDnow GmbH; C-Edge, Financial Software & Systems Pvt. Ltd.; GIEOM Business Solutions; Panamax Inc.; Tata Consultancy Services; Wipro Technologies; Au10tix; EverCompliant.
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The report has helped our clients:
- To gain competitive intelligence and uncover new opportunities
- To analyse opportunities in the Market for stakeholders by identifying high-growth segments in E-KYC
- To strategically profile key players and provide details of the current competitive landscape
- To describe and forecast the E-KYC size, on the basis of various segmentations and geography, in terms of value and volume
- To measure the changing needs of customers/industries
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the E-KYC
- To analyse strategic approaches adopted by players in the E-KYC, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships
