e-KYC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

e-KYC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6112
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Market Overview:

The global e-KYC market is expected to exhibit a growth rate (CAGR) of 21.9% during 2023-2028.

e-KYC is the process of electronically verifying the credentials of customers, which is mandatory to use the services of any financial institution. It comprises highly secured consent by the customers via a biometric fingerprint, an electronic key, and a written or electronic license. It is a safe and secure method of sharing confidential information while providing instant verification to prevent fraud. It is cost-effective and eco-friendly as e-KYC is a paperless system for collecting customer data compared to the traditional KYC system. In addition, it takes less time as registration and authentication are completed online without submitting the documentation physically. As a result, it is widely used in financial institutions, e-payment services, and telecom and insurance companies.

Global e-KYC Market Report

e-KYC Market Trends:

The growing incidents of identity-related frauds for committing various crimes, such as corruption, human trafficking, migrant smuggling, and terrorism, represent one of the key factors driving the market. Besides this, governments of several countries are implementing stringent regulations to prevent financial crimes and money laundering, which is contributing to the growth of the market. Moreover, the growing utilization of digital payment methods, such as banking cards, unified payments interface (UPI), mobile wallets, pre-paid cards, point of sale (POS), and internet banking, is positively influencing the market. In addition, technological advancements, such as linked devices, cloud computing, and artificial intelligence (AI), are offering lucrative growth opportunities to industry investors. Apart from this, there is a rise in data theft and cyberattacks, especially in large organizations, to steal and copy crucial data. This, along with the escalating demand for compliance management in various industries, is propelling the growth of the market. Additionally, e-KYC simplifies online transactions and aids in the management of various digital accounts, which is bolstering the growth of the market.

 

 
 

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global e-KYC market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, deployment mode and end user.

Breakup by Product:

  • Identity Authentication and Matching
  • Video Verification
  • Digital ID Schemes
  • Enhanced vs Simplified Due Diligence

 

 
 

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Breakup by Deployment Mode:

  • Cloud-based
  • On-premises
     

Breakup by End User:

  • Banks
  • Financial Institutions
  • E-payment Service Providers
  • Telecom Companies
  • Government Entities
  • Insurance Companies
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 63 Moons Technologies Limited, Acuant Inc., Financial Software & Systems Pvt. Ltd., GB Group plc, GIEOM Business Solutions Pvt. Ltd., Jumio, Onfido, Panamax Inc., Tata Consultancy Services Limited, Trulioo, Trust Stamp and Wipro Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Million
Segment Coverage Product, Deployment Mode, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 63 Moons Technologies Limited, Acuant Inc., Financial Software & Systems Pvt. Ltd., GB Group plc, GIEOM Business Solutions Pvt. Ltd., Jumio, Onfido, Panamax Inc., Tata Consultancy Services Limited, Trulioo, Trust Stamp and Wipro Limited
Customization Scope 10% Free Customization
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

We expect the global e-KYC market to exhibit a CAGR of 21.9% during 2023-2028.

The growing incidents of identity-related frauds, along with the rising utilization of various digital payment methods, such as banking cards, Unified Payments Interface (UPI), mobile wallets, pre-paid cards, Point of Sale (POS), internet banking, etc., are primarily driving the global e-KYC market.

The sudden outbreak of the COVID-19 pandemic has led to the widespread adoption of e-KYC for online registration and authentication, which in turn, prevent the further transmission of the coronavirus infection.

Based on the product, the global e-KYC market can be segmented into identity authentication and matching, video verification, digital ID schemes, and enhanced vs simplified due diligence. Among these, identity authentication and matching currently holds the majority of the total market share.

Based on the deployment mode, the global e-KYC market has been divided into cloud-based and on-premises, where on-premises exhibit a clear dominance in the market.

Based on the end user, the global e-KYC market can be categorized into banks, financial institutions, e-payment service providers, telecom companies, government entities, and insurance companies. Currently, banks account for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global e-KYC market include 63 Moons Technologies Limited, Acuant Inc., Financial Software & Systems Pvt. Ltd., GB Group plc, GIEOM Business Solutions Pvt. Ltd., Jumio, Onfido, Panamax Inc., Tata Consultancy Services Limited, Trulioo, Trust Stamp, and Wipro Limited.

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e-KYC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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