The latest report by IMARC Group, titled "e-KYC Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global e-KYC market is expected to grow at a CAGR of
21.9% during 2023-2028. e-KYC is the process of verifying the credentials of customers to use the services of any financial institution. It includes an electronic key, biometric fingerprints, and a written or electronic license provided by the customer. It is a secure method of sharing confidential information by providing instant verification to prevent fraud. In addition, it serves as a cost-effective and eco-friendly method as e-KYC is a paperless system of collecting customer data compared to the traditional KYC system. Moreover, it consumes less time as registration and authentication are conducted online. As a result, e-KYC is widely utilized in e-payment services, financial institutions, and telecom and insurance companies.
Global e-KYC Market Trends:
The market is primarily driven by the growing incidents of identity-related frauds to commit various crimes, such as human trafficking, corruption, migrant smuggling, and terrorism. In addition, the implementation of several government regulations to prevent financial crimes and money laundering represents another major growth-inducing factor. Besides this, the market is also propelled by various technological advancements, such as cloud computing, linked devices, and artificial intelligence (AI). Moreover, e-KYC simplifies online transactions and assists in the management of various digital accounts. This, coupled with the escalating demand for compliance management in several industries, is creating a favorable market outlook across the globe. Furthermore, the increasing incidences of data theft and cyberattacks in large organizations to steal and copy crucial data is accelerating the need for e-KYC across various institutions.
- Based on the product, the market has been categorized into identity authentication and matching, video verification, digital ID schemes, and enhanced vs simplified due diligence.
- On the basis of the deployment mode, the market has been bifurcated into cloud-based and on-premises.
- Based on the end user, the market has been classified into banks, financial institutions, e-payment service providers, telecom companies, government entities, and insurance companies.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some 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 Corporation, Onfido, Panamax Inc., Tata Consultancy Services Limited, Trulioo, Trust Stamp, and Wipro Limited.
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