E-KYC Market - Global Industry Assessment & Forecast
- By Product Identity Authentication & Matching, Video Verification, Digital ID Schemes, Enhanced vs Simplified Due Diligence
- By Deployment Mode Cloud-Based, On-Premise
- By End-Use Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, Insurance Companies
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 427.1 Million|
|Revenue 2028:||USD 1374.0 Million|
|Revenue CAGR (2022 - 2028):||21.5%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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The Global E-KYC Market was valued at USD 427.1 Million in 2021 and is expected to reach a value of USD 1374.0 Million by 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 21.5% over the forecast period.
E-KYC is an authentication method used by businesses such as banks, offices, and others. KYC stands for know your customer. Know your customer, or simply KYC is another term for it. KYC is the procedure through which a company confirms the identification of its clients and evaluates their eligibility. Terrorist funding and significant monetary losses in the Banking, Financial Services, and Insurance (BFSI) sector are likely to increase target market growth for e-KYC throughout the forecast period. The KYC procedure involves ID card verification, face verification, document verification (such as utility bills as evidence of address), and biometric verification.
E-KYC Market Size, 2021 To 2028 (USD Million)
To limit fraud, banks must follow KYC and anti-money laundering requirements. The banks are responsible for KYC compliance. Failure to comply can result in severe fines. The primary considerations include minimizing paperwork and shortening the time to complete KYC processes online in real-time in a few easy steps. Furthermore, government authorities are working on monitoring and regulating digital currency to eliminate anonymity in transactions. As a result, cross-border cash transfers are projected to boost demand for e-KYC across India in the coming years. Furthermore, the increased adoption of remotely verified e-KYC to lower financial institutions' expenses is driving market expansion.
The E-KYC is segmented on the basis of Product, Deployment Mode, End-Use, and Region. Based on Product, the market is further sub-segmented as Identity Authentication & Matching, Video Verification, Digital ID Schemes, and Enhanced vs Simplified Due Diligence. Furthermore, based on the segment Deployment Mode, the market is sub-segmented as Cloud-Based and On-Premise. Finally on the segment End-Use, the market is sub-segmented as Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, and Insurance Companies.
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Based on Product:
On the basis of Product, the market is sub-segmented as Identity Authentication & Matching, Video Verification, Digital ID Schemes, and Enhanced Vs Simplified Due Diligence. Financial companies are required by law to verify client identities better when creating and maintaining accounts. In addition, KYC standards demand "reasonable due diligence" to know (and preserve) the key data about each customer. Whether you are technically subject to KYC rules or not, businesses of all sizes embrace KYC practices to safeguard themselves and their consumers.
Based on Deployment Mode:
Based on Deployment Mode, the market is segmented as Cloud-Based and On-Premises. Companies can use On-Premises services to authenticate their clients and keep data on their servers. No third party, including the company's service provider or vendors, can access the customers' data. This solution guarantees that your client onboarding process is secure and that the information you gather is kept protected from criminals. As a result, all companies benefit from on-premises servicing. The most important are cost savings, increased security, and improved customer service.
Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period
Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. In 2021, Asia-Pacific accounted to have the high Compound Annual Growth Rate (CAGR) in the worldwide market for e-KYC. Growing internal and external threats, increased cloud use, and the Internet of Things (IoT) have all contributed to the region's e-KYC market development.
In terms of revenue, the North American region is expected to lead the target market throughout the projected period, followed by APAC and Europe. Because of the current identity thefts suffered by the people in recent years, the United States is the dominating one in North America. In addition, growing internal and external threats, increased cloud use, and the Internet of Things (IoT) have all contributed to APAC's target market growth.
The key players in the Global E-KYC Market include- 63 Moons Technologies Ltd., Acuant, Au10tix, EverCompliant, Financial Software & Systems Pvt. Ltd., GB Group, GIEOM Business Solutions, IDnow GmbH, Jumio Corporation, Onfido, Panamax Inc., Pegasystems Inc., Tata Consultancy Services (TCS), Trulioo, Trust Stamp, Wipro Technologies, and others.
Segmentation of the Global E-KYC Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Question
What is the global demand for E-KYC in terms of revenue?
The global E-KYC valued at USD 427.1 Million in 2020 and is expected to reach USD 1374.0 Million in 2028 growing at a CAGR of 21.5%.
Which are the prominent players in the market?
The prominent players in the market are 63 Moons Technologies Ltd., Acuant, Au10tix, EverCompliant, Financial Software & Systems Pvt. Ltd., GB Group, GIEOM Business Solutions, IDnow GmbH, Jumio Corporation, Onfido, Panamax Inc., Pegasystems Inc., Tata Consultancy Services (TCS), Trulioo, Trust Stamp, Wipro Technologies.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 21.5% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the E-KYC include
- Terrorist financing activities and huge monetary losses in the Banking, Financial Services, and Insurance (BFSI) sector
Which region accounted for the largest share in the market?
North America was the leading regional segment of the E-KYC in 2020.