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E-KYC Market to Reach Valuation of USD 1374.0 Million by 2028 – Increasing Nation’s Digitization Activities Drives the Market
In terms of revenue, the Global E-KYC Market is expected to reach USD 1374.0 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 21.5% from 2022 to 2028.
The rising identity-related frauds, increased terrorist funding, and consumer purchasing patterns are expected to drive the market's growth during the forecast period.
Key Highlights from Report:
Market Dynamics:
The essential elements are decreasing paperwork and speeding up completing KYC processes online in real-time with a few easy steps. Government regulators are also concentrating on monitoring and controlling digital currency to end transaction anonymity. In the years to come, it is anticipated that cross-border fund transfers will increase demand for E-KYC Market throughout India. Additionally, the use of remotely verified E-KYC Market to cut costs for financial institutions is expanding globally, which is boosting market expansion. Demand for E-KYC Market is also anticipated to rise in the future due to rising AI and machine applications in analyzing the vast amounts of data produced by digital currency transactions and assisting in reducing false warnings.
The target market is anticipated to grow due to terrorist financing operations and substantial financial losses in the banking, financial services, and insurance (BFSI) sectors. Additionally, it is anticipated that the rising significance of compliance management and the rise in identity-related frauds would fuel the target market's expansion. Furthermore, the target market has expanded due to the rising frequency of cyberattacks against small and medium-sized businesses (SMEs). Increasing cloud adoption, rising internal and external threats, and the Internet of Things (IoT) are a few other aspects anticipated to fuel the target market's expansion.
North America held the most significant shares in 2021. Due to recent identity fraud that the population has experienced, the US is the leading country in North America. In addition, the market share is attributed to the rising need for fraud detection in nations like Canada and the United States.
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E-KYC Market to Reach Valuation of USD 1374.0 Million by 2028 – Increasing Nation’s Digitization Activities Drives the Market
25 Jul 2022
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Historical Data | Base Year
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E-KYC Market to Reach Valuation of USD 1374.0 Million by 2028 – Increasing Nation’s Digitization Activities Drives the Market
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