According to the latest report by IMARC Group, titled “e-KYC Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,”the global e-KYC market is expected to exhibit a CAGR of 21.4% during 2022-2027. Electronic know your customer (E-KYC) refers to the method of verifying customer identity and address digitally. It is essentially done by authorized agents and organizations, which is backed by biometric verification. It mainly comprises a highly secured consent by the customers via an electronic key, biometric fingerprint and a written or electronic license that enables the utilization of various services related to any financial institution. The demand for e-KYC is rising due to its several benefits, such as a safe and secured method of sharing confidential information, enabling easy compliance with the regulator’s requirements, instant verification against fraud, timely and efficiently relayed of information and personal details, allowing easy KYC process, reliable official government source verifies customer’s information and enhances customers’ due diligence.
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Industry Growth:
The global market is primarily driven by the increasing incidences of cybercrimes and data theft. Coupled with the rising occurrences of identity-related frauds for committing various crimes is one of the key factors driving the market. Along with this, numerous initiatives undertaken by the government of several countries by implementing stringent rules in an attempt to prevent money laundering and financial crimes are creating a positive market outlook. In line with this, the rising terrorist activity has impelled the demand for e-KYC on the global level. Furthermore, continual technological advancements and the introduction of the internet of things (IoT), artificial intelligence (AI) and cloud-based software are providing a boost to the market growth.
The market is further driven by the growing need to prevent the misuse of credentials related to customer financial details. Moreover, the widespread adoption of digital payment methods, such as unified payments interface (UPI), banking cards, point of sale (POS) and internet banking is impacting the market growth favorably. Other factors, including rapid urbanization and digitization, the penetration of high-speed internet connectivity, continual improvements in the banking, financial service and insurance (BFSI) and information technology (IT) infrastructure and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market.
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Key Segmentation:
Competitive Landscape with Key Players:
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
- Wipro Limited
Breakup by Product:
- Identity Authentication and Matching
- Video Verification
- Digital ID Schemes
- Enhanced vs Simplified Due Diligence
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:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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