E-Kyc Market Include Rising Global Concerns, Trends And Developing Factors By 2030
The report “e-KYC Market Share, Size, Trends, Industry Analysis Report, By Product (Identity Authentication and Matching, Video Verification, Digital ID Schemes, and Enhanced vs Simplified Due Diligence); By Deployment Mode (Cloud-Based, and On-Premise); By End-Use; By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
According to the research report published by Polaris Market Research, The global e-KYC market size is expected to reach USD 1,964.73 million by 2029, according to a new study by Polaris Market Research.
The increasing frequency of cyber-attacks on small and medium-sized organizations (SMEs) has aided in the market growth of the target e-KYC. For example, according to the European Union Agency For Cybersecurity, Small and medium-sized enterprises (SMEs) are the economic backbone of the EU. They employ around 100 million people and account for 99% of all firms in the EU. During the pandemic, ENISA asked various European SMEs and discovered that ransomware attacks, stolen computers, and phishing assaults were the most common cyber incidents. 90% of the SMEs surveyed by ENISA announced that cybersecurity issues would have a major negative impact on their companies within a week of the difficulties occurring, with 57% stating that they would most likely go bankrupt and out of business. Thus, the rising cyber-attacks of various types in SMEs boost the market demand for e-KYC.
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The KYC verification procedure guaranteed that customers completed all of the key customers’ due diligence security checks for banks and other financial institutions during customer onboarding. For industries at risk, such as healthcare e-commerce, new KYC verification methods must be introduced across the board. Whether freely or involuntarily, customers and employees are the key sources of risk. Implementing security measures at critical onboarding touchpoints can dramatically improve the KYC verification process. Furthermore, the growing adoption of remotely verified e-KYC to minimize financial institutions’ costs worldwide fuels market expansion.
Top Market Players
- 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
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Growth Drivers
The e-KYC market has observed extensive developments in the last few decades supported by various factors such as the stringent government regulations to prevent money laundering and financial fraud and the rising adoption of digital payment modes. For instance, according to the International Monetary Fund (IMF), it has prioritized the battle against money laundering and terrorism financing. Among the objectives of this initiative are to defend the reliability and safety of the international financial system, cut off terrorists’ access to resources, and make it more difficult for criminals to benefit from their illicit actions. The IMF’s one-of-a-kind combination of universal membership, monitoring functions, and financial sector expertise makes it a crucial and necessary component of international attempts to prevent terrorist financing.
Polaris Market Research has segmented the E-KYC market report based on product, deployment mode, end-use, and region:
E-KYC, Product Outlook (Revenue – USD Million, 2017 – 2029)
- Identity Authentication and Matching
- Video Verification
- Digital ID Schemes
- Enhanced vs. Simplified Due Diligence
E-KYC, Deployment Mode Outlook (Revenue – USD Million, 2017 – 2029)
- Cloud-Based
- On-Premise
E-KYC, End-Use Outlook (Revenue – USD Million, 2017 – 2029)
- Banks
- Financial Institutions
- E-payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies
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