e-KYC Market Share Up by 22.0% CAGR and Will Reach USD 1,964.73 Million By 2029: Polaris Market Research
e-KYC means when the authorized organization or the agent verifies the customer’s address and identity online through Aadhar verification. e-KYC is done through a digital medium. There is no need for physical documentation in it. And it is backed by biometric verification to make it secure. The market demand for e-KYC market will be expected to grow rapidly because of increasing fraud and terrorist funding activities.
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Moreover, it is anticipated that, as identity-related frauds are rising and the need of compliance management is increasing, the market growth of e-KYC will expand. Through e-KYC, online transactions can be done very securely and effortlessly. This activity is more visible in rich countries. Further, it is anticipated that the rising tendency toward digital payment methods will bring massive growth opportunities for e-KYC market.
e-KYC Market: Growth Drivers
It is examined that the e-KYC market developments have been huge in the last few decades. The growing numbers of machine applications and AI in analyzing large numbers of data generated by digital currency transactions and decreasing wrong alerts are expected to raise e-KYC demand in the upcoming years.
Furthermore, during the pandemic situation, the adoption of online payment upscaled significantly. There is a high rise recorded in online payment platforms, which turnups due to the growth of e-KYC market. Additionally, after COVID-19 online payment methods have become familiar, it is anticipated that the impact will be beneficial for all over the market in upcoming years.
e-KYC Market: Report segmentation
Insight by End-Use
On the basis of the end-user segment, it is anticipated that the bank segment will contribute significant revenue all over the globe for the e-KYC market. It is examined that most of the shares are accountable for the rising adoption of traditional KYC procedures for e-KYC for digital and remote exchange.
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Geographical Overview: e-KYC Market
Based on geography, North America dominated the market in 2021, and it is anticipated to hold the dominance in the upcoming years. Due to the growing necessity of fraud detection in the countries like Canada and the United States is responsible for the market share for e-KYC. Moreover, it is anticipated that due to the rising numbers of data theft and cyber-attack cases in small and medium-scale businesses, the growth of e-KYC industry will rise rapidly.
Furthermore, Asia Pacific is also recording a significant rise in the global e-KYC market due to the large population and continuously growing users on online platforms. Apart from this, it is expected that the rising acceptance of online shopping and online payment will lead the e-KYC market.
The leading key players operating in the global market for e-KYC 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 among others.
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e-KYC Market: By Product Outlook
- Identity Authentication and Matching
- Video Verification
- Digital ID Schemes
- Enhanced vs. Simplified Due Diligence
e-KYC Market: By Deployment Mode Outlook
e-KYC Market: By End-Use Outlook
- Financial Institutions
- E-payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies
e-KYC Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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