Global Size of E-KYC Market Rise at 22.0% CAGR, to Reach USD 1,964.73 Million by 2029: Polaris Market Research

According to the research report, the global e-KYC market size & share was valued at USD 447.53 Million in 2021 and is expected to reach USD 1,964.73 Million By 2029, to grow at a CAGR of 22.0% during the forecast period.

According to the research report, the global e-KYC market size & share was valued at USD 447.53 Million in 2021 and is expected to reach USD 1,964.73 Million By 2029, to grow at a CAGR of 22.0% during the forecast period.

E-KYC is the pronouncement used to recount the digitization and electronic and online creation of KYC procedures. E-KYC (electronic know your customer) is a distant paperless, and remote process that lessens the expenditure and conventional bureaucracy required in the KYC processes. Widespread is the fabrication of self, phishing, and signature. Expert businesses devoted to technical compliance solutions have advanced thoroughly secure E-KYC procedures with zero gaps to commission these false wrongdoings and affiliated crimes.

E-KYC procedure is the remote and digital transmutation of the conventional KYC process. Weeks required for its fulfillment is a reality with lower cost in an improved process. The recognition and confirmation of the specification of the clients take place instantly, assisting businesses to raise their conversion rate and provide a seamless, enjoyable, and uncomplicated episode to their clients. E-KYC procedure escalates the satisfaction of the customer and guarantees that clients can harness the service from the initial moments by which businesses can contact them.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Important Questions Being Answered by The Market Report

What is the market growth and size?
Why are a few of the most traditional companies prohibited from the E-KYC market?
What are the necessary requisitions for the E-KYC market?
What are the confrontations that lie ahead?
Which country or region is driving the demand?
How is the market sub graded, and which are the essential segments?

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Top Market Players 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

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E-KYC market: Growth leading factors

The growing frequency of cyber attacks on medium and small-sized organizations has assisted in the growth of the market of the target E-KYC. For instance, as per the European Union Agency For Cyber Security, Small and medium-sized enterprises (SMEs) are the excellent foundation of the EU. They recruit around 100 million people and constitute 99% of all firms in the EU. During the pandemic, ENISA enquired several European SMEs and found that ransomware assaults, looted computers, and phishing attacks were the most natural cyber incidents. Therefore, the growing cyberattacks of several types in SMEs enhance the market demand for E-KYC.

The global E-KYC market has acquired massive development in the last few years. The product can be because of the stringent government policies for stopping financial fraud and money laundering and the increasing acquisition of digital payment modes. For instance, as per the International Monitory Funds (IMF), E-KYC has strengthened the war against terrorism exploring and money laundering. Additionally, growing machine applications and AI in estimating the enormous amount of data generated by digital currency transactions and the felling of false alerts are anticipated to quicken E-KYC demand.

Covid-19 health calamity has stimulated several industries to structure the digital infrastructure and position online tools so that digital IDs can be created. The pandemic has coerced several sectors like telecom companies, banking, financial institutions, and banks to make a move digitally.

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E-KYC market: Report Scope

Report Attribute

Details

Market Size 2021 Value

USD 447.53 Million

Market Outlook for 2029

USD 1,964.73 Million

Expected CAGR Growth

22.0% from 2022 – 2029

Base year

2021

Forecast period

2022 – 2029

Segments covered

By Product, By Deployment Mode, By End-Use, By Region

Key Companies

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

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Customization Options

Customized purchase options are available to meet your research needs.

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E-KYC market: Key segmentation

Insight by product, deployment mode, end-use, and region

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By end-use, the bank segment is anticipated to comprise of significant revenue share in the E-KYC market over the forecast period. By deployment mode, the on-premises component is evaluated to guide the market. It is because of the benefit of the organizations of utilizing the server to guarantee data security. By product, the identity authentication and the matching segment are anticipated to encounter growth that is substantial due to excessive usage in banking and financial institutions.

By region, North America is emerging as a leader in the market owing to its being technologically progressive. It has a growing number of early endorsers, and several market leaders have their presence in this region. Also, factors like the advancement of digital identity-based driver’s licenses, government initiatives, and an amalgamation of blockchain and ML, and AI ensure that digital identities are secured. Asia Pacific region is also growing faster as there are increasing internal and external threats; the upswing in the AI, IoT, and cloud adoptions is responsible for enhancing the market.

Browse the full β€œE-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” Report at https://www.polarismarketresearch.com/industry-analysis/e-kyc-market

Key highlights of the report

E-KYC market share appraisals for the country and regional level segments
Intentional guidance for new entrants
E-KYC market prophesies all hinted segments, sub-segments, and regional market
Market tendencies that involve product and technological analysis, drivers and constraints, PORTER’s five forces analysis
Premeditated advice in essential business segments based on the market estimations
Combative landscape mapping the significant customary trends

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The market primarily depends on the product, deployment mode, end-use, and region

E-KYC market: By product

Identity Authentication and Matching
Video Verification
Digital ID Schemes
Enhanced vs. Simplified Due Diligence

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E-KYC market: By deployment mode

Cloud-Based
On-Premise

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E-KYC market: By end-use

Banks
Financial Institutions
E-payment Service Providers
Telecom Companies
Government Entities
Insurance Companies

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