e-KYC market
was valued at USD 295.15 billion in 2022 and is expected to expand at a CAGR of
24.5% rising to a value of USD 1579.5 billion in 2030, i.e., forecast period
(2022-2030).
Know Your Customer, or KYC, is a procedure that
organisations use when selling goods and services to clients, agents, and
merchants. For businesses that offer financial services or payment-based
services, such as banks, insurance firms, and export creditors, KYC is now
standard practise and is utilised for both regulatory requirements and market
segmentation/customer targeting.
In India, KYC became required in 2010, however the RBI had
published the requirements far earlier. It was used to confirm a customer's
identification by banks, financial institutions, and big businesses offering
financial services. The goal of starting this was to stop money laundering in
the financial industry.
e-KYC Market:
Segmentation Analysis
e-KYC Market on the
basis of Deployment mode
•
Cloud- based
•
On- premise
e-KYC Market on the basis of deployment mode is segmented
into on-premise and cloud-based. The On-Premises segment is expected to lead
the market with a great revenue share. It is because of the organization's
on-site benefits of using their server to ensure data security.
It is seen that in the forecast period, the cloud will
expand at a significant pace, which is because of the SaaS-based e-KYC solution
from the company that allows cost-effective access to the cloud-based
implementation of the e-KYC solution.
On the basis of
End-User
•
Banks
•
Financial Institutions
•
E-Payment service provider
•
Telecom companies
•
Government entities
•
Insurance companies
The bank market segment is projected to be the most
significant revenue contributor in the global market for e-KYC and is expected
to retain its dominance in the forecast years. Because of the increasing use of
e-KYC in order to optimize customer onboarding by validating KYC documents
online and the improvement of efficiency payment collections, eliminating
documentation in the procedure of loan applications, and the attempt to prevent
identity fraud, the bank segment has accounted for the largest revenue share.
On the other hand, the Financial Industry segment had a good
market share for e-KYC and is expected to contribute to economic growth during
the forecast period due to e-KYC that will contribute to remote client
onboarding and effectively prevent compliance and risk evaluation of anti-money
laundering conformance and risk evaluation.
On the basis of
Product
•
Identity Authentication and matching
•
Video Verification
•
Digital ID Schemes
•
Enhanced vs Simplified Due Intelligence
Top Key Players:-
·
Acuant
·
Au10tix
·
GB Group
·
Mitek
·
Tata Consultancy Services (TCS)
·
Trulioo
·
Trust Stamp
·
EverCompliant
·
GIEOM Business Solutions
·
63 moons technologies limited
·
Jumio Corporation
·
IDnow GmbH
·
Onfido
·
Financial Software & Systems Pvt. Ltd.
·
Pegasystems Inc.
·
Panamax Inc
·
C-Edge
Access Full Report:-https://wemarketresearch.com/reports/e-kyc-market/34/
Frequently Asked
Questions (FAQ):
1.
Which regional market will show the highest and
rapid growth?
2.
Which are the top five players of the E-KYC
Market?
3.
How will the E-KYC Market change in the upcoming
six years?
4.
Which application and product will take a lion’s
share of the E-KYC Market?
5.
What is the E-KYC market drivers and
restrictions?
6.
What will be the CAGR and size of the E-KYC
Market throughout the forecast period?
About We Market
Research
WE MARKET RESEARCH is an established market analytics and
research firm with a domain experience sprawling across different industries.
We have been working on multi-county market studies right from our inception.
Over the time, from our existence, we have gained laurels for our deep rooted
market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend
deep cultural, conceptual and social aspects of various tangled markets has
helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a
frontrunner in helping numerous companies; both regional and international to
successfully achieve their business goals based on our in-depth market
analysis. Moreover, we are also capable of devising market strategies that
ensure guaranteed customer bases for our clients.
Contact Us:
We Market Research
Phone: +1(929)-450-2887
Email: sales@wemarketresearch.com
Web: https://wemarketresearch.com/