e-KYC Market 2022 by Manufacturers, Regions, Type and Application, Forecast to 2026

2022-09-14 06:31:47 UTC | Information & Communication Technology
e-KYC Market 2022 by Manufacturers, Regions, Type and Application, Forecast to 2026

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


         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/