Report Ocean recently released a comprehensive report on the E-KYC (Electronic Know Your Customer) market, offering valuable insights into the factors influencing its growth. This report provides critical information on market drivers, restraints, and opportunities, enabling a better understanding of the market dynamics. It also includes a detailed analysis of industry trends and developments that are shaping the E-KYC market. Furthermore, the report offers a thorough assessment of the market at both global and regional levels, providing insights for businesses and stakeholders.
Market Size
In 2021, the global E-KYC market reached a valuation of $1,571.1 million. The market is poised for significant growth and is projected to reach a value of $2,791.5 million by 2030. This growth is expected to be driven by a compound annual growth rate (CAGR) of 21.5% during the forecast period from 2022 to 2030.
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Key Aspects of E-KYC
E-KYC, or Electronic Know Your Customer, is a crucial component of digital identity verification. It plays a vital role in the identification and verification of individuals or businesses, often used in various sectors, particularly in the financial industry.
Factors Influencing the Market
Several key factors are contributing to the growth of the global E-KYC market:
- Terrorist Financing and Financial Losses: Increased incidents of terrorist financing and substantial financial losses in the banking, financial services, and insurance (BFSI) sectors are driving the adoption of E-KYC solutions.
- Compliance Management: The growing significance of compliance management and the rise in identity-related frauds are expected to benefit the market.
- Cybersecurity Threats: The escalating frequency of cyberattacks, especially targeting small and medium-sized businesses, is driving the adoption of E-KYC solutions.
- Digital Payments: The growing preference for digital payment methods and the rise of mobile payments are creating growth opportunities for the E-KYC market.
- Technological Advancements: The increasing popularity of cloud computing and artificial intelligence (AI) is expected to drive market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly accelerated the adoption of online payment methods. This led to a substantial increase in the user base of online payment platforms, which, in turn, amplified the growth of the E-KYC market. Online payments have become a new norm, and this shift is expected to have a lasting positive impact on the market.
Regional Analysis
- North America: The E-KYC market in North America is experiencing the highest growth in terms of revenue and is expected to dominate in the coming years. The region’s growth is attributed to increasing identity fraud and the need for robust fraud detection measures.
- Asia Pacific (APAC): APAC is expected to witness significant growth in the global E-KYC market due to its large population base and the growing user base of online shopping platforms. The rising popularity of online payments and e-commerce in the region is expected to drive market growth.
Key Competitors
Key players in the E-KYC market include:
- Tata Consultancy Services (TCS)
- Wipro Technologies
- EverCompliant
- GIEOM Business Solutions
- 63 moons technologies limited
- Jumio Corporation
- IDnow GmbH
- Onfido
- Financial Software & Systems Pvt. Ltd.
- Pegasystems Inc.
- Panamax Inc.
- Other prominent companies
Market Segmentation
The global E-KYC market is segmented based on several factors, including:
- Product: This includes Identity Authentication and Matching, Video Verification, Digital ID Schemes, and Enhanced vs. Simplified Due Diligence.
- Deployment Mode: Encompassing Cloud-Based and On-Premise solutions.
- End-Use: Categorized into Banks, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, and Insurance Companies.
Reasons to Buy This Report
- Valuable insights for top management, policymakers, professionals, product developers, sales managers, and stakeholders.
- Comprehensive analysis of E-KYC market revenues on a global, regional, and country level, projecting trends until 2031.
- Market segmentation based on types, applications, technologies, and end-uses.
- Analysis of competitors, their strategies, and market positioning.
- Evaluation of business predictions by region, key countries, and top companies.
About Report Ocean
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