The global E-KYB market size was US$ 168.9 million in 2021. The global E-KYB market is forecast to grow to US$ 531.8 million by 2030 by registering a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030.
The main motive of KYB is to verify the legitimacy of firms, companies, and organizations. KYB compliance track the company’s financial transactions throughout time. It prevents the people and other firms from being a victim of any sort of financial fraud.
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Factors Influencing the Market
The rising number of fake business and money laundering frauds will primarily drive the growth of the global E-KYB market during the forecast period. Apart from wage evasion, cash fraud, identification theft, corporate frauds like charity fraud, internet auction fraud, merchant fraud, non-commercial distribution, overpayment, and re-shipping frauds are significantly increasing in numbers. Thus, it raises the high demand for E-KYB.
Rapidly growing investments in banking digitalization will also contribute to the growth of the E-KYB market during the study period. In addition, the growing number of people adopting digital banking methods will also benefit the global market during the forecast period.
Other factors, such as the increasing requirement for automation of processes and the introduction of innovative technologies, will also drive the E-KYB market during the study period. On the flip side, a lack of awareness about E-KYB may limit the growth of the market during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, most companies adopted digital methods to survive the pandemic. Thus, it increased the cases of fraud. As a result, the global E-KYB market witnessed various opportunities amid the pandemic. Furthermore, investments in banking digitalization also grew significantly. As a result, it has been beneficial for the E-KYB market.
Regional Analysis
North America is forecast to dominate the global E-KYB market. The growth of the E-KYB market is attributed to the rapidly rising cases of identity fraud faced by the population and other companies. The market growth will also be due to the rising contribution of countries like Canada and the U.S. for fraud detection and prevention. In the United States, the cases of identity theft are increasing substantially, which will open doors of opportunities for this regional market during the study period.
The Asia-Pacific E-KYB market will also grow substantially due to rising digitalization in the region. Moreover, the cases of fraud are also growing in the region. As a result, it will raise the growth prospects for the Asia-Pacific E-KYB market during the study period.
Competitors in the Market
• TruNarrative
• Trulioo
• Jumio
• IDnow
• Onfido
• Shufti Pro among
• Acuant
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the E-KYB industry experienced notable growth in its workforce. Starting in January, employment within the E-KYB sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global E-KYB output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global E-KYB output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global E-KYB market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the E-KYB market.
Market Segmentation
The global E-KYB market segmentation focuses on Delivery Model, End-User, and Region.
By Delivery Model
• Cloud-based
• On-premise
By End-user
• Banks
• Financial Institutions
• E-payment Service Providers
• Telecom Companies
• Government Entities
• Insurance Companies
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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