According to a new market research report published by Report Ocean, the global E-KYC Market is anticipated to grow at a CAGR of $%, during the forecast period. The market is estimated to reach $$ billion by 2030.
This detailed market research report by Report Ocean include in-depth analysis of technological innovations, market trends, supply chain trends, future trends, leading players, and key developments. The report also includes additional information about other factors such as drivers, restraints and challenges faced by this market, along with an overview for each mentioned segment in the study.
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The global E-KYC market size was US$ 1571.1 million in 2021. The global E-KYC market is forecast to grow to US$ 2791.5 million by 2030 by registering a compound annual growth rate (CAGR) of 21.5% during the forecast period from 2022 to 2030.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
COVID-19 Impact Analysis:
The COVID-19 pandemic has accelerated the adoption of online payment methods and digital transactions, leading to an increased demand for E-KYC solutions. As people turned to online platforms for their financial transactions, the E-KYC market experienced significant growth. The pandemic has normalized online payments, and the trend is expected to continue even beyond the pandemic, contributing to the long-term growth of the market.
Major market segments of the E-KYC Market are:
By Product
• Identity Authentication and Matching
• Video Verification
• Digital ID Schemes
• Enhanced vs Simplified Due Diligence
By Deployment Mode
• Cloud-Based
• On-Premise
By End-Use
• Banks
• Financial Institutions
• E-payment Service Providers
• Telecom Companies
• Government Entities
• Insurance Companies
The research methodology adopted by analysts to study the market include inputs derived from industry professionals across the value chain and various other secondary research methods, along with primary research as a major tool for market study.
A section of the report covers research on key players moves that include pointers on new entrants, future investors and existing players.
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List of major players operating in the E-KYC market:
• 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 Players
The global E-KYC market report provides a comprehensive analysis covering all major geographies such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Regional Analysis
● 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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Factors Influencing the Market:
The E-KYC (Electronic Know Your Customer) market is expected to witness significant growth during the study period due to several factors. Firstly, the increasing concern over terrorist financing operations and substantial financial losses in the banking, financial services, and insurance (BFSI) sectors will drive the demand for E-KYC solutions. Organizations in these sectors are increasingly recognizing the need for robust identity verification processes to mitigate risks and comply with regulatory requirements.
Moreover, the growing significance of compliance management and the rise in identity-related frauds will contribute to the market growth. Stringent regulations and the need to prevent fraud and financial crimes drive the adoption of E-KYC solutions, which offer efficient and reliable identity verification and authentication processes.
Additionally, the rising frequency of cyberattacks targeting small and medium-sized businesses will further fuel the demand for E-KYC solutions. As organizations strive to protect themselves and their customers’ data from cyber threats, implementing secure identity verification measures becomes crucial.
Furthermore, the increasing popularity of digital payment methods, including mobile payments, presents numerous growth opportunities for the E-KYC market. The adoption of digital payment platforms, even in developing nations, is on the rise, driving the need for streamlined and secure identity verification processes.
The growing popularity of cloud computing and artificial intelligence (AI) also play a significant role in the market’s growth. Cloud-based E-KYC solutions offer scalability and cost-efficiency, while AI technologies enhance the accuracy and speed of identity verification processes.
However, a lack of awareness and understanding of E-KYC among businesses and individuals may limit the market’s growth. Efforts to educate and create awareness about the benefits and importance of E-KYC solutions will be crucial to overcome this challenge.
Regional Analysis:
North America is currently witnessing the highest growth in the E-KYC market, driven by factors such as the increasing incidents of identity frauds and the growing need for fraud detection in countries like Canada and the United States. The region’s well-established financial services sector and stringent regulatory frameworks further support the market’s growth.
The Asia-Pacific (APAC) region is expected to experience significant growth in the global E-KYC market. The large population base, expanding user base on online shopping platforms, and the increasing popularity of online payments contribute to the market’s growth in the region. APAC presents ample opportunities for E-KYC solution providers, and the market is poised to expand during the study period.
The study offers in-depth regional analysis of market scenarios, by analyzing previous trends and covering future forecast. It also offers an in-depth analysis of major driving factors, segments, regions & countries and key players in the market. Additionally, the report outlines the competitive scenarios across different geographies, along with some key market strategies such as mergers and acquisitions, new product developments, R&D activities and more.
Why to purchase this report
- The report would provide an in-depth analysis on the current and future market trends
- Analysis on global, regional and country level markets
- Key strategic initiatives taken by major players operating in the market along with ranking analysis for the key players
- Analysis based on historical information along with the current trends to estimate the future of the market
- Analysis of the impact of constantly changing global market scenarios
Major highlights of the Table of Contents of the study:
- Market Overview & Summary
- Market Dynamics
- Market Determinants
- Market Share Analysis
- PORTERS Analysis
- PESTEL Analysis
- Value-chain Analysis
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