The latest report by IMARC Group, titled “e-KYC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the e-KYC Market Report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global e-KYC market is expected to exhibit a growth rate (CAGR) of 21.9% during 2023-2028. E-KYC is a process that allows organizations to remotely verify the identity of their customers in an efficient and secure manner utilizing digital technologies. The process uses electronic documents, such as scanned copies of government-issued IDs, to authenticate a customer’s identity and eliminates the need for physical paperwork and in-person verification, making it faster and more convenient for both customers and businesses. It offers various benefits, such as reducing the chances of errors and fraud by eliminating manual data entry and human error. It also enhances the security of customer data, as all information is securely stored in digital formats, reducing the risk of physical document theft or loss. As a result, e-KYC is widely utilized in e-payment services, financial institutions, and telecom and insurance companies.
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Industry Growth:
The rising incidents of identity-related crimes, such as human trafficking, corruption, migrant smuggling, and terrorism, are majorly driving the global market. Furthermore, the rising need for compliance with regulatory requirements related to customer identification and verification is catalyzing the demand for e-KYC across the globe. Besides, the implementation of several government regulations to prevent financial crimes and money laundering is acting as another major growth-inducing factor. Moreover, continuous technological advancements, such as linked devices, cloud computing, and artificial intelligence (AI), are impacting the market favorably. Apart from this, the growing utilization of digital payment methods, such as banking cards, unified payments interface (UPI), and mobile wallets, are also influencing the market.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- 63 Moons Technologies Limited
- Acuant Inc
- Financial Software & Systems Pvt. Ltd
- GB Group plc
- GIEOM Business Solutions Pvt. Ltd
- Jumio
- Onfido
- Panamax Inc
- Tata Consultancy Services Limited
- Trulioo
- Trust Stamp
- Wipro Limited
Key Market Segmentation:
Breakup by Product:
- Identity Authentication and Matching
- Video Verification
- Digital ID Schemes
- Enhanced vs Simplified Due Diligence
Breakup by Deployment Mode:
- Cloud-based
- On-premises
Breakup by End User:
- Banks
- Financial Institutions
- E-payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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