E-KYC Market Report 2022 by Global Key Players, Types, Applications, Countries, Market Size, Forecast to 2030
The Global E-KYC Market size was
at USD 295.15 Million in 2020, and it is predicted that it will reach a
valuation of USD 1575.5 Million by the end of 2030 with an annual development
rate (CAGR) of 24.5% between 2022 and 2030.
Global E-KYC Market: Overview
E-KYC is also known as electronic-know your customers. Banks and several other
financial institutions widely use it. It is a type of Digital ID that supports
financial institution in improving risk management operations, protecting
end-user data against theft & cyber-attacks, and delivering effective fraud
management.
Key Market Trends: Drivers and
Restraints
Global E-KYC Market: Market Drivers:
In the last few decades, the Global
e-KYC market has observed massive development. This growth can
be attributed to the strict government policies for preventing money laundering
and financial fraud and the growing adoption of digital payment modes. For
instance, as per the International Monetary Fund (IMF) reports, e-KYC has
reinforced the battle against terrorism fanning and money laundering.
Furthermore, increasing AI and machine application in evaluating the massive amount of data created by digital currency transactions and cutting down false alerts are expected to accelerate e-KYC demand.
Global E-KYC Market: Market Restraints:
Technical glitches and lack of awareness are the main factors hindering the market growth for e-KYC over the forecast period. E-KYC helps in simplifying online transactions and security for the management of various online accounts. All this information is more noticeable in the developed & wealthy countries. Technical failure, data breaches and misuse of personal information might create obstacles to e-KYC market growth in coming years.
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Segmental
Analysis of E-KYC Market
Based On Product Type:
·
Identity Authentication and Matching
·
Video Verification
·
Digital ID Schemes
·
Enhanced vs Simplified Due Diligence
The Identity Authentication and
the Matching segment is expected to experience substantial growth over the
forecast period owing to the extensive usage in the Banking and Finical
Institutions.
Based
On Development Mode:
·
Cloud-Based
·
On-Premise
The cloud-based segment has been
leading the global e-KYC market and is anticipated to show a significant rise
over the forecast period.
Based
On End-User:
·
Banks
·
Financial Institutions
·
E-payment Service Providers
·
Telecom Companies
·
Government Entities
·
Insurance Companies
The Bank segment dominated the
market and accounted for the largest revenue share in the global e-KYC market
in 2021. It will retain its dominance throughout the forecast period.
North America has been dominating the
market at a considerable CAGR.
North America led the e-KYC market and accounted for the largest global revenue
share in 2021. This notable expansion is credited to the growing requirement
for fraud detection in the countries such as the United States and Canada.
Moreover, The Asia Pacific e-KYC market witnessed significant growth in CAGR in
2020. This growth was ascribed to the rising internal and external threats,
surging in cloud use and the Internet of Things (IoT).
Global E-KYC Market: Competitive
Landscape
The prominent players influencing the competitive hierarchy of the market
sphere are 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., and Panamax Inc.
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Major Developments
·
Congress introduced the Anti-Money Laundering act
of 2020 (AMLA), considered to be the most powerful anti-money laundering bill
for centuries.
·
As per the updated legislation by AMLA in 2020,
the "Secretary of Treasury" must pay an award to the whistleblower to
have transparency in the system.
Major
questions answered in this report
·
What is the growth rate of the e-KYC market?
·
What are the primary growth drivers of the e-KYC
market?
·
Which factors are hindering the growth of the
e-KYC market?
·
Which are the significant regions constituting the
geographical landscape of the e-KYC market?
·
Which are the prominent companies operating in the
e-KYC market?
·
How has e-KYC affected online transaction and
digital account safety?
·
How has e-KYC affected terrorist funding and money
laundering?
Key
takeaways from the report
·
The global e-KYC market is projected to register a
CAGR of 24.5% over 2022-2030
·
The banking segment dominated the market by 40% in
2019.
·
North America dominated the global e-KYC market by
45% in 2019.
·
Asia Pacific is expected to grow at the fasted
CAGR of 24.2% over the forecast periods on 2020-2030.
·
Increasing AI and machine applications to evaluate
the massive amount of data created by digital currency transactions and cutting
down false alerts is expected to accelerate e-KYC demand.
·
Technical failure, data breaches and misuse of
personal information might create obstacles to e-KYC market growth in coming
years.
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