India E-KYC Market Research and Future Forecast 2020 to 2027 | Signzy, Videokyc, Signdesk, Syntizen, IDfy, Equifax, Inc., Digio, Trulio, Wipro Technologies, Tata Consultancy Services (TCS)

India E-KYC market anticipated to trigger due to the digitalize customer onboarding process and reduce organization operation cost. The India e-KYC market estimated to grow at a significant CAGR over the forecast period, 2020-2027. The key factors are reducing paperwork and cut down on the turnaround time of completing KYC formalities online in real-time in a few easy steps. Additionally, the government regulators are focusing on tracking digital currency and regulating it to eliminate anonymity in transactions, and cross-border funds transfers are anticipated to fuel the demand for e-KYC across India in the coming years.

Further, the growing application of e-KYC for verified remotely in India and reduce the costs of financial institutions is strengthening the market growth. Also, the increasing applications of AI and Machine in analyzing a massive amount of data generated through transactions involving digital currencies and help in reducing the number of false alerts India, these factors are expected to propel the demand for e-KYC over the coming years.

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Moreover, the surge in demand for e-KYC in rising the customer satisfaction and meet the same safety standards as traditional ones of identification such as face verification with high levels of safety and reliability will spur the growth of the India e-KYC market size. Furthermore, the surge in the applications of artificial intelligence and machine learning that are helping organizations digital transformation coupled with manage in reducing costs, automate processes, and provide the highest levels of security, these vital factors will bolster the growth of the e-KYC market.

Type Overview in the India E-KYC Market:

Based on Type, the India e-KYC market bifurcates into Aadhaar e-KYC and Video-based KYC. The Aadhaar e-KYC will be the fastest-growing segment in the forecast period. It is attributable to the growing use of Aadhaar by organizations to authenticate using Biometrics to complete the KYC process, reduce the ever-increasing regulatory burden and compliance cost; and verification of Indian consumers by financial service providers using Aadhaar e-KYC.

Video-based KYC will capture the highest revenue in 2027 in the Indian E-KYC market. It is owing to it eliminates the time and cost required to validate a customer, speeding up customer onboarding manually.

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Deployment Model Overview in the India E-KYC market:-

Based on the deployment model, the India e-KYC market segregated into Cloud and On-Premises. The On-Premises held for the highest revenue in 2019 due to organizations help in understanding the risk associated with the data storage and providing the option to use their server for storing customer data.

Component Overview in the India E-KYC Market:-

Based on the component, the India e-KYC market bifurcates into Software and Services. Software accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to the surge in adoption of e-KYC software across organizations to reduce the cost of compliance, and achieve consistent regulatory coverage, and speed up customer remote onboarding.

End-User Industry Overview in the India E-KYC Market:-

Based on the end-user industry, the India e-KYC market segmented into Banking Industry, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and Others. The banking industry segment estimated to dominate the E-KYC market by 2027. It is due to the upsurge in the application of E-KYC in automating customer onboarding, eliminate paperwork in loan application processing by authenticating KYC documents online and automate payment collections, and prevent in identity fraud.

Regional Overview in the India E-KYC Market:-

Based on geography, the India E-KYC market segmented into North India, South India, West India, and East India. North India accounted for maximum revenue share in 2019, owing to the massive surge in demand for e-KYC in the banking and financial industry in digital in-person verification, seamless end-to-end customer onboarding, cost reduction in onboarding and cloud-based security solutions.

India E-KYC Market: Competitive Landscape:

Companies such as Veri5Digital, Signzy, Videokyc, Signdesk, Syntizen, IDfy, Equifax, Inc., Digio, Trulio, Wipro Technologies, Tata Consultancy Services (TCS) and inVOID are the key players in the India E-KYC Market.

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