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Global E-KYC Market: Key Trends, Challenges and Standardization to 2030

04-13-2022 01:43 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: We Market Research

Global E-KYC Market

Global E-KYC Market

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.

Contact Us:
We Market Research
Phone: +1(650)-666-4592

About We Market Research:
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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