E-KYC Market Growth Drivers 2022, Industry Share Size, Global Demand, Emerging Trends, Opportunities, Key Players Strategies and SWOT Analysis 2030

e-KYC Market was valued at USD 295.15 billion in 2022 and is expected to expand at a CAGR of 24.5% rising to a value of USD 1579.5 billion in 2030, i.e., forecast period (2022-2030).

Various causes, such as stringent government rules to combat money laundering and financial fraud and the expanding acceptance of digital payment modalities, have aided the growth of the e-KYC market during the last few decades. The International Monetary Fund (IMF), for example, has made the fight against money laundering and terrorism financing a top priority. The initiative's goals include defending the worldwide financial system's reliability and security, cutting off terrorists' access to resources, and making it more difficult for criminals to profit from their illegal activities. Because of its one-of-a-kind mix of universal membership, monitoring functions, and financial sector knowledge, the IMF is a critical and important part of international efforts to prevent terrorist financing.

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The E-KYC technique is a digital and remote version of the traditional KYC procedure. Weeks required for completion are now a reality, with cheaper costs and a better approach. Client specifications are promptly recognised and confirmed, supporting businesses in increasing their conversion rate and providing a seamless, engaging, and easy experience for their customers. The E-KYC approach increases customer satisfaction and ensures that customers may benefit from the service from the first point of interaction with enterprises.

Global E-KYC Market- Segment Analysis
e-KYC Market on the basis of Deployment mode
• Cloud- based
• On- premise

e-KYC Market on the basis of deployment mode is segmented into on-premise and cloud-based. The On-Premises segment is expected to lead the market with a great revenue share. It is because of the organization's on-site benefits of using their server to ensure data security.
It is seen that in the forecast period, the cloud will expand at a significant pace, which is because of the SaaS-based e-KYC solution from the company that allows cost-effective access to the cloud-based implementation of the e-KYC solution.

On the basis of End-User
• Banks
• Financial Institutions
• E-Payment service provider
• Telecom companies
• Government entities
• Insurance companies
The bank market segment is projected to be the most significant revenue contributor in the global market for e-KYC and is expected to retain its dominance in the forecast years. Because of the increasing use of e-KYC in order to optimize customer onboarding by validating KYC documents online and the improvement of efficiency payment collections, eliminating documentation in the procedure of loan applications, and the attempt to prevent identity fraud, the bank segment has accounted for the largest revenue share.
On the other hand, the Financial Industry segment had a good market share for e-KYC and is expected to contribute to economic growth during the forecast period due to e-KYC that will contribute to remote client onboarding and effectively prevent compliance and risk evaluation of anti-money laundering conformance and risk evaluation.

On the basis of Product
• Identity Authentication and matching
• Video Verification
• Digital ID Schemes
• Enhanced vs Simplified Due Intelligence

e-KYC Market: Regional Segmentation
In terms of region, North America has the largest revenue in the market. The increasing requirement for fraud detection in countries, such as Canada and the United States is accountable to the market share for e-KYC. Also, the rise in data theft and cyber-attack cases in small and medium-sized businesses is expected to rise the market growth of the e-KYC over the forecast years.
Asia-Pacific is also anticipated to witness a high CAGR in the global market for e-KYC. Growing internal and external threats, rising cloud use, and the Internet of Things (IoT) has also contributed to e-KYC market expansion in this region.

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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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