The Global E-KYC Market Size and Share of Top Companies 2023: Future Growth and Forecast 2030

Market Overview:
Knowing your customer is the process by which a company confirms the identity of a customer, commonly known as KYC. E-KYC is essentially the process of completing KYC. E-KYC is the digital verification of customer identities and addresses without the need for physical documentation. In general, E-KYC is an expression used to describe the digital, electronic and online concepts of the KYC process.Influence of COVID-19 Outbreak of E-KYC Industry DevelopmentMore than 5.98 million people have died from COVID-19 since the outbreak began, and the death toll continues to rise. At present, the global economy continues to recover, but due to the disruption of supply chains, the uncertainty of the epidemic has increased, the uncertainty of global economic recovery has increased, and the momentum of recovery has weakened. It's the worst global recession in decades, despite huge efforts by governments to fight it, backed by fiscal and monetary policy. But in the longer term, a severe recession caused by the pandemic is expected to lead to a prolonged downturn in the economy by reducing investment. The recession could get worse if the COVID-19 outbreak continues, if restrictions on liquidity are extended or reintroduced, or if economic activity is disrupted for a prolonged period. Businesses may struggle to service debt, increased risk aversion could lead to higher borrowing costs, and bankruptcy and defaults could lead to financial crises in many countries.During the period of prevention and control of the new crown pneumonia epidemic, enterprises still face great potential risks in resuming work and production. Therefore, many enterprises have moved offline business to online for safety reasons, and provided services to users in a remote and non-contact way. Taking the financial industry as an example, in order to prevent the spread of the epidemic, most offline outlets are currently closed and unable to operate normally. Many financial institutions are actively expanding their business online.In financial services such as account opening and lending, verifying the authenticity and legitimacy of user identities is the key to preventing risks. Industry companies provide financial institutions with remote e-KYC technology solutions, such as through service modules such as witness comparison, liveness detection, anti-hack, cross-validation, and OCR identification, to help financial institutions complete real-name authentication and verification of user identities online , and the real-time extraction and recording of user information, thereby realizing remote account opening, remote approval, and remote collaborative documents, which is safe and efficient. In general, during the epidemic, e-KYC technology solutions help financial institutions to achieve remote business development, online verification of user identities, and online review of user information, so that users can enjoy timely and efficient financial services without leaving home.E-KYC DriversThe E-KYC process is a digital and remote transformation of the traditional KYC process. In the development process of the Internet economy, crimes such as forging identities, signatures, and personal information are very common. E-KYC can reduce the fraud risk of enterprises. Therefore, with the development of the digital economy, various countries have introduced a series of policies to support the development of the E-KYC industry.Taking Malaysia as an example, on June 30, 2020, Bank Negara Malaysia issued a policy document on E-KYC (Electronic Know-Your-Customer). The policy paper aims to expedite and simplify the way industry players adopt e-KYC technology. The industry adopts e-KYC technology combined with Bank Negara Malaysia to promote the digitization of more financial services. e-KYC technology enables customers to digitally log in anytime, anywhere. With the popularity of e-KYC, most users no longer need to visit a physical store of a financial service provider to open an account. In addition to increasing customer convenience, the digital login of customers enabled by e-KYC technology also reduces costs for users and suppliers. In the long run, it also helps to increase competition in the financial sector. This policy document aims to facilitate the safe and secure use of e-KYC technology by financial institutions by clarifying the expected outcomes of e-KYC technology use and developing best practice scenarios and parameters, thereby ensuring the security and integrity of customer login processes. In general, policy promotion is an important reason for the development of the E-KYC industry.In recent years, the fraud risk situation faced by the financial industry is still severe, and new fraud methods emerge in an endless stream. Under the new normal of stricter industry regulation, financial institutions continue to increase their investment in risk management and control. The primary key to risk control is to verify the authenticity and legitimacy of the user's identity, the so-called KYC process.At present, with the development and application of cutting-edge technologies such as fingerprint recognition, face recognition, and OCR recognition, the KYC process of identifying and verifying user identities is gradually becoming digital and electronic, and e-KYC has become a very important part of the financial industry. Based on the e-KYC solution, it realizes the real-name system of users, confirms the user's identity, and realizes online remoteization of all processes and transactions of financial business.The e-KYC solution replaces the cumbersome offline process with a simple, instant and user-friendly remote online method, helping financial institutions to quickly and efficiently complete the real-name verification of user identity and effectively prevent fraud risks. It speeds up business processing while reducing offline human input. In addition, simple and convenient remote online operations reduce user transaction costs, greatly improve user service experience, help reduce customer acquisition costs, improve business conversion rates, and facilitate business growth.For example, in India, registration using Aadhaar-enabled e-KYC was accompanied by an increase in financial accounts from 48 million in 2016-17 to 138 million in 2017-18. At the same time, Aadhar reportedly reduced the cost of KYC verification for financial institutions from about $5 per customer to about $0.70.In general, the increasing demand for E-KYC in the financial industry is an important factor driving the development of the industry.

E-KYC market reached a value of USD 618.02 million in 2022. It's expected that the market will achieve USD 2229.31 million by 2028, exhibiting a CAGR of 23.84% during the forecast period.

A thorough understanding of the Services sector and its commercial potential is the aim of the market study. The E-KYC Market Report has 109 pages and has a detailed table of contents, a list of data, tables, and charts, along with an in-depth analysis.

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Market Segmentation:
Leading Players in the E-KYC Industry:
Jumio
IDnow GmbH
Panamax Inc.
Innov8tif
Acuant
Trulioo
GIEOM Business Solutions
Onfido
Innovatrics
Financial Software & Systems Pvt. Ltd.
Wipro Technologies
iDGat

To preserve their position, these big corporations relied on primary growth tactics such as product portfolio expansion, current trends, financing, mergers and acquisitions, partnerships, new product invention, and geographical development.

Based on Type:
Identity Authentication and Matching
Video Verification
Digital ID Schemes
Enhanced vs Simplified Due Diligenc

Based on Application:
Banks
Financial Institutions
E-payment Service Providers
Telecom Companies
Government Entities
Insurance Companies
Other

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Key Factors Considered:
COVID-19 - Amid the COVID-19 crisis, the E-KYC market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research. The epidemic is still causing tremendous disruption in industries throughout the world. We've been tracking the direct and indirect consequences of the COVID-19 outbreak on the E-KYC market. To Know How Covid-19 Pandemic will Impact this Industry - https://www.precisionreports.co/enquiry/request-covid19/22903569

Regional Conflict / Russia-Ukraine War - The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it's going to evolve in the years to come.

Challenges & Opportunities - Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.

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Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today's businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Precision Reports is the credible source for gaining the market reports that will provide you with the lead your business needs.

This release was published on openPR.