openPR Logo
Press release

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

04-12-2023 11:38 AM CET | IT, New Media & Software

Press release from: Absolute Reports

E-KYC Market

E-KYC Market

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.

Get a Sample PDF of report - https://www.precisionreports.co/enquiry/request-sample/22903569

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

Inquire or Share your Questions If any before the Purchasing this Report - https://www.precisionreports.co/enquiry/pre-order-enquiry/22903569

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.

Organization: Precision Reports
Phone: US: +1 424 253 0807 | UK: +44 203 239 8187
Email: sales@precisionreports.co
Website: https://www.precisionreports.co/

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.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release The Global E-KYC Market Size and Share of Top Companies 2023: Future Growth and Forecast 2030 here

News-ID: 3009531 • Views:

More Releases from Absolute Reports

Non-Woven Abrasive Market Size [2023] Industrial Insight includes Manufacture Details and Forecast to 2027 | with [150 Pages]
Non-Woven Abrasive Market Size [2023] Industrial Insight includes Manufacture De …
"Final Report will add the analysis of the impact of COVID-19 on this industry." The Global "Non-Woven Abrasive Market" Report offers a detailed overview report 2023 market size with 150 Pages report, growth rate, and distribution of the market by several segments (mostly encompassing product type, technology, applications, and geography) for the entire research period. The analysis and insights into the market's size and growth rate by different segments, as well
Speaker Mesh Market Size [2023] Industrial Insight includes New Development and Forecast to 2027 | with [121 Pages]
Speaker Mesh Market Size [2023] Industrial Insight includes New Development and …
"Final Report will add the analysis of the impact of COVID-19 on this industry." The Global "Speaker Mesh Market" Report offers a detailed overview report 2023 market size with 121 Pages report, growth rate, and distribution of the market by several segments (mostly encompassing product type, technology, applications, and geography) for the entire research period. The analysis and insights into the market's size and growth rate by different segments, as well
Line Arrestor Market Size [2023] Global Overview includes Drivers and Forecast to 2027 | with [138 Pages]
Line Arrestor Market Size [2023] Global Overview includes Drivers and Forecast t …
"Final Report will add the analysis of the impact of COVID-19 on this industry." The Global "Line Arrestor Market" Report offers a detailed overview report 2023 market size with 138 Pages report, growth rate, and distribution of the market by several segments (mostly encompassing product type, technology, applications, and geography) for the entire research period. The analysis and insights into the market's size and growth rate by different segments, as well
Oudoor Forklift Tire Market Size [2023] Industrial Insight includes New Development and Forecast to 2027 | with [115 Pages]
Oudoor Forklift Tire Market Size [2023] Industrial Insight includes New Developm …
"Final Report will add the analysis of the impact of COVID-19 on this industry." The Global "Oudoor Forklift Tire Market" Report offers a detailed overview report 2023 market size with 115 Pages report, growth rate, and distribution of the market by several segments (mostly encompassing product type, technology, applications, and geography) for the entire research period. The analysis and insights into the market's size and growth rate by different segments, as

All 4 Releases


More Releases for KYC

Global E-KYC Market: Key Trends, Challenges and Standardization 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
E-KYC Market 2022 Global - Opportunities, Challenges, Strategies & Forecasts to …
A New Study on "Global E-KYC Market Size & Share Report 2022-2028" added on intelligencemarketreport.com to its research database. The report covers a comprehensive analysis of the E-KYC market, which has been included in the research report. The study will also cover accessible opportunities for stakeholders to invest in micro markets, as well as a thorough evaluation of the competitive environment and key rivals' product offerings. Major market aspects such as
Video KYC Market Is Booming Worldwide with Wibmo, Ameyo, HyperVerge, Onfido
Advance Market Analytics published a new research publication on “Video KYC Market Insights, to 2026″ with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Video KYC market was mainly driven by the increasing R&D spending across the world. Some of the key players profiled in
E-KYC – Market Boosting the Growth Worldwide: Acuant, Pegasystems, EverComplia …
AMA Research recently released research coverage on Global E-KYC Market that evaluates and provides market size, trend, and estimation to 2026. The E-KYC market study provides ready-to-access and self-analyzed study with significant research data proves to be a useful document for managers, industry consultants and key executives to better understand market trends, growth drivers, opportunities and upcoming challenges and competitors development activities. Key Players in This Report Include: Acuant (United States), Trust
Press Release: Banco Promerica launches "Cuenta Inicia" with Mobbeel’s KYC tec …
Banco Promerica El Salvador launches Cuenta Inicia, the new 100% digital account, which can be opened easily, quickly and securely through its Mobile Banking app, thanks to the support of Veentrix, a local partner of Mobbeel, a pioneer in KYC / Digital Onboarding, digital signature and biometric authentication technology. Cuenta Inicia can be opened in a couple of minutes with an Android or iOS smartphone. Users can start the account opening
Fintech Companies are Benefiting by using Video KYC platform
Who are Fintech Companies? Financial technology, also known as fintech, is a nascent economic sector consisting of companies that use technology to bring more efficiency to financial services. Normally they are startups that disrupt the status quo by providing faster and more efficient solutions than the traditional alternatives. There are around 2174 fintech startups in India. Fintech companies are at the cusp of finance and technology that helps to bring in