E-KYB Market Size, 2023 Industry Growth Statistics, Future Demand, Latest Innovation, Share Estimation and 2030

Introduction
The global E-KYB (Electronic Know Your Business) market is experiencing significant growth, driven by the need to verify the legitimacy of firms, companies, and organizations. The market size was valued at US$ 168.9 million in 2021 and is projected to reach US$ 531.8 million by 2030, with a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030. This report provides an overview of the market, including its size, growth potential, factors influencing market growth, COVID-19 impact, regional analysis, competitors, and market segmentation.

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Market Overview
E-KYB is aimed at verifying the authenticity and legitimacy of businesses, preventing financial fraud, and tracking financial transactions over time. The increasing number of fake businesses and cases of money laundering fraud drive the growth of the global E-KYB market. Various types of fraud, including wage evasion, cash fraud, identification theft, and corporate frauds such as charity fraud, internet auction fraud, and merchant fraud, have increased in numbers, creating a high demand for E-KYB. Rapid investments in banking digitalization and the growing adoption of digital banking methods further contribute to market growth. However, a lack of awareness about E-KYB may limit market growth.

Factors Influencing Market Growth
Several factors influence the growth of the E-KYB market:

Rising cases of fake businesses and money laundering frauds drive the demand for E-KYB solutions.
Investments in banking digitalization and the increasing adoption of digital banking methods create growth opportunities.
The need for process automation and the introduction of innovative technologies drive the E-KYB market.

COVID-19 Impact Analysis
The COVID-19 pandemic led to an increased adoption of digital methods by companies, resulting in a rise in fraud cases. This situation created opportunities for the E-KYB market, as businesses sought fraud detection and prevention solutions. Investments in banking digitalization also grew significantly during the pandemic, further benefiting the E-KYB market.

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Regional Analysis
North America is expected to dominate the global E-KYB market, driven by the increasing cases of identity fraud and the contribution of countries like the United States and Canada in fraud detection and prevention. The United States, in particular, is experiencing substantial growth in identity theft cases, creating opportunities for the regional market. The Asia-Pacific region is also projected to witness significant growth due to rising digitalization and increasing fraud cases, presenting growth prospects for the E-KYB market.

Competitors in the Market
Key players in the global E-KYB market include:

TruNarrative
Trulioo
Jumio
IDnow
Onfido
Shufti Pro
Acuant
Other prominent players

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Market Segmentation
The market segmentation for E-KYB is based on the following factors:

Delivery Model: Cloud-based, On-premise

End-User: Banks, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, Others

Region: North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Rest of Western Europe, Poland, Russia, Rest of Eastern Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, ASEAN, Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, South Africa, Rest of MEA), South America (Brazil, Argentina, Rest of South America)

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