e-KYC Market 2023-2028: Industry Growth, Share, Size, Key Players Analysis and Forecast

How Big is the e-KYC Market ? :

According to the latest report by IMARC Group, titled "e-KYC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global e-KYC market is expected to exhibit a growth rate (CAGR) of 21.9% during 2023-2028.

What is e-KYC ? :

Electronic Know Your Customer (e-KYC) is a digital identity verification process used in various industries, particularly finance and telecommunications. It enables organizations to confirm the identity of individuals remotely through digital means, reducing the need for physical paperwork and in-person verification. E-KYC relies on technologies such as biometrics, secure document uploads, and government-issued identification to establish a person's identity securely and swiftly. This enhances customer convenience, improves onboarding process efficiency, reduces fraud, and ensures compliance with regulatory requirements. E-KYC plays a crucial role in the digital transformation of industries, enabling faster and more accessible services while maintaining robust security measures.

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Competitive Landscape with Key Players:

• 63 Moons Technologies Limited
• Acuant Inc
• Financial Software & Systems Pvt. Ltd
• GB Group plc
• GIEOM Business Solutions Pvt. Ltd
• Jumio
• Onfido
• Panamax Inc
• Tata Consultancy Services Limited
• Trulioo
• Trust Stamp
• Wipro Limited

Industry Growth and Demand:

The global market is majorly driven by the expanding digital economy. In line with this, the growth of online services necessitates efficient identity verification processes. E-KYC offers a seamless, paperless solution that aligns perfectly with the global shift toward digitalization. Furthermore, the increasing concern for data security and privacy has prompted organizations to adopt more secure and compliant identity verification methods. E-KYC provides advanced encryption and authentication mechanisms to safeguard sensitive customer data. Moreover, the COVID-19 pandemic accelerated the adoption of contactless and remote services. E-KYC enabled remote onboarding and transactions, minimized physical contact, and ensured business continuity during lockdowns.

Besides, the rise in mobile device usage and internet penetration in emerging markets has expanded the addressable market for e-KYC solutions, especially in regions where traditional identification processes are challenging. Additionally, regulatory bodies worldwide recognize digital identity verification's importance for fraud prevention and compliance. They are increasingly endorsing and mandating e-KYC solutions, further fueling market growth.

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Key Market Segmentation:

Breakup by Product:

• Identity Authentication and Matching
• Video Verification
• Digital ID Schemes
• Enhanced vs Simplified Due Diligence

Breakup by Deployment Mode:

• Cloud-based
• On-premises

Breakup by End User:

• Banks
• Financial Institutions
• E-payment Service Providers
• Telecom Companies
• Government Entities
• Insurance Companies

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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