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e-KYC Market Envisions USD 1,964.73 Million By 2029 with a 22.0% Compound Annual Growth Rate

07-17-2024 07:55 AM CET | IT, New Media & Software

Press release from: Polaris Market Research & Consulting

E-Kyc Market

E-Kyc Market

The global e-KYC market was valued at USD 447.53 million in 2021 and is expected to rise to USD 1,964.73 million by 2029. The market is expected to register a CAGR of 22.0% during the forecast period from 2022 to 2029. Various factors propelling the demand for e-KYC include:

โ— Over the past two decades, the e-KYC market has grown significantly, driven by several factors, including the increasing use of digital payment methods and strict government rules aimed at preventing financial crime and money laundering.
โ— The demand for e-KYC is expected to rise in the future due to the expansion of AI and machine applications that analyze the massive volumes of data generated by digital currency transactions and reduce false warnings.
โ— The e-KYC industry is expected to rise throughout the forecast period due to the increasing need to restrict the unauthorized use of credentials and conduct infractions.

๐€๐œ๐œ๐ž๐ฌ๐ฌ ๐ญ๐ก๐ž ๐‚๐จ๐ฆ๐ฉ๐ซ๐ž๐ก๐ž๐ง๐ฌ๐ข๐ฏ๐ž ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐‡๐ž๐ซ๐ž: https://www.polarismarketresearch.com/industry-analysis/e-kyc-market/request-for-sample

๐–๐ก๐š๐ญ ๐ข๐ฌ ๐„-๐Š๐˜๐‚?

Banks, workplaces, and other companies employ the E-KYC authentication technique. Know Your Customer, or KYC, is an acronym. Another phrase for it is knowing your customer or just KYC. KYC is the process by which a business verifies the identity of its customers and assesses their suitability. The banking, financial services, and insurance (BFSI) industry's large financial losses and the financing of terrorism are expected to drive up target market growth for e-KYC.

๐“๐จ๐ฉ ๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ:

In this extremely competitive industry, major rivals constantly innovate and differentiate their products in an effort to take the lead in the market. Some of the leading companies of public key infrastructure are:

โ€ข 63 Moons Technologies Ltd.
โ€ข Au10tix
โ€ข EverCompliant
โ€ข Acuant
โ€ข Financial Software & Systems Pvt. Ltd.
โ€ข GIEOM Business Solutions
โ€ข GB Group
โ€ข IDnow GmbH
โ€ข Onfido
โ€ข Panamax Inc.
โ€ข Jumio Corporation
โ€ข Pegasystems Inc.
โ€ข Tata Consultancy Services (TCS)
โ€ข Trulioo
โ€ข Trust Stamp
โ€ข Wipro Technologies

๐๐ฎ๐ฒ ๐๐จ๐ฐ ๐“๐ก๐ข๐ฌ ๐๐ซ๐ž๐ฆ๐ข๐ฎ๐ฆ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ: https://www.polarismarketresearch.com/buy/945/2

๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ

โ€ข Regulatory Compliance: Increasing regulatory requirements for Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) are pushing organizations to adopt robust e-KYC solutions to ensure compliance.
โ€ข Digital Transformation: The global shift towards digital banking and financial services necessitates efficient and secure identity verification processes, driving the demand for e-KYC solutions.
โ€ข Rise in Financial Frauds: Growing instances of identity theft and financial fraud are compelling institutions to implement stringent identity verification mechanisms.

๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ

โ€ข Integration with Emerging Technologies: Combining e-KYC with emerging technologies like artificial intelligence (AI), machine learning (ML), and blockchain can enhance the accuracy, security, and efficiency of identity verification processes.
โ€ข Expansion in Emerging Markets: Developing countries with increasing digital penetration and regulatory advancements present significant growth opportunities for e-KYC solutions.
โ€ข Biometric Authentication: The integration of biometric authentication methods (e.g., facial recognition, fingerprint scanning) into e-KYC processes can further improve security and user experience.

๐๐ซ๐จ๐ฐ๐ฌ๐ž ๐€๐๐๐ข๐ญ๐ข๐จ๐ง๐š๐ฅ ๐ƒ๐ž๐ญ๐š๐ข๐ฅ๐ฌ: https://www.polarismarketresearch.com/industry-analysis/e-kyc-market

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ฅ ๐๐ซ๐ž๐š๐ค๐๐จ๐ฐ๐ง:

The market is primarily segmented based on product, deployment mode, end-use, and region. According to end-use research, the bank market sector is predicted to provide the highest revenue to the worldwide e-KYC market. It is expected to maintain its dominance over the forecast period due to the increased use of e-KYC to optimize customer onboarding by validating KYC documents online, improving payment collection efficiency, eliminating documentation in loan application processing, and attempting to prevent identity fraud.

๐Œ๐จ๐ซ๐ž ๐“๐ซ๐ž๐ง๐๐ข๐ง๐  ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐›๐ฒ ๐๐จ๐ฅ๐š๐ซ๐ข๐ฌ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

Player Tracking Market: https://www.polarismarketresearch.com/industry-analysis/player-tracking-market

In-App Advertising Market: https://www.polarismarketresearch.com/industry-analysis/in-app-advertising-market

Remote Sensing Services Market: https://www.polarismarketresearch.com/industry-analysis/remote-sensing-services-market

Workshop Management Software Market: https://www.polarismarketresearch.com/industry-analysis/workshop-management-software-market

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐ˆ๐ง๐Ÿ๐จ:

Polaris Market Research
Phone: +1-929-297-9727
Email: sales@polarismarketresearch.com

๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ:

Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.

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