e-KYB Market Size - By Delivery Model(Cloud-based, On-premise), by End-user(Banks, Financial Institution, E- Payment Service Provider, Telecom Companies, Government entities, Insurance Companies) & Region - Forecasts 2023 - 2033
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 260
- CATEGORY
- Information Communication & Technology
Global e-KYB Market- DESCRIPTION
Know Your Business (KYB) is a process which is widely known as the process of Know Your Customer (KYC). The main difference lies in the of the processes.
Know Your Business (KYB) emphasises on identifying companies and suppliers. Know Your Business (KYB) also verifies information related to consumers as well as customers.
KYB process is conducted by many companies to carry out due diligence to identify the businesses they work with and fight money laundering and other related crimes.
KYB process is a necessity for companies that work with a large number of small and medium-sized enterprises or freelancers to avoid crimes and thefts. heft of identification, wage evasion, cash fraud, rendering fraud, workers' compensation, and more are among the frauds that are happening in businesses.
Organizations have to carry out background checks on new companies before payment has started to prevent such frauds. Furthermore, according to the ACFE, companies annually lose almost 5 percent of their sales to fraud.
Global e-KYB market is expected to project a notable CAGR of 13.05% in 2033.
Global e-KYB market to surpass USD903 million by 2033 from USD 258 million in 2022 at a CAGR of 13.05 % in the coming years.
e-KYB helps to erase fraud by providing automated authentication and recognition and address data authorization in real-time, allowing fast documentation which is driving the market growth.
The rising demand for KYB in countries like Australia, Hong Kong, U.S. EU, Japan, Singapore has hiked the market growth. The capability to minimize end costs for institutions while maintaining adequate quality standards during the KYB lifecycle is predicted to boost KYB solution adoption.
Source: WMR
Global e-KYB Market- Key Trends
· Rising Prevalence of Fake Companies and Money Laundering Funds:
Increasing cases of business fraud such as wage evasion of identification, worker’s compensation will increase the growth. Business fraud is characterized as unethical and illegal activity conduct by private individuals or businesses in order to gain a financial benefit. Non-commercial distribution and non-payment of money, overpayment, and re-shipping are all examples of corporate fraud.
· Mounting Investments in Banking Digitization:
Increased investments in banking digitalization has become one of the most vital factor in the growth of the e-KYB market. In the digital banks sector, the investments have grown which is expected to proliferate the market in the coming years. This investment has resulted an increase in the number of digital banking users worldwide.
Segmentation of the Global e-KYB Market:
Segmentation based on Delivery Model
· On Premises
· Cloud- Based
The cloud based segment is anticipated to capture a high market share during the analysis timeline owing to the cost effective cloud based implementation of e-KYB solutions facilitated by SaaS e-KYB solutions provided by companies.
Segmentation based on End -User
· Telecom Companies
· Banks
· Financial Institutions
· E-Payment Service Provider
· Telecom Companies
· Government entities
· Insurance Companies
The baking sector is anticipated to amplify significantly over the forecast duration owing to the fact that KYB is an efficient process of stopping banks from participating in illegal activities including financial frauds.
Global e-KYB market- Geographical ambit
Global e-KYB market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global e-KYB market in North America held the largest market share. North America being led by USA is the dominant one due to the recent identity frauds faced by the population in recent years. The market share is attributed to the growing need in countries like Canada and the U.S. for fraud detection. U.S. reportedly suffered identity theft in 2016 and this is likely to generate new growth opportunities in the sub-continent for the e-KYB industry. Furthermore, it is anticipated that Asia Pacific is the fastest growing e-KYB market for the forecast period.
Competitive Landscape:
Some of the major market network companies that play a vital role in the growth of the Global E- KYB Market are TruNarrative, Onfido, Shufti Pro, IDnow, Jumio, Trulioo, Acuant, and Others. The reports and services offered by the researchers are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.
Prominent Players Profiled: TruNarrative, Onfido, Shufti Pro, IDnow, Jumio, Trulioo, Acuant, and Others.
1. Global e-KYB Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. e-KYB Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global e-KYB Market Scope and Market Estimation
1.4.1. Global e-KYB Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global e-KYB Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. e-KYB Market Segmentation
1.5.1. By Delivery Model of Global e-KYB Market
1.5.2. End-user of Global e-KYB Market
1.5.3. Key Regions of Global e-KYB Market
2. Global e-KYB Market - Executive Summary
2.1. Global e-KYB Market – Summary & Snapshot
2.2. Global e-KYB Market, By Delivery Model (US$ Million)
2.3. Global e-KYB Market, By End-user (US$ Million)
2.4. Global e-KYB Market, By Geography (US$ Million)
2.5. Global e-KYB Market Outlook & Future Opportunities
3. e-KYB Market Trends, Outlook, and Factors Analysis
3.1. Global e-KYB Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global e-KYB Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. e-KYB Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Fake businesses and money-laundering scams are on the rise.
3.2.1.2. Increased investments in banking digitalization are a crucial factor driving the e-KYB industry.
3.2.1.3. Driver 3
3.2.2. Restraints
3.2.2.1. Technical Issues
3.2.2.2. Lack of Knowledge
3.2.3. Opportunities
3.2.3.1. Announcement of various regulations about e-KYB
3.2.3.2. Digitization in modern and traditional business processes
3.2.3.3. Opportunity 3
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of e-KYB Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of e-KYB Market
3.9.1. By Delivery Model
3.9.2. By End-user
3.9.3. By Regions
4. Global e-KYB Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global e-KYB Market, 2020 – 2021 (US$ Million)
4.2. Global e-KYB Market, By Delivery Model, 2020 to 2021 (US$ Million)
4.3. Global e-KYB Market, By End-user, 2020 to 2021 (US$ Million)
4.4. Global e-KYB Market, By Region, 2020 to 2021 (US$ Million)
5. Global e-KYB Market Estimates & Forecast Trend Analysis, by Delivery Model
5.1. Global e-KYB Market Share (%) Estimates and Forecasts, by Delivery Model, 2022 & 2033
5.2. Global e-KYB Market Revenue (US$ Million) Estimates and Forecasts, by Delivery Model, 2022 to 2033
5.2.1. Cloud-based
5.2.2. On-premise
6. Global e-KYB Market Estimates & Forecast Trend Analysis, by End-user
6.1. Global e-KYB Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033
6.2. Global e-KYB Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033
6.2.1. Banks
6.2.2. Financial Institution
6.2.3. E- Payment Service Provider
6.2.4. Telecom Companies
6.2.5. Government entities
6.2.6. Insurance Companies
7. Global e-KYB Market Analysis and Forecast, by Region
7.1. Global e-KYB Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
7.2. Global e-KYB Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
7.2.1. North America
7.2.2. Europe
7.2.3. Asia Pacific
7.2.4. Middle East and Africa
7.2.5. Latin America
8. North America e-KYB Market: Estimates & Forecast Trend Analysis
8.1. North America e-KYB Market Assessments & Key Findings
8.2. North America e-KYB Market Share (%) Estimates and Forecasts, 2022 & 2033
8.3. North America e-KYB Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
8.3.1. By Delivery Model
8.3.2. By End-user
8.3.3. By Major Country
8.3.3.1. The U.S.
8.3.3.2. Canada
9. Europe e-KYB Market: Estimates & Forecast Trend Analysis
9.1. Europe e-KYB Market Assessments & Key Findings
9.2. Europe e-KYB Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. Europe e-KYB Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Delivery Model
9.3.2. By End-user
9.3.3. By Major Country
9.3.3.1. Germany
9.3.3.2. The U.K.
9.3.3.3. France
9.3.3.4. Italy
9.3.3.5. Spain
9.3.3.6. Rest of Europe (includes all other European countries)
10. Asia Pacific e-KYB Market: Estimates & Forecast Trend Analysis
10.1. Asia Pacific e-KYB Market Assessments & Key Findings
10.2. Asia Pacific e-KYB Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Asia Pacific e-KYB Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Delivery Model
10.3.2. By End-user
10.3.3. By Major Country
10.3.3.1. China
10.3.3.2. Japan
10.3.3.3. India
10.3.3.4. ASEAN
10.3.3.5. South Korea
10.3.3.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
11. Middle East & Africa e-KYB Market: Estimates & Forecast Trend Analysis
11.1. Middle East & Africa e-KYB Market Assessments & Key Findings
11.2. Middle East & Africa e-KYB Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Middle East & Africa e-KYB Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Delivery Model
11.3.2. By End-user
11.3.3. By Major Country
11.3.3.1. GCC
11.3.3.2. South Africa
11.3.3.3. Egypt
11.3.3.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
12. Latin America e-KYB Market: Estimates & Forecast Trend Analysis
12.1. Latin America Market Assessments & Key Findings
12.2. Latin America e-KYB Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Latin America e-KYB Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Delivery Model
12.3.2. By End-user
12.3.3. By Major Country
12.3.3.1. Brazil
12.3.3.2. Mexico
12.3.3.3. Rest of Latin America (includes all other Latin America countries)
13. Competitive Landscape
13.1. e-KYB Market Revenue Share Analysis (%), by Major Players (2021)
13.2. e-KYB Market Competition Matrix, by Leading Players
13.3. e-KYB List of Emerging, Prominent and Leading Players
13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
14. Company Profiles
14.1. TruNarrative
14.1.1. Company Overview & Insights
14.1.2. Financial Performance
14.1.3. Product / Service Portfolio
14.1.4. Geographical Footprint & Share
14.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
14.2. Trulioo
14.3. Jumio
14.4. IDnow
14.5. Onfido
14.6. Shufti Pro
14.7. others
15. Assumptions and Research Methodology
15.1. Data Mining
15.2. Secondary Research
15.3. Primary Research
15.4. Subject Matter Expert Advice
15.5. Quality Check
15.6. Final Review
15.7. Data Triangulation
15.8. Bottom-Up Approach
15.9. Top Down Approach
15.10. Research Flow
15.11. Key Insights from Industry Experts
15.12. Data Sources
15.13. Assumptions
15.14. Limitations
16. Conclusions and Recommendations
16.1. Key Research Findings and Conclusion
16.2. Key Insights & Recommendations from Analysts
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