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e-KYC Market Size - By Deployment Mode(Cloud-based, On-premise ), by End-user(Banks, Financial Institution, E- Payment Service Provider, Telecom Companies , Government entities, Insurance Companies), by Product(Identity, Authentication and Matching, Video Verification, Digital ID Schemes, Enhanced vs Simplified Due Diligence) & Region - Forecasts 2023 - 2033

  • PUBLISHED ON
  • 1970-01-01
  • NO OF PAGES
  • 289
  • CATEGORY
  • Information Communication & Technology

e-KYC Market: Description

Electronic Know Your Customer, also known as e-KYC is the electronic process that is used by various industries and organization, such as, offices, banks, telecom companies, and others. Here, in this process, the customer’s identity and address are verified remotely or electronically which provides the customers better experience when it is compared to physical KYC. e-KYC is also the way of authentication which is used by the organization, such as banks, offices, and other organizations. e-KYC is also known as know your client or simply KYC. KYC is the process of a business that confirms the identity of its customers and assesses their suitability.

The increase in usage of e-KYC, has improved the services, such as digital payment and digital onboarding which has improved the customer’s experience and has driven the growth of digital verification across the globe. The term e-KYC is also used to describe the digitalization of KYC processes and the electronic and online conception of the same. The remote, paperless process which minimizes the costs and traditional bureaucracy that is needed in KYC processes is called e-KYC, i.e., Electronic Know Your Customer). Specialist companies that are engaged in technological compliance solutions have developed completely secure e-KYC. They have developed completely secure e-KYC processes with zero margins for the commission of these fake offenses and related crimes.


e-KYC Market: Overview

e-KYC market  is expected to expand at a CAGR of 24.5% rising to a value of USD 278,380 Million in 2033, i.e., forecast period (2023-2033).

Decrease in paperwork and reduction in the turnaround time of completing KYC formalities online in a few simple steps, real- time are the key factors for the growth of the market. Additionally, government regulators have focused on monitoring and regulating the digital currency to cut off the anonymity in transactions and the transfers of cross-border funds are projected to increase the demand for e-KYC across India in the near future. Also, the increase in use of remotely verified e-KYC throughout the world in order to reduce the financial institutions' costs is reinforcing market growth.

Additionally, increasing AI and machine applications in analysing a massive amount of data generated through digital currency transactions and to help to reduce the number of false alerts is also anticipated to drive demand for e-KYC in the forecast period. The growth of the market can also be attributed to the growing demand in legal and financial institutions for the increase in need of Know Your Customer (e-KYC). The increasing adoption of digital payment modes and the use of sophisticated analytics in order to provide proactive risk warnings can drive market growth.


e-KYC Market: Key Trends

·         Stringent government regulations to prevent money laundering and financial fraud

Terrorist financing activities and huge monetary losses in the banking, financial services, and insurance (BFSI) sectors are the factors that are expected to drive the growth of the e-KYC market. In addition, it is also projected that the increase in importance of compliance management and the increase in number of identity-related frauds will also drive the growth of the market.

Additionally, the increase in incidence of cyber-attacks against small and medium-sized enterprises (SMEs) has helped the growth of the market. In addition, increasing adoption of the cloud, increase in internal and external threats, and the Internet of Things (IoT) are some of the factors projected to boost the growth of the target market.


·         Increasing Adoption of Digital Payment Modes

Technological advancement has opened up possibilities for digital currency as well as digital payments from the central bank. If we consider the example of mobile payments, it is seen that mobile payments are becoming increasingly common in India and there is a reduction in the frequency of using cash. Additionally, the market is expected to gain traction in the near future with the onset of connected things, cloud computing, and Artificial Intelligence. The increasing need to reduce the unauthorized use of credentials and reduction in the violation of conduct is likely to pave the way for the e-KYC market to grow over the forecast years.


Impact of COVID-19 on e-KYC Market

Most of the businesses have faced a growing petition of business-critical concerns that are related to the Covid 19, that includes supply chain disruptions, a risk of recession, and a potential drop in customer spending. The COVID-19 has increased the need for contactless financial product and services which has accelerated the shift to digital finance in many economies. Data collected during pandemic has been shift to digital payments. CoVID-19 has been an important driver of financial inclusion. The global pandemic crisis, such as restricting economic activities and lockdowns has been the key factor in the growth of the market. In some cases, Covid 19 provides an opportunity to accelerate progress towards broader and acceptance of digital alternatives.


e-KYC Market: Segmentation Analysis

e-KYC Market on the basis of Deployment mode

·         Cloud- based

·         On- premise

e-KYC Market on the basis of deployment mode is segmented into on-premise and cloud-based. The On-Premises segment is expected to lead the market with a great revenue share. It is because of the organization's on-site benefits of using their server to ensure data security. It is seen that in the forecast period, the cloud will expand at a significant pace, which is because of the SaaS-based e-KYC solution from the company that allows cost-effective access to the cloud-based implementation of the e-KYC solution.


On the basis of End-User

·         Banks

·         Financial Institutions

·         E-Payment service provider

·         Telecom companies

·         Government entities

·         Insurance companies

The bank market segment is projected to be the most significant revenue contributor in the global market for e-KYC and is expected to retain its dominance in the forecast years. Because of the increasing use of e-KYC in order to optimize customer onboarding by validating KYC documents online and the improvement of efficiency payment collections, eliminating documentation in the procedure of loan applications, and the attempt to prevent identity fraud, the bank segment has accounted for the largest revenue share.

On the other hand, the Financial Industry segment had a good market share for e-KYC and is expected to contribute to economic growth during the forecast period due to e-KYC that will contribute to remote client onboarding and effectively prevent compliance and risk evaluation of anti-money laundering conformance and risk evaluation.


On the basis of Product

·         Identity Authentication and matching

·         Video Verification

·         Digital ID Schemes

·         Enhanced vs Simplified Due Intelligence


e-KYC Market: Regional Segmentation

In terms of region, North America has the largest revenue in the market. The increasing requirement for fraud detection in countries, such as Canada and the United States is accountable to the market share for e-KYC. Also, the rise in data theft and cyber-attack cases in small and medium-sized businesses is expected to rise the market growth of the e-KYC over the forecast years. Asia-Pacific is also anticipated to witness a high CAGR in the global market for e-KYC. Growing internal and external threats, rising cloud use, and the Internet of Things (IoT) has also contributed to e-KYC market expansion in this region.



Competitive Landscape

E-KYC market is highly competitive and it consists of several major players, such as Acuant, GIEOM Business Solutions, IDnow GmbH that holds a considerable market share in the E-KYC market. Other players that can be analysed can be Trust Stamp, Mitek, 63 Moons Technologies Ltd., Au10tix, Onfido, EverCompliant, C-Edge, Pegasystems Inc.,  Financial Software and Systems Pvt. Ltd., GB Group, Jumio, Panamax Inc., Tata Consultancy Services (TCS), Trulioo, and Wipro Technologies among other key players.


Key Players: Acuant; Trust Stamp; Pegasystems Inc.; Mitek; Jumio; Trulioo; Onfido; GB Group; IDnow GmbH; C-Edge, Financial Software & Systems Pvt. Ltd.; GIEOM Business Solutions; Panamax Inc.; Tata Consultancy Services; Wipro Technologies; Au10tix; EverCompliant.

1. Global e-KYC Market Introduction and Market Overview

1.1. Objective of the Market Research Study

1.2. e-KYC 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-KYC Market Scope and Market Estimation

1.4.1. Global e-KYC Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)

1.4.2. Global e-KYC Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033

1.5. e-KYC Market Segmentation

1.5.1. Deployment Mode of Global e-KYC Market

1.5.2. End-user of Global e-KYC Market

1.5.3. Product of Global e-KYC Market

1.5.4. Key Regions of Global e-KYC Market


2. Global e-KYC Market - Executive Summary

2.1. Global e-KYC Market – Summary & Snapshot

2.2. Global e-KYC Market, By Deployment Mode (US$ Million)

2.3. Global e-KYC Market, By End-user (US$ Million)

2.4. Global e-KYC Market, By Product (US$ Million)

2.5. Global e-KYC Market, By Geography (US$ Million)

2.6. Global e-KYC Market Outlook & Future Opportunities


3. e-KYC Market Trends, Outlook, and Factors Analysis

3.1. Global e-KYC 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-KYC Market Industry Development

3.1.3. Pre & Post COVID-19 Trends and Scenarios

3.2. e-KYC Market Dynamics (Growth Impacting Factors & Rationales)

3.2.1. Drivers

3.2.1.1. The government has put in place strict processes to prevent money laundering and financial criminality.

3.2.1.2. Compliance management is becoming increasingly important.

3.2.1.3. An increase in the number of identity-related scams

3.2.1.4. Driver 4

3.2.1.5. Driver 5

3.2.2. Restraints

3.2.2.1. Technical infrastructure failure &, data problems

3.2.2.2. Restraint 2

3.2.3. Opportunities

3.2.3.1. Increased Use of Digital Payment Methods

3.2.3.2. Updated technology Likes AI, IoT helps to grow market

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-KYC Market

3.8. Technological Roadmap

3.9. Key Investment Pockets of e-KYC Market

3.9.1. By Deployment Mode

3.9.2. By End-user

3.9.3. By Product

3.9.4. By Regions


4. Global e-KYC Market: Estimates & Historic Trend Analysis (2020 to 2021)

4.1. Global e-KYC Market, 2020 – 2021 (US$ Million)

4.2. Global e-KYC Market, By Deployment Mode, 2020 to 2021 (US$ Million)

4.3. Global e-KYC Market, By End-user, 2020 to 2021 (US$ Million)

4.4. Global e-KYC Market, By Product, 2020 to 2021 (US$ Million)

4.5. Global e-KYC Market, By Region, 2020 to 2021 (US$ Million)


5. Global e-KYC Market Estimates & Forecast Trend Analysis, by Deployment Mode

5.1. Global e-KYC Market Share (%) Estimates and Forecasts, by Deployment Mode, 2022 & 2033

5.2. Global e-KYC Market Revenue (US$ Million) Estimates and Forecasts, by Deployment Mode, 2022 to 2033

5.2.1. Cloud-based

5.2.2. On-premise


6. Global e-KYC Market Estimates & Forecast Trend Analysis, by End-user

6.1. Global e-KYC Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033

6.2. Global e-KYC 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-KYC Market Estimates & Forecast Trend Analysis, by Product

7.1. Global e-KYC Market Share (%) Estimates and Forecasts, by Product, 2022 & 2033

7.2. Global e-KYC Market Revenue (US$ Million) Estimates and Forecasts, by Segment _3, 2022 to 2033

7.2.1. Identity Authentication and Matching

7.2.2. Video Verification

7.2.3. Digital ID Schemes

7.2.4. Enhanced vs Simplified Due Diligence


8. Global e-KYC Market Analysis and Forecast, by Region

8.1. Global e-KYC Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033

8.2. Global e-KYC Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033

8.2.1. North America

8.2.2. Europe

8.2.3. Asia Pacific

8.2.4. Middle East and Africa

8.2.5. Latin America


9. North America e-KYC Market: Estimates & Forecast Trend Analysis

9.1. North America e-KYC Market Assessments & Key Findings

9.2. North America e-KYC Market Share (%) Estimates and Forecasts, 2022 & 2033

9.3. North America e-KYC Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

9.3.1. By Deployment Mode

9.3.2. By End-user

9.3.3. By Product

9.3.4. By Major Country

9.3.4.1. The U.S.

9.3.4.2. Canada


10. Europe e-KYC Market: Estimates & Forecast Trend Analysis

10.1. Europe e-KYC Market Assessments & Key Findings

10.2. Europe e-KYC Market Share (%) Estimates and Forecasts, 2022 & 2033

10.3. Europe e-KYC Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

10.3.1. By Deployment Mode

10.3.2. By End-user

10.3.3. By Product

10.3.4. By Major Country

10.3.4.1. Germany

10.3.4.2. The U.K.

10.3.4.3. France

10.3.4.4. Italy

10.3.4.5. Spain

10.3.4.6. Rest of Europe (includes all other European countries)


11. Asia Pacific e-KYC Market: Estimates & Forecast Trend Analysis

11.1. Asia Pacific e-KYC Market Assessments & Key Findings

11.2. Asia Pacific e-KYC Market Share (%) Estimates and Forecasts, 2022 & 2033

11.3. Asia Pacific e-KYC Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

11.3.1. By Deployment Mode

11.3.2. By End-user

11.3.3. By Product

11.3.4. By Major Country

11.3.4.1. China

11.3.4.2. Japan

11.3.4.3. India

11.3.4.4. ASEAN

11.3.4.5. South Korea

11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)


12. Middle East & Africa e-KYC Market: Estimates & Forecast Trend Analysis

12.1. Middle East & Africa e-KYC Market Assessments & Key Findings

12.2. Middle East & Africa e-KYC Market Share (%) Estimates and Forecasts, 2022 & 2033

12.3. Middle East & Africa e-KYC Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

12.3.1. By Deployment Mode

12.3.2. By End-user

12.3.3. By Product

12.3.4. By Major Country

12.3.4.1. GCC

12.3.4.2. South Africa

12.3.4.3. Egypt

12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)


13. Latin America e-KYC Market: Estimates & Forecast Trend Analysis

13.1. Latin America Market Assessments & Key Findings

13.2. Latin America e-KYC Market Share (%) Estimates and Forecasts, 2022 & 2033

13.3. Latin America e-KYC Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

13.3.1. By Deployment Mode

13.3.2. By End-user

13.3.3. By Product

13.3.4. By Major Country

13.3.4.1. Brazil

13.3.4.2. Mexico

13.3.4.3. Rest of Latin America (includes all other Latin America countries)


14. Competitive Landscape

14.1. e-KYC Market Revenue Share Analysis (%), by Major Players (2021)

14.2. e-KYC Market Competition Matrix, by Leading Players

14.3. e-KYC List of Emerging, Prominent and Leading Players

14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.


15. Company Profiles

15.1. Wipro Technologies

15.1.1. Company Overview & Insights

15.1.2. Financial Performance

15.1.3. Product / Service Portfolio

15.1.4. Geographical Footprint & Share

15.1.5. Strategic Initiatives & Key Developments

*Similar details would be provided for all the players mentioned below

15.2. Acuant

15.3. Au10tix

15.4. GB Group

15.5. Mitek

15.6. Tata Consultancy Services (TCS)

15.7. Trulioo

15.8. Trust Stamp

15.9. EverCompliant

15.10. GIEOM Business Solutions

15.11. 63 moons technologies limited

15.12. Jumio Corporation

15.13. IDnow GmbH

15.14. Onfido

15.15. Financial Software & Systems Pvt. Ltd.

15.16. Pegasystems Inc.

15.17. Panamax Inc

15.18. C-Edge

15.19. Others


16. Assumptions and Research Methodology

16.1. Data Mining

16.2. Secondary Research

16.3. Primary Research

16.4. Subject Matter Expert Advice

16.5. Quality Check

16.6. Final Review

16.7. Data Triangulation

16.8. Bottom-Up Approach

16.9. Top Down Approach

16.10. Research Flow

16.11. Key Insights from Industry Experts

16.12. Data Sources

16.13. Assumptions

16.14. Limitations


17. Conclusions and Recommendations

17.1. Key Research Findings and Conclusion

17.2. Key Insights & Recommendations from Analysts

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
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  • Assign a senior SR executive as QA Executive
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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