e-KYC Market Size, Top Companies Overview, Growth Rate (CAGR) of 21.9% | Research Report 2023-2028

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. e-KYC is the process of verifying the credentials of customers to use the services of any financial institution. It includes an electronic key, biometric fingerprints, and a written or electronic license provided by the customer. It is a secure method of sharing confidential information by providing instant verification to prevent fraud. In addition, it serves as a cost-effective and eco-friendly method as e-KYC is a paperless system of collecting customer data compared to the traditional KYC system. Moreover, it consumes less time as registration and authentication are conducted online. As a result, e-KYC is widely utilized in e-payment services, financial institutions, and telecom and insurance companies.

e-KYC Market

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Industry Growth:

The market is primarily driven by the growing incidents of identity-related frauds to commit various crimes, such as human trafficking, corruption, migrant smuggling, and terrorism. In addition, the implementation of several government regulations to prevent financial crimes and money laundering represents another major growth-inducing factor. Besides this, the market is also propelled by various technological advancements, such as cloud computing, linked devices, and artificial intelligence (AI). Moreover, e-KYC simplifies online transactions and assists in the management of various digital accounts. This, coupled with the escalating demand for compliance management in several industries, is creating a favorable market outlook across the globe. Furthermore, the increasing incidences of data theft and cyberattacks in large organizations to steal and copy crucial data is accelerating the need for e-KYC across various institutions. 

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

  • 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

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

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Other Reports of IMARC Group:

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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