e-KYC Market Report 2021 contains a comprehensive analysis of the important segments like market opportunities, Share, market dynamics, key players, rate of growth, and key regions. The e-KYC Market growth is predicted to register a CAGR of Growing rate% during the forecast period.
e-KYC Market by Application (Financial Institutions, Banks, Telecom Companies, E-payment Service Providers and Insurance Companies) and by Region: Global Industry Trends, and Forecast Analysis, 2021 to 2027.
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e-KYC Market Size
The Global e-KYC Market is estimated to grow from USD 291.14 Million in 2019 to reach USD 1,568.95 Million by 2027, at a CAGR of 23.4% during the forecast period from 2020-2027.
Factor like a secure system, paperless systems and work, free of cost process and regulator friendly are expected to drive the growth in the market for e-KYC in the mobile phones. In addition to this, increasing number of identity-related frauds and rising importance of compliance management are boosting the growth further.
Covid-19 Impact Analysis
Due to COVID-19, there is an increase in online processes like online transactions and online onboarding, so it has become essential for verticals like telecom companies, banks and financial institutions to shift to e-KYC. Also, various consumers due to the fear of pandemic are conveniently opting for signing up through digital channels, opting for digital verifications, transactions and other bank related works, thus turning to digital or e-KYC.
The outbreak of COVID-19 has created a stronger and positive path and helped boost the e-KYC market. Major countries under the lockdown are moving to digitalization thus reducing the paperwork involved and turnaround time required. Also, e-KYC has enabled various new customers to enter financial markets digitally during the period of pandemic. Thus, the e-KYC market is getting a major facelift during the period of COVID-19 pandemic.
Key Market Players:
Here are the top Key companies in Global e-KYC Market analysis
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Key Highlights of e-KYC Market Report:
North America dominated the global e-KYC market by 45% in 2019
North America is technologically very advanced, has a very high number of early adopters and many market leaders have their presence in this region. Also, other factors like government initiatives, development of digital identity-based driver’s license, integration of blockchain, ML and AI in order to secure the digital identities are responsible for the maximum share of this region in e-KYC market.
Asia pacific is expected to grow at the fastest CAGR of 24.2% during the forecast period of 2020 – 2027. Increasing number of external and internal threats, upsurge in the AI, IoT and cloud adoption are expected to boost the market. Also, these days; the use of biometric identification is made compulsory in various developing countries in order to prevent Money-Laundering.
On the basis of application, the banking segment dominated the market by 40% in 2019
Amongst all the applications, banks accounted for the maximum share and is estimated to continue contributing for a major share across the forecast period as well. Various factors like rising application of e-KYC for eliminating paperwork during loan application and automating customer onboarding activity are leading for an increased growth.
The increasing usage of e-KYC, is improving the services like digital payment and digital onboarding and thus improving the customer experience and driving the growth of digital verification across the globe. While doing the digital onboarding banks are conducting the AML screening and identity proofing; and are leveraging a combination of Artificial Intelligence (AI), Live Video and Optical Character Recognition (OCR) are thus increasingly taking for maintaining the authenticity of the customers.
Global e-KYC market report is segmented as:
The regional scope covers value (revenue) and volume data for below mentioned countries and regions:
Key Advantages to purchase e-KYC Market Report:
Years considered in the report are:
Table of Content
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