e-KYC Market Demand 2023, Growth Rate (21.9%), Analysis Key Players, and Forecast Till 2028

SHERIDAN, WYOMING, UNITED STATES, March 15, 2023 /EINPresswire.com/ -- 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 a digital process of verifying the identity of a customer remotely via the use of electronic documents, such as scanned copies of government-issued IDs. It eliminates the need for physical paperwork and in-person verification, making it faster and more convenient for both customers and businesses. As a result, it is gaining widespread prominence across the globe as it provides several benefits, such as it reduces the time and cost associated with customer onboarding, increasing customer convenience and improving the accuracy of the verification process.

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Industry Growth:

The global market is primarily driven by the widespread utilization of smartphones. This can be attributed to rapid digitization and penetration of high-speed connectivity. Moreover, the rising need for compliance with regulatory requirements related to customer identification and verification to prevent financial crimes and money laundering is catalyzing the demand for e-KYC across the globe. Besides, the growing adoption of e-KYC to prevent identity theft and other forms of cybercrime is acting as another growth-inducing factor as it uses advanced technologies to offer a more secure way to verify the identity of customers. In line with this, continuous technological advancements, such as the introduction of linked devices, cloud computing, and artificial intelligence (AI), are impacting the market favorably.

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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

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