E-KYC Market

Industry Size, Emerging Trends, Regions, Growth Insights, Opportunities, and Forecast By 2033

e-KYC Market by Product Type (Identity Authentication and Matching, Document Authentication, Biometric Verification, Video Verification, Digital ID Schemes, Blockchain-based e-KYC), by Deployment Mode (Cloud-Based, and On-Premise), by End-Use, and by Region – Global Share and Forecast to 2033

Region: Global | Format: Word, PPT, Excel | Report Status: Published

Global e-KYC Market Analysis – 2023-2033

According to the Market Statsville Group (MSG), the Global e-KYC Market size is expected to grow to USD 4,262.0 million by 2033, at a CAGR of 21.2% from 2023 to 2033. 

Electronic Know Your Customer (eKYC) is a technology-driven process that facilitates the remote and digital identification of individuals or entities asking for services or transactions. The traditional KYC process requires the physical presentation of identification documents to verify one's identity, which can be time-consuming and inconvenient. This procedure is streamlined by eKYC, which uses digital methods such as electronic documents, biometric authentication, and data analytics. Individuals provide their personal information and relevant documents electronically during the eKYC process, which is then securely verified using advanced technologies. Capturing and comparing biometric data such as facial features, fingerprints, or voice patterns are instances, as is scanning and authenticating official documents such as passports, driver's licenses, or utility bills. Using artificial intelligence and machine learning algorithms further improves verification accuracy and speed while reducing the risk of errors and fraud.

The demand for authentic KYC processes has increased due to stringent regulatory requirements. Governments and regulatory bodies around the world are increasing their efforts to combat money laundering, fraud, and other financial crimes. eKYC solutions offer a technologically advanced way to ensure compliance with these regulations, assisting businesses in avoiding costly penalties while strengthening their security measures. The growing global concern about data privacy and security has also increased the demand for eKYC solutions. Customers are more cautious about disclosing personal information and expect transparent and secure identity verification methods. eKYC technologies, which frequently include biometric authentication and encryption, foster trust by safeguarding sensitive data, significantly fostering the market growth. 

Market Segmental Analysis, 2023-2033

Based on end-use, the market is divided into banking and financial services, e-payment service providers, telecom companies, government entities, insurance companies, healthcare, real estate, and others. The banking and financial services segment accounted for the largest market share in 2023. Banking and financial services are heavily regulated, with strict anti-money laundering (AML) and know your customer (KYC) requirements. eKYC technology provides a strong and technologically advanced means of complying with these regulations, allowing entities to conduct thorough and efficient customer due diligence. Also, the growing digitization of financial services has boosted the demand for remote and streamlined customer onboarding processes. 

Based on the regions, the global e-KYC market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America accounted for the largest market share in 2023. The digital transformation wave that is sweeping across North American industries has resulted in increased adoption of online services and digital transactions. As companies move to virtual platforms, efficient and secure identity verification has become critical. eKYC provides a simple and convenient way to verify identities remotely, which is ideal for the region's technologically savvy population. Also, stringent regulatory requirements, particularly in the financial sector, have been a major driver for eKYC adoption. Financial institutions in North America are constantly under pressure to comply with anti-money laundering (AML) and know your customer (KYC) regulations. eKYC solutions offer a technologically advanced way to ensure compliance with these regulations, assisting institutions in avoiding penalties while improving security. 

Key Market Players, 2023

The Major key players in the global e-KYC market are: 

  • Acuant
  • Au10tix
  • DigiCert
  • EverCompliant
  • Financial Software & Systems Pvt. Ltd.
  • GB Group
  • GIEOM Business Solutions
  • IDnow GmbH
  • ID R&D Inc. 
  • Jumio Corporation
  • Mitek Systems
  • Onfido
  • Panamax Inc.
  • Pegasystems Inc.
  • Shufti Pro
  • Signicat
  • Tata Consultancy Services (TCS)
  • Trulioo
  • Trust Stamp
  • Wipro Technologies

Recent Development 

In January 2023, Trulioo launched identity platform for person and business verification. Trulioo is advancing its identity verification offerings by integrating worldwide person and business verification solutions into a unified platform, featuring no-code workflow creation, low-code integrations, and additional functionalities.

In February 2022, rf IDEAS, announced its partnership with ID R&D to bring ID R&D’s biometric authentication and anti-spoofing products to the rf IDEAS portfolio.

In December 2021, Jumio acquired 4Stop, to launch the Jumio’s intuitive no-code orchestration layer for its KYX Platform.

In March 2019, BENEFIT launched its new national Electronic Know Your Client (eKYC) Project, first of its kind in the Arab World, mainly serving retail banks, financial services providers, and money exchange networks. 

Report Scope of the Global e-KYC Market 

This market research study categorizes the e-KYC market-based on product type, deployment mode, and end-use area at the regional and global levels.

By Product Type Outlook (Sales, USD Million, 2019-2033)

  • Identity Authentication and Matching
  • Document Authentication
  • Biometric Verification
  • Video Verification
  • Digital ID Schemes
  • Enhanced vs Simplified Due Diligence
  • Blockchain-based e-KYC

By Deployment Mode Outlook (Sales, USD Million, 2019-2033)

  • Cloud-Based
  • On-Premise

By End-Use Outlook (Sales, USD Million, 2019-2033)

  • Banking and Financial Services
  • E-payment Service Providers
  • Telecom Companies
  • Government Entities
  • Insurance Companies
  • Healthcare
  • Real Estate
  • Others

By Region Outlook (Sales, USD Million, 2019-2033)

  • North America 
  • US
  • Canada
  • Mexico
  • Europe 
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
  • Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
  • South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
  • The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Frequently Asked Questions

  • Key Issues Addressed
  • What is the market size and growth rate for different segmentations at a global, regional, & country level?
  • What is the customer buying behavior, key takeaways, and Porter's 5 forces of the market?
  • What are the key opportunities and trends for manufacturers involved in the supply chain?
  • What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
  • What and how regulations, schemes, patents, and policies are impacting the growth of the market?
  • How will existing companies adapt to the new change in technology?
  • The market player positioning, top winning strategies by years, company product developments, and launches will be?
  • How has COVID-19 impacted the demand and sales of in the market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
  • Who are the leading companies operating in the market? Also, who are the prominent startups that disrupt the market in coming years?
  • PUBLISHED ON: MARCH, 2024
  • BASE YEAR: 2023
  • FORECAST PERIOD: 2024-2033
  • STUDY PERIOD: 2019 - 2033
  • COMPANIES COVERED: 15
  • COUNTRIES COVERED: 24
  • NO OF PAGES: 244

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