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