e-KYC Market 2027 – Global Insights on Key Stakeholders, COVID-19 Impact Analysis, Recent Initiatives, Growth Drivers and Future Opportunities: Adroit Market Research

e-KYC Market segmented by Application (Financial Institutions, Banks, Telecom Companies, E-payment Service Providers and Insurance Companies) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027

ReportCrux Market Research has published a new report titled ” e-KYC Market segmented by Application (Financial Institutions, Banks, Telecom Companies, E-payment Service Providers and Insurance Companies) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027

e-KYC Market Size

e-KYC Market Size is estimated to grow from USD 291.14 Million in 2019 to USD 1,568.95 Million by 2027, at a CAGR of 23.4% during 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.

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Market Overview

Electronic Know Your Customer or e-KYC is the electronic process which is used by various industries and organization like offices, banks, telecom companies and others. In this process, the customer’s identity and address are verified remotely and/or electronically, thus providing the customers better experience when compared to physical KYC.

e-KYC Top Companies

Here are the top Key companies in Global e-KYC Market analysis

  1. Acuant (U.S.)
  2. Trust Stamp (U.S.)
  3. Pegasystems Inc. (U.S.)
  4. Mitek (U.S.)
  5. Jumio (U.S.)
  6. Trulioo (Canada)
  7. Onfido (U.K.)
  8. GB Group (U.K.)
  9. IDnow GmbH (Germany)
  10. Financial Software & Systems Pvt. Ltd. (India)
  11. GIEOM Business Solutions (India)
  12. Panamax Inc. (India)
  13. Tata Consultancy Services (TCS) (India)
  14. Wipro Technologies (India)
  15. Au10tix (Israel)
  16. EverCompliant (Israel)

COVID-19 Impact on e-KYC Market

COVID-19 health emergency has spurred many industries to build the digital infrastructure, deploy online tools in order to create digital IDs and similar. At some extent, the pandemic has forced different sectors like banking, telecom companies, financial institutions and others to shift to the digital channels. So, there is a drastic process of digitalization seen in financial institutions and banks.

Moreover, 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.

“Final Report will cover a detailed analysis regarding the impact of COVID-19 on this industry.”

Regional Analysis

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.

Segmentation Analysis

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.

e-KYC Market Segmentation

By Application
? Financial Institutions
? Banks
? Telecom Companies
? E-payment Service Providers
? Insurance Companies
? Government Entities
? Others
By Region
? North America
-Rest of North America
? Europe
-Rest of Europe
? Asia Pacific
-Southeast Asia
-Rest of Asia Pacific
? Latin America
-Rest of Latin America
? Middle East and Africa
-Saudi Arabia
-South Africa
-Rest of Middle East and Africa

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Table of Content:

1. Preface
1.1. Market Introduction
1.2. Definitions

2. Research Methodology
2.1. Research Methodology
2.2. Research Models
2.3. Data Sources

3. Executive Summary and Snapshot

4. Global e-KYC Market Price and Cost Trend Analysis
4.1. PriceTrend Analysis

5. Market Growth Attractiveness Analysis

6. COVID-19 Impact Analysis on Industry
6.1. Restrictions due to COVID-19
6.2. Demand-side Constraints
6.3. Supply-side Constraints

7. Post COVID-19 Industry Dynamics

8. Post COVID-19 Industry Recovery Path Analysis

9. Industrial Chain, Sourcing Strategy and Downstream Buyers
9.1. Upstream Raw Materials Sourcing
9.2. Industrial Chain Analysis
9.3. Downstream Buyers

10. Market Dynamics and Industry Analysis
10.1. Introduction
10.2. Market Drivers
10.2.1. Time and cost reduction
10.2.2. Minimizes the Identity Fraud Risk
10.2.3. Transparency of Usage and Transactions
10.3. Market Restraint
10.3.1. Security Issues
10.3.2. Lack of awareness amongst professionals and consumers
10.4. Market Opportunity
10.4.1. Ease in conducting transactions & account opening
10.4.2. Reduction in compliance cost, thus making it easier to serve to low-income customers
10.5. Porter’s Five Forces Analysis

11. Trending Insights on Current Market Scenario
11.1. Current Market Trends
11.2. SWOT Analysis
11.3. PESTEL Analysis
11.4. Technology Trend Analysis

12. Competitive Share Analysis
12.1. Company Share Analysis
12.2. Strategic Developments
12.3. Supplier Benchmarking

13. Global e-KYC Market: Application Segment Analysis

14. Global e-KYC Market: Region Segment Analysis
14.1. Regional Overview
14.2. North America
14.2.1. U.S.
14.2.2. Canada
14.2.3. Rest of North America
14.3. Europe
14.3.1. Germany
14.3.2. U.K.
14.3.3. France
14.3.4. Italy
14.3.5. Spain
14.3.6. Russia
14.3.7. Rest of Europe
14.4. Asia Pacific
14.4.1. China
14.4.2. Japan
14.4.3. India
14.4.4. Australia
14.4.5. Southeast Asia
14.4.6. Rest of Asia Pacific
14.5. Latin America
14.5.1. Brazil
14.5.2. Mexico
14.5.3. Rest of Latin America
14.6. Middle East and Africa
14.6.1. Saudi Arabia
14.6.2. South Africa
14.6.3. UAE
14.6.4. Rest of Middle East and Africa

15. Company Profiles

16. Report Conclusion

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