(MENAFN- IMARC Group) According to the latest report by IMARC Group, titled
“e-KYC Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,”
The global e-KYC market size reached US$ 673.2 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,398.5 Million by 2032, exhibiting a growth rate (CAGR) of 19.71% during 2024-2032.
e-KYC, or electronic know your customer, is a digital process used by businesses and institutions to verify the identity of their customers or clients remotely. It serves as a means of authentication in various industries such as banking, finance, telecommunications, and online services. E-KYC is manufactured through a combination of advanced technologies including biometrics, encryption, and secure databases. The importance of e-KYC lies in its ability to streamline customer onboarding processes, enhance security measures, and ensure compliance with regulatory requirements. By digitizing the KYC process, businesses can reduce paperwork, minimize errors, and significantly decrease the time required for customer verification. Additionally, e-KYC helps in preventing identity theft, fraud, and money laundering activities, safeguarding both businesses and customers.
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Competitive Landscape with Key Players:
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
e-KYC Market Trends:
The global market is primarily driven by the increasing digitization of services across various industries is fostering the adoption of e-KYC solutions as businesses seek efficient and secure methods for customer verification. Additionally, the rising stringent regulatory requirements aimed at preventing fraud and money laundering further drive the demand for robust e-KYC systems is impelling market growth. Moreover, the rise in online transactions and remote services due to technological advancements and changing consumer preferences fuels the need for reliable identity verification solutions is driving market growth.
Furthermore, the growing emergence of advanced technologies such as biometrics and AI enhances the accuracy and efficiency of e-KYC processes, offering businesses a competitive edge in the market is further contributing to market growth. In line with this, the increasing integration of e-KYC with other emerging technologies such as blockchain and machine learning is opening up new possibilities for enhanced security and efficiency in identity verification processes, driving market growth.
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Key Market Segmentation:
Breakup by Product:
Identity Authentication and Matching Video Verification Digital ID Schemes Enhanced vs Simplified Due Diligence
Breakup by Deployment Mode:
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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