As stated in our extensive report, the Global E-KYC Market accounted forUSD 427.1 Millionin the year 2021.
E-KYC is the technique through which KYC is known as "Know Your Customer" or "Electronic Know Your Client." Therefore, E-KYC refers to the process where authorized organizations and agents use Aadhaar authentication to authenticate a customer's identity and address digitally. Over the projection period, the target market is expected to grow due to factors including terrorist financing operations and significant financial losses in the Banking, Financial Services, and Insurance (BFSI) industry. In addition, the target market is anticipated to develop due to the rising importance of compliance management and the rise in identity-related fraud.
The banking market segment accounted for the largest revenue share due to the increased use of E-KYC to optimize customer onboarding by validating KYC documents online, enhancing payment collection efficiency, removing documentation from the processing of loan applications, and attempting to prevent identity fraud. However, the lack of awareness and technological issues are expected to limit the market growth over the projection period. Online transactions are made more accessible, and numerous digital accounts are managed more easily and securely, thanks to E-KYC. In wealthier nations, this conduct is more prominent. In the upcoming years, obstacles to the market for E-KYC could include technological infrastructure failure, data breaches, and abuse of personal information.
North America is accounted to have the largest revenue share of the E-KYC Market in 2021. This surge is anticipated owing to the rising need for fraud detection in nations like Canada and the United States. Furthermore, the market's growth in the region is also expected to be fueled by data theft and cyberattack cases in small and medium-sized organizations. For instance, according to the FBI's Internet Crime Report 2020, American victims claimed to the FBI in March 2021 that last year's cyberattacks and internet fraud cost them USD 4.2 billion in damages.
The well-known players of the Global E-KYC Market include 63 Moons Technologies Ltd., Acuant, Au10tix, EverCompliant, Financial Software & Systems Pvt. Ltd., GB Group, GIEOM Business Solutions, IDnow GmbH, Jumio Corporation, Onfido, Panamax Inc., Pegasystems Inc., Tata Consultancy Services (TCS), Trulioo, Trust Stamp, Wipro Technologies and others.