Global E-KYC Market Predicted to Garner $1374.0 Million by

WASHINGTON, July 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global E-KYC Market finds that the increasing strict government rules aimed at preventing financial crimes and money laundering are expediting market growth. In addition, growing technological advancements and the rising identity-related frauds are also anticipated to augment the growth of the global E-KYC Market during the forecast period. The Global Market revenue was valued at USD 427.1 Million in 2021.

The Global E-KYC Market size is forecasted to reach USD 1374.0 Million by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period; states Vantage Market Research, in a report, titled “E-KYC Market Size, Share & Trends Analysis Report by Product (Identity Authentication & Matching, Video Verification, Digital ID Schemes, Enhanced vs Simplified Due Diligence), by Deployment Mode (Cloud-Based, On-Premise), by End-Use (Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities¸ Insurance Companies), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

According to our primary respondents’ research, the E-KYC market is predicted to grow at a CAGR of roughly 21.5% during the forecast period.
The E-KYC market was estimated to be worth roughly USD 427.1 Million in 2021 and is expected to reach USD 1374.0 Million by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide E-KYC market.

Market Dynamics:

Drivers:

Increasing Strict Government Norms to Drive the Market Growth

The E-KYC Market has experienced significant growth in recent years, fuelled by several causes, including strict government rules aimed at preventing financial crime and money laundering, as well as the growing use of digital payment methods. For instance, the fight against money laundering and terrorism financing has been given priority, according to the International Monetary Fund (IMF). This project aims to protect the security and dependability of the global financial system, deny terrorists access to resources, and make it harder for criminals to profit from their illegal activities. International efforts to stop the financing of terrorism must include the IMF because of its unique combination of universal membership, monitoring responsibilities, and financial sector knowledge.

Growing Technological Advancements to Stimulate Market Growth

The growing technological advancements are expected to contribute to the growth of the E-KYC Market during the forecast period. Technology advancement has opened up more possibilities for central bank-issued digital currency and payments. The market is further anticipated to grow over the following years with the introduction of linked devices, cloud computing, and Artificial Intelligence (AI). Furthermore, throughout the forecast period, the e-KYC market is expected to expand due to the growing need to prevent the misuse of credentials and other behavior violations.

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Segmentation of the Global E-KYC Market:

Product
- Identity Authentication & Matching
- Video Verification
- Digital ID Schemes
- Enhanced vs Simplified Due Diligence
Deployment Mode
- Cloud-Based
- On-Premise
End-Use
- Banks
- Financial Institutions
- E-Payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/e-kyc-market-1754

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

Impact Assessment of COVID-19 Pandemic
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics

The Report on E-KYC Market Highlights:

Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics

Regional Analysis:

North America Dominated the Global E-KYC Market

North America held the largest share in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing need for fraud detection in economies like Canada and the United States in the region. Furthermore, the increase in data theft and cyberattacks in small and medium-sized organizations in the region is also likely to support the regional growth of the market. Additionally, the introduction of cloud computing technology in the education sector is opening up new opportunities, which are also expected to contribute to the market growth in the region. 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.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "E-KYC Market Size, Share & Trends Analysis Report by Product (Identity Authentication & Matching, Video Verification, Digital ID Schemes, Enhanced vs Simplified Due Diligence), by Deployment Mode (Cloud-Based, On-Premise), by End-Use (Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities¸ Insurance Companies), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

List of Prominent Players in E-KYC Market:

63 Moons Technologies Ltd.
Acuant
Au10tix
Ever Compliant
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

Recent Developments:

February 2021: The Central Bank of Bahrain (CBB) announced the launch of E-KYC Market by financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector. The national E-KYC Market platform is operated by BENEFIT in collaboration with the Information and eGovernment Authority (IGA) and under the supervision of the CBB.

Key questions answered in the report:

Which regional market will show the highest and rapid growth?
Which are the top five players of the E-KYC Market?
How will the E-KYC Market change in the upcoming six years?
Which application and product will take a lion’s share of the E-KYC Market?
What is the E-KYC market drivers and restrictions?
What will be the CAGR and size of the E-KYC Market throughout the forecast period?

This market titled “E-KYC Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Parameter	Details
Market Size Provided for Years	2016-2028
Base Year	2021
Historic Years	2016-2020
Forecast Years	2022-2028
Segments Covered	• Product • Identity Authentication & Matching • Video Verification • Digital ID Schemes • Enhanced vs Simplified Due Diligence • Deployment Mode • Cloud-Based • On-Premise • End-Use • Banks • Financial Institutions • E-Payment Service Providers • Telecom Companies • Government Entities • Insurance Companies • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa
Region & Counties Covered	• North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa
Companies Covered	• 63 Moons Technologies Ltd. • Acuant • Au10tix • EverCompliant • Financial Software & Systems Pvt. Ltd. • GB Group • GIEOM Business Solutions I• Dnow GmbH • Jumio Corporation • Onfido • Panamax Inc. • Pegasystems Inc. • Tata Consultancy Services (TCS) • Trulioo • Trust Stamp • Wipro Technologies
Report Coverage	Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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