According to the latest report by IMARC Group, titled “e-KYC Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,”the global e-KYC market is expected to exhibit a CAGR of 21.4% during 2022-2027. Electronic know your customer (E-KYC) refers to the method of verifying customer identity and address digitally. It is essentially done by authorized agents and organizations, which is backed by biometric verification. It mainly comprises a highly secured consent by the customers via an electronic key, biometric fingerprint and a written or electronic license that enables the utilization of various services related to any financial institution. The demand for e-KYC is rising due to its several benefits, such as a safe and secured method of sharing confidential information, enabling easy compliance with the regulator’s requirements, instant verification against fraud, timely and efficiently relayed of information and personal details, allowing easy KYC process, reliable official government source verifies customer’s information and enhances customers’ due diligence.
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Industry Growth:
The global market is primarily driven by the increasing incidences of cybercrimes and data theft. Coupled with the rising occurrences of identity-related frauds for committing various crimes is one of the key factors driving the market. Along with this, numerous initiatives undertaken by the government of several countries by implementing stringent rules in an attempt to prevent money laundering and financial crimes are creating a positive market outlook. In line with this, the rising terrorist activity has impelled the demand for e-KYC on the global level. Furthermore, continual technological advancements and the introduction of the internet of things (IoT), artificial intelligence (AI) and cloud-based software are providing a boost to the market growth.
The market is further driven by the growing need to prevent the misuse of credentials related to customer financial details. Moreover, the widespread adoption of digital payment methods, such as unified payments interface (UPI), banking cards, point of sale (POS) and internet banking is impacting the market growth favorably. Other factors, including rapid urbanization and digitization, the penetration of high-speed internet connectivity, continual improvements in the banking, financial service and insurance (BFSI) and information technology (IT) infrastructure and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market.
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Key Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
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