e-KYC Market Size, Share, Trends, & Industry Analysis Report
By Product (Identity Authentication and Matching, Video Verification), By Deployment Mode, By End-Use, By Region – Market Forecast, 2025–2034
- Published Date:Sep-2025
- Pages: 110
- Format: PDF
- Report ID: PM2142
- Base Year: 2024
- Historical Data: 2020 - 2023
Overview
The global e-KYC market was valued at USD 1.09 billion in 2024 and is expected to grow at a CAGR of 22.3% during the forecast period. Increasing terrorist funding activity, rising identity-related frauds, and consumer purchasing habits boost the market demand for e-KYC, driving the market growth during the forecast period. Terrorist funding and massive monetary losses in the Banking, Financial Services, and Insurance (BFSI) sector are expected to boost target market growth for e-KYC over the projection period.
Key Insights
- The bank segment is expected to be the most significant revenue contributor in the global market due to the increased use of E-KYC to optimize customer onboarding.
- The cloud-based deployment segment is expected to experience significant growth during the forecast period due to its flexibility and scalability.
- North America dominated with largest share in 2024 due to increased demand for fraud detection.
- Asia Pacific is projected to account for a significant share in the global market due to rising internal and external threats.
Industry Dynamics
- Stringent government regulations to prevent money laundering and financial fraud is fueling the growth.
- Rising adoption of digital banking is driving the growth.
- Technological advancement is driving the growth.
- Data privacy concerns and regulatory challenges around storing and handling sensitive personal information is limiting its adoption.
Market Statistics
- 2024 Market Size: USD 1.09 Billion
- 2034 Projected Market Size: USD 8.09 Billion
- CAGR (2025-2034): 22.3%
- Largest Market: North America
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Impact of AI on Industry
- AI helps in enabling real-time verification of ID documents by using OCR and facial recognition, which reduce manual errors and wait times.
- Machine learning helps to improve fraud detection.
- Automating KYC tasks with AI significantly reduces operational costs for banks, fintechs, and other service providers
Terrorist organizations typically rely on money to survive and carry out terrorist operations. Terrorist funding refers to the means and methods employed by terrorist organizations to fund actions that endanger national and international security. Money gives terrorist organizations the ability to carry out terrorist operations, and it can come from a variety of sources, such as legitimate and illegal sources. Furthermore, the increasing necessity of compliance management and the rising number of identity-related frauds are likely to drive target market expansion for e-KYC. Identity fraud will cost Americans over USD 56 billion in 2020, with approximately 49 million people becoming victims.
As per the study done by the Identity Fraud Study, in 2021, almost $13 billion in damages were attributed to what Javelin refers to as "conventional identity fraud," thieves take personal identifying information and utilize it for their gain, including through data theft. Also, consumers' purchasing habits worldwide are influenced by changing fashion trends and haircuts. Product sales heavily determine the market share, heavily influenced by religious views and ethnic communities. Apparently, convenient access to clips, embellished pins, and bands on the e-commerce web platform will speed up the sector increase over the anticipated timeframe. Thus, all major factors are propelling the e-KYC market growth.
However, lack of awareness and technical glitches are the factors restraining the market growth for e-KYC during the forecast period. e-KYC simplifies online transactions and aids in the management of various digital accounts securely and simply. This action is more noticeable in wealthy countries. Failure of technical infrastructure and data breaches, as well as misuse of personal information, may represent a barrier to the market of e-KYC in the coming years.
Industry Dynamics
Growth Drivers
The e-KYC market has observed extensive developments in the last few decades supported by various factors such as the stringent government regulations to prevent money laundering and financial fraud and the rising adoption of digital payment modes. For instance, according to the International Monetary Fund (IMF), it has prioritized the battle against money laundering and terrorism financing. Among the objectives of this initiative are to defend the reliability and safety of the international financial system, cut off terrorists' access to resources, and make it more difficult for criminals to benefit from their illicit actions. The IMF's one-of-a-kind combination of universal membership, monitoring functions, and financial sector expertise makes it a crucial and necessary component of international attempts to prevent terrorist financing.
In addition, the Anti-Money Laundering Act of 2020 (AMLA) has been Congress's most significant anti-money laundering bill for centuries. Among it has many regulations, this law includes increased whistleblower benefits and protections, the creation of a beneficial data ownership to be incorporated by the Financial Crimes Enforcement Network (FinCEN). AMLA 2020 updated the legislation to require the "Secretary of Treasury" to "must" pay awards to the whistleblowers to have transparency in the system. Still, the legislation does not include a prize "floor," which means whistleblowers may only get a token award.
Furthermore, expanding AI and machine applications in evaluating huge amounts of data created by digital currency transactions and reducing false alerts are projected to fuel e-KYC demand in the future years. More opportunities for digital money and digital payments from the central bank have emerged due to technological improvement. With the advent of interconnected devices, cloud computing, and AI, the market for e-KYC is expected to gain traction in the next years. The growing requirement to limit illegal use of credentials and violations of conduct is projected to fuel growth in the e-KYC market throughout the forecast period.
Report Segmentation
The market is primarily segmented based on product, deployment mode, end-use, and region.
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By Product |
By Deployment Mode |
By End-Use |
By Region |
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Insight by End-Use
Based on the end-user segment, the bank market segment is expected to be the most significant revenue contributor in the global market for e-KYC in 2021 and is expected to retain its dominance in the foreseen period. Due to the increased use of E-KYC to optimize customer onboarding by validating KYC documents online and improving efficiency payment collections, eliminating documentation in the processing of loan applications, and attempting to prevent identity fraud, the banking market segment accounted for the largest revenue share. Furthermore, most of the share is attributable to the growing adoption of the traditional KYC process for e-KYC for digital and remote exchange and lower costs optimally. The Financial Industry segment had a good market share for e-KYC in 2024. It is projected to contribute to economic growth during the forecast period due to e-KYC contributing to remote client onboarding and effectively preventing compliance and risk evaluation of anti-money laundering conformance and risk evaluation.
Insight by Deployment Mode
Based on the deployment mode segment, The cloud-based segment is expected to witness significant growth during the forecast period due to its flexibility and scalability. Cloud deployment helps companies to easily deploy e-KYC without investing in physical infrastructure. This significantly reduces the cost of operations, which thereby is driving the adoption of cloud-based solutions. Moreover, this mode of deployment offers remote accessibility to companies with geographically distributed operations, which further fuels the expansion. This mode of deployment enables real-time data processing, centralized compliance monitoring, which ensures the regulatory requirement, thereby driving the segment demand.
Geographic Overview
In terms of geography, North America had the largest revenue share, in 2024. The increased requirement for fraud detection in countries such as Canada and the United States is attributable to the market share for e-KYC. Furthermore, the rise in data theft and cyber-attack cases in small and medium-sized businesses is likely to fuel the market growth of the e-KYC over the forecast time frame. For instance, in March 2021, according to the FBI's Internet Crime Report 2020, American victims reported USD 4.2 billion in damages to the FBI last year due to cyberattacks and internet fraud. Also, the Federal Trade Commission (FTC) issued warnings regarding an e-mail fraud involving COVID-19 stimulus money. Thus, the increase in this type of threat and cyber-attack in the market is boosting the e-KYC demand in the region.
Moreover, Asia-Pacific witnessed a high CAGR in the global market for e-KYC in 2024. Growing internal and external threats, rising cloud use, and the Internet of Things (IoT) have all contributed to targeting market expansion for e-KYC in the region.
Competitive Insight
Some of the major players operating in the global market for e-KYC 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 among others.
e-KYC Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 1.09 Billion |
| Market size value in 2025 | USD 1.33 Billion |
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Revenue forecast in 2034 |
USD 8.09 Billion |
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CAGR |
22.3% from 2025 - 2034 |
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Base year |
2024 |
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Historical data |
2020 - 2023 |
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Forecast period |
2025 - 2034 |
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Quantitative units |
Revenue in USD billion and CAGR from 2025 to 2034 |
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Segments covered |
By Product, By Deployment Mode, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
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 |
FAQ's
• The market size was valued at USD 1.09 billion in 2024 and is projected to grow to USD 8.09 billion by 2034.
• The market is projected to register a CAGR of 22.3% during the forecast period.
• A few of the key players in the market are 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.
• The bank segment accounted for the largest market share in 2024.
• The cloud segment is expected to record significant growth.
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