The global e-KYC market size is expected to reach USD 1,964.73 million by 2029, according to a new study by Polaris Market Research. The report “e-KYC Market Share, Size, Trends, Industry Analysis Report, By Product (Identity Authentication and Matching, Video Verification, Digital ID Schemes, and Enhanced vs Simplified Due Diligence); By Deployment Mode (Cloud-Based, and On-Premise); By End-Use; By Region; Segment Forecast, 2022 - 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing frequency of cyber-attacks on small and medium-sized organizations (SMEs) has aided in the market growth of the target e-KYC. For example, according to the European Union Agency For Cybersecurity, Small and medium-sized enterprises (SMEs) are the economic backbone of the EU. They employ around 100 million people and account for 99% of all firms in the EU. During the pandemic, ENISA asked various European SMEs and discovered that ransomware attacks, stolen computers, and phishing assaults were the most common cyber incidents. 90% of the SMEs surveyed by ENISA announced that cybersecurity issues would have a major negative impact on their companies within a week of the difficulties occurring, with 57% stating that they would most likely go bankrupt and out of business. Thus, the rising cyber-attacks of various types in SMEs boost the market demand for e-KYC.
Moreover, the KYC verification procedure guaranteed that customers completed all of the key customers' due diligence security checks for banks and other financial institutions during customer onboarding. For industries at risk, such as healthcare e-commerce, new KYC verification methods must be introduced across the board. Whether freely or involuntarily, customers and employees are the key sources of risk. Implementing security measures at critical onboarding touchpoints can dramatically improve the KYC verification process. Furthermore, the growing adoption of remotely verified e-KYC to minimize financial institutions' costs worldwide fuels market expansion.
Based on the deployment model, the on-premise segment accounted for the leading share in the market in 2021. That is because of the organization's on-site advantages of employing their server to assure data protection. The cloud will grow rapidly during the projected time. This is due to the company's SaaS-based e-KYC solution, which enables cost-effective access to the cloud-based implementation of the e-KYC alternative.
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Market players such as 63 Moons Technologies Ltd., Au10tix, EverCompliant, Acuant, Financial Software & Systems Pvt. Ltd., GIEOM Business Solutions, GB Group, IDnow GmbH, Onfido, Panamax Inc., Jumio Corporation, Pegasystems Inc., Tata Consultancy Services (TCS), Trulioo, Trust Stamp, Wipro Technologies are some key players operating in the global market. In November 2021, the public sector Indian Bank announced the inauguration of its Video KYC (know your customer) service, which allows applicants to establish an account from anywhere by embedding its Video-Based Customer Identification Process (VCIP) technology on its web-based platforms.
Polaris Market Research has segmented the E-KYC market report based on product, deployment mode, end-use, and region:
E-KYC, Product Outlook (Revenue - USD Million, 2017 - 2029)
E-KYC, Deployment Mode Outlook (Revenue - USD Million, 2017 - 2029)
E-KYC, End-Use Outlook (Revenue - USD Million, 2017 - 2029)
E-KYC, Regional Outlook (Revenue - USD Million, 2017 - 2029)