What is E-KYC Market Scope?
Electronic Know Your Customer or E-KYC is a procedure wherein the customerís identity is identified and verified. The process consists of series of checks at the first time of relationship with the customer. It basically verifies who the person is and cross-checks that he is who he says he is, taking into consideration all the documents and his personification. The electronic know your customer or E-KYC is the electronic process that is used by various organizations and enterprises like banks, offices, telecom companies, financial institutions, insurance companies, and others. In this process, the customerís identity and the address where he is staying are verified with all the possible sources with the help of electronic technology. Because this process provides customers with a better experience rather than the manual process of verification which takes a lot of time. E-KYC is the expression used to describe the digitalization and the online conception of the KYC process. The E-KYC process also minimizes the cost while the process of verification. Falsification of identity, forging signatures and phishing is very common. Specialist businesses dedicated to technical compliance solutions have developed completely secure E-KYC processes with zero margins for the commission of these counterfeiting offenses and related crimes.
The E-KYC market study is being classified by Type (On-Cloud and On-Premises), by Application (Banks, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities and Insurance Companies) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global E-KYC market throughout the predicted period.
Acuant (United States), Trust Stamp (United States), Pegasystems Inc. (United States), Mitek (United States), Jumio (United States), Trulioo (Canada), Onfido (United Kingdom), Financial Software & Systems Pvt. Ltd. (India), GIEOM Business Solutions (India), Panamax Inc. (India), Tata Consultancy Services (TCS) (India), Wipro Technologies (India), Au10tix (Israel) and EverCompliant (Israel) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are GB Group (United Kingdom) and IDnow GmbH (Germany).
Analyst at AMA have segmented the market study of Global E-KYC market by Type, Application and Region.
On the basis of geography, the market of E-KYC has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Market Trend
- The Rising Number of Identity-Related Frauds
- Increasing Cloud Adoption, Growing Internal and External Threats, And the Internet of Things (IoT)
- Escalating Requirement for Minimizing Manual Errors
- Increase in the Services like Digital Payment and Digital Onboarding
- Increasing Importance of Compliance Management
- Ease in Conducting Transactions & Account Opening
- Reduction in Compliance Cost Thus Making It Easier to Serve to Low-Income Customers
- Security Issues
- Lack of Awareness amongst Professionals and Consumers
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Providers of E-KYC, Venture Capitalists and Private Equity Firms and End-Use Industry
Customization available in this Study:The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research & Media features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.