e-KYC Market Size
The Global e-KYC Market is estimated to grow from USD 291.14 Million in 2019 to reach USD 1,568.95 Million by 2027, at a CAGR of 23.4% during the forecast period from 2020-2027.
Electronic Know Your Customer or e-KYC is the electronic process which is used by various industries and organization like offices, banks, telecom companies and others. In this process, the customer’s identity and address are verified remotely and/or electronically, thus providing the customers better experience when compared to physical KYC.
COVID-19 Impact on e-KYC market
COVID-19 health emergency has spurred many industries to build the digital infrastructure, deploy online tools in order to create digital IDs and similar. At some extent, the pandemic has forced different sectors like banking, telecom companies, financial institutions and others to shift to the digital channels. So, there is a drastic process of digitalization seen in financial institutions and banks.
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Moreover, due to COVID-19, there is an increase in online processes like online transactions and online onboarding, so it has become essential for verticals like telecom companies, banks and financial institutions to shift to e-KYC. Also, various consumers due to the fear of pandemic are conveniently opting for signing up through digital channels, opting for digital verifications, transactions and other bank related works, thus turning to digital or e-KYC.
The outbreak of COVID-19 has created a stronger and positive path and helped boost the e-KYC market. Major countries under the lockdown are moving to digitalization thus reducing the paperwork involved and turnaround time required. Also, e-KYC has enabled various new customers to enter financial markets digitally during the period of pandemic. Thus, the e-KYC market is getting a major facelift during the period of COVID-19 pandemic.
Amongst all the applications, banks accounted for the maximum share and is estimated to continue contributing for a major share across the forecast period as well. Various factors like rising application of e-KYC for eliminating paperwork during loan application and automating customer onboarding activity are leading for an increased growth.
The increasing usage of e-KYC, is improving the services like digital payment and digital onboarding and thus improving the customer experience and driving the growth of digital verification across the globe. While doing the digital onboarding banks are conducting the AML screening and identity proofing; and are leveraging a combination of Artificial Intelligence (AI), Live Video and Optical Character Recognition (OCR) are thus increasingly taking for maintaining the authenticity of the customers.
e-KYC Market Segmentation
- Financial Institutions
- Telecom Companies
- E-payment Service Providers
- Insurance Companies
- Government Entities
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
North America is technologically very advanced, has a very high number of early adopters and many market leaders have their presence in this region. Also, other factors like government initiatives, development of digital identity-based driver’s license, integration of blockchain, ML and AI in order to secure the digital identities are responsible for the maximum share of this region in e-KYC market.
Asia pacific is expected to grow at the fastest CAGR of24.2%during the forecast period of 2020 – 2027. Increasing number of external and internal threats, upsurge in the AI, IoT and cloud adoption are expected to boost the market. Also, these days; the use of biometric identification is made compulsory in various developing countries in order to prevent Money-Laundering.
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