Global E-KYC Market Size Extensive Demand and New Developments in Upcoming years 2023-2030 (2024)

Facts and Factors estimates that the Global E-KYC Market Size was worth USD 1571.12 billion in 2021 and will increase to USD 2792 billion by 2030 at a CAGR of 21.55%.

The study examines worldwide e-KYC market drivers, restraints, and their impact on demand during the projection period. The paper also examines e-KYC market opportunities.

The E-KYC market report analyzes and reports global, regional, and country industry statistics to get a complete picture. Historical and past insights are presented for FY 2019–2023, while anticipated trends are provided for FY 2023–2030. From FY 2019 to 2030 quantifiable data is presented in USD billion.

Market Overview

Know your customer (KYC) is an important feature of modern business and helps fight financial fraud. Money-trading agencies use it to identify customers. KYC is required at the start of customer-business interactions. It is one of the few processes recommended and controlled by national anti-money laundering bodies.

E-KYC uses apps, websites, and linkages to know customers. Electronic or paper KYC verifies customer information digitally. KYC—‘know your customer’—is required for financial institutions. Opening a financial account requires KYC to verify clients' identity and reorganization.

Key Insights from Primary Research

• As per the analysis shared by our research analyst, the global e-KYC market is estimated to grow annually at a CAGR of around 21.55% over the forecast period (2023-2030)
• In terms of revenue, the global e-KYC market size was valued at around USD 1571.12 billion in 2021 and is projected to reach USD 2792 billion, by 2030.
• The market is projected to grow at a significant rate due to the stringent regulations laid down by regional governments
• Based on deployment mode segmentation, on-premise was predicted to show maximum market share in the year 2021
• Based on end-user segmentation, banks were the leading users in 2021
• On the basis of region, North America was the leading revenue generator in 2021

E-KYC Market: Growth Drivers

The global e-KYC market is expected to develop because to the benefits of digital technology for customers and businesses. Since e-KYC can be started without an intermediary, human resources are minimal. Employees can focus on other important duties, reducing their workload. Customer benefit from E-KYC because electronic devices are fast, easy, give instant verification, and increase accessibility while ensuring faster or simpler compliance with critical regulatory standards.

The increased number of consumers using electronic funds transfer for online shopping, automatic EMI deductions, and other personal reasons is predicted to boost global market growth. Cloud technologies, connected gadgets, and artificial intelligence initiatives are projected to drive growth.

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🌍 Regional Insight by FnF Research ✎

North America is expected to lead the global e-KYC market due to its strong digital and technical infrastructure, which allows the US and Canada to roll out e-KYC procedures, and rising customer acceptance. Growing measures by national safety and financial regulatory organizations should drive European growth.

European organizations utilize e-KYC technologies that improve local and global client experiences. Asia-Pacific is predicted to grow rapidly due to increased banking and financial industry investments. China has USD 3.38 trillion in Tier 1 banking capital.

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