E-KYC Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Identity Authentication and Matching, Video Verification, Digital ID Schemes, Others), By Deployment Mode (Cloud-based, On-premises), By End-User (Banks, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies), By Region & Competition, 2019-2029F

Market Overview

Global E-KYC Market was valued at USD 7.2 billion in 2023 and is expected to reach USD 22.69 billion by 2029 with a CAGR of 20.9% during the forecast period. The e-KYC (electronic Know Your Customer) market refers to the industry that provides digital solutions for customer identity verification. This market encompasses a range of technologies and services designed to streamline the KYC process by leveraging digital methods, eliminating the need for physical documentation and in-person verification. The e-KYC market is driven by the increasing demand for efficient and secure customer onboarding processes across various sectors, including banking, financial services, telecommunications, healthcare, and government agencies. These sectors benefit significantly from the reduced time and cost associated with digital KYC processes, while also enhancing customer experience and compliance with regulatory requirements. Key components of the e-KYC market include biometric verification systems, such as facial recognition, fingerprint scanning, and iris recognition, which ensure accurate identification of individuals. Additionally, the market comprises advanced technologies like artificial intelligence (AI) and machine learning (ML) that help in analyzing and validating customer data in real-time, detecting fraud, and reducing errors. Blockchain technology also plays a crucial role in the e-KYC market by providing secure and immutable storage of customer data, ensuring transparency and reducing the risk of data breaches.

Key Market Drivers

Regulatory Push for Digital Identity Verification

The regulatory landscape for digital identity verification is rapidly evolving, driven by a need to enhance security and mitigate risks associated with financial transactions. Governments and regulatory bodies across the globe are increasingly mandating Know Your Customer (KYC) compliance for financial institutions, which has significantly boosted the adoption of electronic KYC (e-KYC) solutions. The regulatory push aims to combat money laundering, terrorist financing, and other financial crimes by ensuring that financial institutions have a thorough understanding of their customers' identities and financial behaviors. This shift towards stringent regulatory requirements is creating a substantial demand for e-KYC technologies, which offer a more efficient and reliable means of verifying customer identities compared to traditional methods. Traditional KYC processes are often cumbersome, time-consuming, and prone to human error. They require physical document verification and in-person meetings, which can be inconvenient for customers and costly for businesses. In contrast, e-KYC solutions leverage advanced technologies such as biometric authentication, artificial intelligence (AI), and machine learning (ML) to streamline the verification process. These technologies enable real-time identity verification, reduce the risk of fraud, and enhance the overall customer experience. For instance, biometric authentication, which includes facial recognition, fingerprint scanning, and iris recognition, provides a high level of security by ensuring that the person presenting the identification documents is indeed the rightful owner. In November 2023, Hindustan Petroleum Corporation Limited, a leading energy company in India, introduced an advanced e-KYC solution powered by facial recognition technology. This innovative solution streamlines the digital identification and customer verification process, enhancing operational efficiency and improving the user experience.

Regulatory frameworks such as the European Union's General Data Protection Regulation (GDPR) and the Anti-Money Laundering Directive (AMLD) have set high standards for data privacy and security, compelling financial institutions to adopt more secure and efficient e-KYC processes. In countries like India, the implementation of the Aadhaar-based e-KYC system has revolutionized the way financial institutions verify customer identities, making the process faster, more reliable, and cost-effective. As regulatory bodies continue to emphasize the importance of robust KYC practices, the demand for e-KYC solutions is expected to grow significantly. Compliance requirements, regulatory push is also driven by the increasing prevalence of cyber threats and digital fraud. Financial institutions are under immense pressure to protect their customers' data and prevent unauthorized access to their systems. e-KYC solutions, with their advanced security features, provide an effective means of safeguarding sensitive information and ensuring that only legitimate customers gain access to financial services. This not only helps financial institutions comply with regulatory requirements but also enhances their reputation and trustworthiness among customers. The regulatory push for digital identity verification is a major driver of the e-KYC market. It compels financial institutions to adopt innovative technologies that not only comply with regulatory standards but also improve operational efficiency and customer satisfaction. As regulatory frameworks continue to evolve and the need for secure identity verification becomes more critical, the e-KYC market is poised for significant growth in the coming years.

Rising Adoption of Digital Banking and Financial Services

The rapid growth of digital banking and financial services is a key driver for the e-KYC market. With the advent of technology and the proliferation of internet access, consumers are increasingly turning to digital platforms for their banking and financial needs. This shift towards digitalization is driven by the convenience, speed, and accessibility that digital banking offers. As more consumers embrace online banking, mobile banking, and digital wallets, financial institutions are compelled to adopt e-KYC solutions to onboard customers swiftly and securely. Digital banking eliminates the need for physical branches and in-person interactions, allowing customers to access financial services from the comfort of their homes. This convenience has led to a surge in the number of people using digital banking platforms. However, with the increase in digital transactions, the risk of identity theft and fraud also rises. Financial institutions are, therefore, investing in robust e-KYC solutions to verify the identities of their customers and ensure the security of their platforms. e-KYC solutions leverage technologies such as AI, ML, and biometrics to provide accurate and real-time identity verification, reducing the risk of fraudulent activities.

The COVID-19 pandemic has further accelerated the adoption of digital banking and financial services. With lockdowns and social distancing measures in place, consumers and businesses alike turned to digital channels to conduct their financial transactions. This sudden spike in digital activity highlighted the importance of having secure and efficient e-KYC processes in place. Financial institutions had to quickly adapt to the changing landscape and implement e-KYC solutions to onboard new customers and verify their identities remotely. The pandemic served as a catalyst for digital transformation in the financial sector, and the trend is expected to continue in the post-pandemic era. The rising popularity of fintech companies and neobanks is also contributing to the growth of the e-KYC market. Fintech companies and neobanks, which operate exclusively online, rely heavily on e-KYC solutions to onboard customers and provide them with a seamless digital experience. These companies are leveraging advanced technologies to offer innovative financial products and services, attracting a large number of tech-savvy consumers. As the fintech ecosystem continues to expand, the demand for e-KYC solutions is expected to grow in tandem.

The increasing use of digital wallets and payment gateways is driving the adoption of e-KYC solutions. Digital wallets and payment gateways provide a convenient way for consumers to make online payments, transfer funds, and manage their finances. However, to prevent fraudulent activities and ensure the security of transactions, these platforms require robust identity verification processes. e-KYC solutions offer a secure and efficient way to verify the identities of users, thereby enhancing the overall security and trustworthiness of digital payment platforms. The rising adoption of digital banking and financial services is a significant driver for the e-KYC market. The convenience, speed, and accessibility of digital banking, coupled with the need for secure identity verification, are compelling financial institutions to invest in advanced e-KYC solutions. As the digital transformation of the financial sector continues to gain momentum, the e-KYC market is poised for substantial growth. As of 2023, there were over 2.1 billion mobile banking users worldwide, and this number is expected to reach 2.8 billion by 2025, driven by the increasing adoption of smartphones and mobile apps for banking and financial services. Around 60% of the global population now uses some form of online or mobile banking, with an increasing number of customers opting for digital-only banking services rather than traditional branch-based banking.

Technological Advancements in Identity Verification

Technological advancements in identity verification are a major driver of the e-KYC market. The development and integration of cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and biometrics have revolutionized the way financial institutions verify customer identities. These technologies offer a more efficient, accurate, and secure means of identity verification compared to traditional methods, making them an attractive option for financial institutions looking to enhance their KYC processes. AI and ML algorithms play a crucial role in the e-KYC process by analyzing large volumes of data to detect patterns and anomalies. These technologies can quickly and accurately verify customer identities by cross-referencing information from various sources, such as government databases, social media profiles, and credit bureaus. This not only speeds up the verification process but also reduces the risk of human error and fraud. For instance, AI-powered facial recognition technology can match a customer's selfie with their government-issued ID to verify their identity in real-time. Similarly, ML algorithms can analyze transaction patterns to detect suspicious activities and flag potential fraudulent transactions.

Biometric authentication is another significant technological advancement driving the e-KYC market. Biometric authentication methods, such as fingerprint scanning, facial recognition, and iris recognition, provide a high level of security by ensuring that the person presenting the identification documents is indeed the rightful owner. These methods are difficult to forge or replicate, making them highly effective in preventing identity theft and fraud. Biometric authentication is particularly useful in remote onboarding scenarios, where customers can verify their identities using their smartphones or other digital devices without needing to visit a physical branch.Blockchain technology is also emerging as a game-changer in the e-KYC market. Blockchain provides a decentralized and tamper-proof way to store and share customer data, ensuring the security and privacy of sensitive information. By using blockchain, financial institutions can create a secure and transparent KYC process that allows for seamless sharing of verified customer data between different entities. This not only reduces the duplication of efforts but also enhances the overall efficiency of the KYC process. Blockchain technology also offers the potential for customers to have greater control over their personal data, allowing them to grant or revoke access to their information as needed. The integration of e-KYC solutions with other digital platforms and services is driving the growth of the market. Financial institutions are increasingly integrating e-KYC solutions with their mobile banking apps, digital wallets, and online payment gateways to provide a seamless and secure user experience. This integration allows customers to verify their identities quickly and easily, enabling them to access a wide range of financial services without the need for physical documentation. Enhancing security and efficiency, technological advancements in identity verification also contribute to cost savings for financial institutions. By automating the KYC process and reducing the need for manual verification, financial institutions can significantly lower their operational costs. This not only improves their bottom line but also allows them to allocate resources to other critical areas of their business. Technological advancements in identity verification are a key driver of the e-KYC market. The adoption of AI, ML, biometrics, blockchain, and other advanced technologies is transforming the way financial institutions verify customer identities, making the process faster, more accurate, and more secure. As these technologies continue to evolve, the e-KYC market is expected to experience substantial growth in the coming years.

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Key Market Challenges

Regulatory and Compliance Complexities

The e-KYC (electronic Know Your Customer) market faces significant challenges due to the complex and evolving regulatory landscape. One of the primary hurdles is navigating the diverse regulatory requirements across different jurisdictions. Financial institutions and service providers must comply with a myriad of regulations, which vary not only by country but also by region within countries. These regulations are often stringent, requiring detailed and specific data collection, verification processes, and data storage protocols to prevent money laundering, fraud, and other financial crimes. For example, the European Union’s General Data Protection Regulation (GDPR) imposes strict guidelines on data privacy and protection, while the United States’ Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations mandate rigorous customer due diligence procedures. Adapting to these regulations necessitates substantial investment in legal expertise, compliance frameworks, and continuous monitoring systems to ensure adherence to the latest legal requirements.

Regulatory bodies frequently update their guidelines and introduce new compliance mandates in response to emerging threats and technological advancements. This dynamic nature of regulations demands that e-KYC providers remain agile and proactive in their compliance strategies. Failure to comply with these regulations can result in severe penalties, legal repercussions, and damage to the organization’s reputation. Additionally, the lack of standardized global regulations creates a fragmented market, making it challenging for e-KYC solutions to achieve widespread adoption. This fragmentation forces companies to customize their e-KYC processes for different markets, increasing operational costs and complexity. The challenge is further compounded by the need to balance compliance with customer experience. Stringent regulatory requirements can lead to cumbersome and lengthy KYC processes, potentially deterring customers and impacting the overall user experience. Therefore, e-KYC providers must continuously innovate and leverage advanced technologies such as artificial intelligence and machine learning to streamline compliance processes while ensuring robust security and data protection.

Data Security and Privacy Concerns

Data security and privacy concerns represent another critical challenge in the e-KYC market. The process of electronic KYC involves the collection, processing, and storage of sensitive personal information, including identification documents, biometric data, and financial records. This vast repository of valuable data makes e-KYC systems attractive targets for cybercriminals. High-profile data breaches and cyber-attacks have underscored the vulnerabilities within digital identity verification systems, raising concerns about the adequacy of current security measures. Ensuring the security and integrity of customer data is paramount, as any breach can lead to identity theft, financial fraud, and a loss of trust in digital financial services. Companies must invest heavily in robust cybersecurity frameworks, including encryption technologies, multi-factor authentication, and continuous monitoring systems to safeguard against unauthorized access and cyber threats.

Security challenges, data privacy is a major concern for both consumers and regulatory bodies. Users are increasingly aware of their privacy rights and demand greater transparency and control over their personal information. Regulations such as GDPR and the California Consumer Privacy Act (CCPA) empower consumers with rights to access, correct, and delete their data, placing additional compliance burdens on e-KYC providers. Organizations must ensure that their data handling practices are transparent, ethical, and compliant with privacy laws. This includes implementing clear consent mechanisms, data minimization principles, and robust data anonymization techniques to protect user identities. Balancing the need for comprehensive identity verification with privacy concerns requires a delicate approach, as overly intrusive data collection can erode customer trust and result in regulatory backlash. Therefore, e-KYC providers must prioritize data privacy by design and adopt a customer-centric approach that emphasizes security, transparency, and user control over personal information.

Key Market Trends

Growing Regulatory Pressure and Compliance Requirements

The e-KYC market is experiencing significant growth due to increasing regulatory pressure and the need for stringent compliance with international and domestic laws. Governments and regulatory bodies around the world are tightening their regulations to combat money laundering, terrorist financing, and other financial crimes. This regulatory landscape is driving organizations to adopt robust e-KYC solutions to ensure compliance and avoid hefty fines and reputational damage. One of the key regulatory frameworks influencing the e-KYC market is the Anti-Money Laundering (AML) directive. AML regulations require financial institutions to implement effective KYC procedures to identify and verify the identity of their customers. These regulations are constantly evolving, with new amendments being introduced to address emerging risks and technological advancements. For instance, the European Union's AMLD5 and the upcoming AMLD6 directives have introduced stricter requirements for customer due diligence and beneficial ownership verification. These changes are compelling financial institutions to upgrade their e-KYC systems to meet the new standards. The Financial Action Task Force (FATF) has been instrumental in shaping global AML and KYC regulations. FATF recommendations are adopted by member countries, leading to the implementation of stringent KYC requirements worldwide. FATF's emphasis on digital identity verification and the use of technology in KYC processes has further accelerated the adoption of e-KYC solutions. Financial institutions are increasingly relying on digital platforms to comply with FATF guidelines and improve the accuracy and efficiency of their KYC procedures. Regulatory pressure is not limited to AML directives. Data protection and privacy regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States, also impact the e-KYC market. These regulations mandate organizations to handle customer data with utmost care, ensuring transparency and consent in data collection and processing. e-KYC solutions must comply with these regulations by implementing robust data protection measures and providing customers with control over their personal information.

In response to growing regulatory pressure, financial institutions and other regulated entities are investing heavily in e-KYC technologies. This investment is driven by the need to streamline KYC processes, enhance data accuracy, and reduce compliance costs. Advanced e-KYC solutions offer features such as automated identity verification, real-time screening against watchlists, and audit trails to ensure compliance with regulatory requirements. These solutions also facilitate seamless customer onboarding, reducing the time and effort required for manual verification. The increasing regulatory scrutiny is not limited to traditional financial institutions. The rise of fintech companies and digital payment platforms has also attracted regulatory attention. Regulators are expanding their oversight to cover these new players, requiring them to implement robust KYC procedures. This trend is driving the demand for e-KYC solutions among fintech companies, enabling them to meet regulatory expectations and gain customer trust. The growing regulatory pressure and compliance requirements are significant drivers of the e-KYC market. Financial institutions and other regulated entities are compelled to adopt advanced e-KYC solutions to meet evolving AML, data protection, and privacy regulations. The investment in e-KYC technologies is expected to continue rising as regulatory frameworks become more stringent, ensuring a secure and compliant financial ecosystem.

Expansion of Digital Financial Services and Inclusion

The expansion of digital financial services is a major trend driving the growth of the e-KYC market. The proliferation of smartphones, increased internet penetration, and the rise of fintech companies have democratized access to financial services, particularly in emerging markets. This digital transformation is creating a huge demand for efficient and secure e-KYC solutions to onboard and verify customers in a digital-first environment. One of the most significant impacts of digital financial services is the promotion of financial inclusion. Traditional banking services often require physical presence and documentation, which can be challenging for individuals in remote or underserved areas. Digital financial services, facilitated by mobile banking and online platforms, overcome these barriers by providing access to banking, payments, and other financial services through digital channels. e-KYC plays a crucial role in this transformation by enabling remote identity verification, allowing individuals to open accounts and access financial services without the need for physical visits to bank branches.

Mobile banking is a key driver of this trend. With the widespread adoption of smartphones, mobile banking apps have become a primary channel for financial transactions. These apps require robust e-KYC processes to verify the identity of users and ensure secure access to financial services. Biometric authentication methods, such as fingerprint and facial recognition, are commonly used in mobile banking e-KYC processes to enhance security and user convenience. As a result, the demand for advanced e-KYC solutions that can seamlessly integrate with mobile banking platforms is on the rise. Fintech companies are also playing a significant role in expanding digital financial services and driving the e-KYC market. These companies leverage technology to offer innovative financial products and services, such as digital wallets, peer-to-peer lending, and online investment platforms. To comply with regulatory requirements and ensure the security of their platforms, fintech companies rely on e-KYC solutions to verify the identity of their customers. The agility and scalability of e-KYC technologies make them ideal for fintech companies that need to onboard large numbers of customers quickly and efficiently.

The COVID-19 pandemic has further accelerated the adoption of digital financial services and, consequently, the demand for e-KYC solutions. With lockdowns and social distancing measures in place, individuals and businesses turned to digital channels for their financial needs. This shift highlighted the importance of robust e-KYC processes to enable secure and frictionless access to financial services. Many financial institutions and fintech companies responded by enhancing their e-KYC capabilities to accommodate the surge in digital transactions and ensure compliance with evolving regulations. Governments and international organizations are recognizing the potential of digital financial services to drive economic growth and reduce poverty. Initiatives such as the United Nations' Sustainable Development Goals (SDGs) emphasize the importance of financial inclusion in achieving sustainable development. As part of these efforts, governments are promoting the use of digital financial services and supporting the implementation of e-KYC solutions to ensure secure and inclusive access to financial systems. The expansion of digital financial services is a significant trend propelling the e-KYC market. The need for financial inclusion, driven by mobile banking and fintech innovations, is creating a demand for efficient and secure e-KYC solutions. As digital financial services continue to grow and evolve, the e-KYC market is expected to witness sustained growth, driven by the need to provide secure, convenient, and inclusive access to financial services worldwide.

Segmental Insights

Product Insights

The Identity Authentication and Matching segment held the largest Market share in 2023. The global e-KYC (electronic Know Your Customer) market within the identity authentication and matching segment is driven by several key factors. One of the primary drivers is the increasing adoption of digital banking and online financial services, which necessitates efficient and secure identity verification processes. With the growing prevalence of cyber threats and fraudulent activities, financial institutions and regulatory bodies are prioritizing robust identity authentication mechanisms to safeguard customer data and ensure compliance with stringent regulatory frameworks such as Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. The convenience and efficiency offered by e-KYC solutions, which streamline the customer onboarding process by reducing the need for physical documentation and in-person verification, further fuel their adoption across various sectors including banking, insurance, and telecommunications. Technological advancements also play a pivotal role in driving the e-KYC market. The integration of artificial intelligence (AI) and machine learning (ML) in e-KYC solutions enhances the accuracy and speed of identity verification, allowing for real-time data processing and fraud detection. These technologies facilitate advanced biometric authentication methods, such as facial recognition and fingerprint scanning, which provide an additional layer of security. Furthermore, the growing penetration of smartphones and internet connectivity has enabled broader access to digital financial services, thereby increasing the demand for efficient and user-friendly e-KYC solutions.

Another significant market driver is the increasing emphasis on customer experience. Modern consumers expect quick, seamless, and secure digital interactions. e-KYC solutions cater to these expectations by offering a frictionless onboarding experience, which not only improves customer satisfaction but also enhances operational efficiency for businesses. This shift towards customer-centric approaches in service delivery is prompting organizations to adopt innovative e-KYC technologies to stay competitive in the market. Regulatory initiatives and government support also contribute to the growth of the e-KYC market. Governments in various countries are implementing digital identification programs and promoting the adoption of e-KYC solutions to enhance financial inclusion and transparency. For instance, initiatives like India’s Aadhaar program and Europe’s eIDAS regulation provide a robust framework for digital identity verification, encouraging the use of e-KYC processes. These regulatory measures not only facilitate the expansion of digital financial services but also ensure a secure and compliant environment for identity verification. The COVID-19 pandemic has accelerated the digital transformation across industries, leading to an increased reliance on digital verification methods. With social distancing norms and lockdown measures in place, traditional KYC processes faced significant challenges, prompting a swift transition to e-KYC solutions. This shift not only highlighted the efficiency and necessity of digital identity verification but also underscored the resilience of e-KYC systems in ensuring business continuity during unprecedented times. The e-KYC market in the identity authentication and matching segment is propelled by a combination of factors including the rising demand for digital financial services, technological advancements, emphasis on customer experience, regulatory support, and the impact of the COVID-19 pandemic. As the digital landscape continues to evolve, the adoption of e-KYC solutions is expected to grow, driven by the need for secure, efficient, and customer-friendly identity verification processes.

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Regional Insights

North America region held the largest market share in 2023. The e-Know Your Customer (e-KYC) market in North America is experiencing significant growth, driven by several key factors. One of the primary drivers is the stringent regulatory environment aimed at combating financial crimes such as money laundering, fraud, and terrorist financing. Regulatory bodies such as the Financial Crimes Enforcement Network (FinCEN) in the United States and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) enforce compliance with KYC norms, pushing financial institutions to adopt advanced e-KYC solutions. This regulatory pressure ensures that organizations maintain robust customer verification processes, thereby safeguarding the financial ecosystem. Regulatory mandates, the increasing digitization of financial services plays a crucial role in propelling the e-KYC market. With the rapid adoption of digital banking, online payments, and fintech services, the need for secure and efficient customer verification methods has surged. E-KYC solutions offer a seamless and convenient way to onboard customers remotely, enhancing user experience while maintaining high security standards. This shift towards digital financial services is further accelerated by the widespread use of smartphones and internet penetration, making e-KYC an essential component of the modern financial landscape.

The rising instances of identity theft and cybercrimes in the region have heightened the demand for robust identity verification solutions. Financial institutions and businesses are increasingly recognizing the importance of implementing e-KYC to protect themselves and their customers from potential threats. E-KYC systems, equipped with advanced technologies such as biometrics, artificial intelligence, and machine learning, provide enhanced security measures that significantly reduce the risk of fraudulent activities. This growing awareness of cybersecurity and the need to safeguard personal information is a critical driver for the e-KYC market in North America. The cost efficiency and operational benefits offered by e-KYC solutions also contribute to their growing adoption. Traditional KYC processes are often time-consuming and resource-intensive, involving extensive paperwork and manual verification. In contrast, e-KYC systems streamline the onboarding process, reducing the time and effort required for customer verification. This not only leads to significant cost savings for businesses but also improves operational efficiency by minimizing errors and ensuring compliance with regulatory requirements. The automation and digitalization of KYC processes enable financial institutions to focus on core activities, enhancing overall productivity and customer satisfaction.

The COVID-19 pandemic has acted as a catalyst for the adoption of e-KYC solutions in North America. The pandemic-induced restrictions and social distancing measures necessitated the shift towards remote and contactless services. Financial institutions and businesses had to adapt quickly to the changing landscape by implementing e-KYC to facilitate remote customer onboarding and transactions. This sudden surge in demand for digital solutions has further accelerated the growth of the e-KYC market, highlighting its importance in ensuring business continuity and customer convenience in challenging times. The competitive landscape of the e-KYC market in North America is characterized by the presence of several prominent players offering innovative solutions. Companies are investing heavily in research and development to enhance their e-KYC offerings, incorporating advanced technologies and improving the accuracy and efficiency of their systems. Collaborations and partnerships between financial institutions, fintech companies, and technology providers are also driving market growth, as these alliances foster the development of comprehensive and integrated e-KYC solutions. The e-KYC market in North America is driven by a combination of regulatory compliance, increasing digitization of financial services, rising cybersecurity concerns, cost efficiency, and the impact of the COVID-19 pandemic. These factors collectively contribute to the growing adoption of e-KYC solutions, ensuring secure and efficient customer verification in the evolving financial landscape.

Recent Developments

• In March 2024, CyberLink (5203.TW), a premier AI facial recognition provider, has recently partnered with Generali Vietnam Life Insurance Company to enhance GenVita, Generali’s customer application service, with cutting-edge facial recognition technology. By integrating CyberLink’s advanced FaceMe facial recognition engine along with anti-spoofing capabilities, GenVita can now securely and efficiently verify the identities of new customers applying for insurance services, as well as existing policyholders conducting online transactions. This integration not only enhances the user experience but also aligns with Generali’s “Transparent Insurance” strategy, reinforcing their commitment to customer transparency and security.

Key Market Players

• 63 Moons Technologies Limited 
• IDology, Inc
• Financial Software and Systems Private Limited
• GB Group Plc
• Jumio Corporation
• Onfido Ltd
• TATA Consultancy Services Limited
• Wipro Limited

Report Scope:

In this report, the Global E-KYC Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• E-KYC Market, By Product:

o   Identity Authentication and Matching

o   Video Verification

o   Digital ID Schemes

o   Others

• E-KYC Market, By Deployment Mode:

o   Cloud-based

o   On-premises

• E-KYC Market, By End-User:

o   Banks

o   Financial Institutions

o   E-payment Service Providers

o   Telecom Companies

o   Government Entities

o   Insurance Companies

• E-KYC Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global E-KYC Market.

Available Customizations:

Global E-KYC Market report with the given Market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).