E-KYC Market Demand Analysis and Projected huge Growth by 2027

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04 Dec 2021, 09:33 GMT+10

A new research document is added in HTF MI database of 163 pages, titled as 'Global E-KYC Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027' with detailed analysis, Competitive landscape, forecast and strategies. Latest analysis highlights high growth emerging players and leaders by market share that are currently attracting exceptional attention.

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Electronic Know Your Customer or E-KYC is a procedure wherein the customer's 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 customer's 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.This growth is primarily driven by Escalating Requirement for Minimizing Manual Errors, Increase in the Services like Digital Payment and Digital Onboarding and Increasing Importance of Compliance Management.

Globally, a noticeable market trend is evident The Rising Number of Identity-Related Frauds . Major Players, such as 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) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.

Market Drivers

Escalating Requirement for Minimizing Manual Errors

Increase in the Services like Digital Payment and Digital Onboarding

Increasing Importance of Compliance Management

Market Trend

The Rising Number of Identity-Related Frauds

Increasing Cloud Adoption, Growing Internal and External Threats, And the Internet of Things (IoT)

Restraints

Security Issues

Lack of Awareness amongst Professionals and Consumers

Opportunities

Ease in Conducting Transactions & Account Opening and Reduction in Compliance Cost Thus Making It Easier to Serve to Low-Income Customers

Challenges

Presence of Competitors

HTF MI follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.

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Strategic Points Covered in Table of Content of Global E-KYC Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027 Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Global E-KYC Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027market. (Introduction, Scope of the Report)Chapter 2: Exclusive Summary – the basic information of the Global E-KYC Market Insights by Application, Product Type, Competitive Landscape & Regional

….Continued

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