e-KYC Market is expected to reach USD 8.09 Billion by 2034

Global e-KYC market worth USD 1.09 Billion as of 2024, anticipated to grow at 22.3% CAGR owing to fraud prevention, regulatory compliance, and digital adoption.

NEW YORK CITY, NY, UNITED STATES, October 28, 2025 /EINPresswire.com/ -- In 2024, the global e-KYC market was valued at USD 1.09 billion and is projected to grow at a CAGR of 22.3% from 2025 to 2034. e-KYC, or electronic know-your-customer, is an online process that verifies customer identities, bypassing paper-based processes. It assists companies, particularly in the finance and banking sectors, in preventing fraud and regulatory compliance while facilitating quicker, safer, and smoother customer onboarding.

𝗡𝗼𝘁𝗲: 𝗧𝗵𝗲 𝗿𝗲𝗽𝗼𝗿𝘁 𝗶𝘀 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 𝗳𝗼𝗿 𝗶𝗺𝗺𝗲𝗱𝗶𝗮𝘁𝗲 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝘆. 𝗪𝗲 𝗰𝗮𝗻 𝗮𝗿𝗿𝗮𝗻𝗴𝗲 𝗮 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 𝘁𝗼 𝗱𝗶𝘀𝗰𝘂𝘀𝘀 𝘁𝗵𝗲 𝗳𝗶𝗻𝗱𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝘁𝗮𝗶𝗹𝗼𝗿 𝘁𝗵𝗲𝗺 𝘁𝗼 𝘆𝗼𝘂𝗿 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻-𝗺𝗮𝗸𝗶𝗻𝗴 𝗼𝗯𝗷𝗲𝗰𝘁𝗶𝘃𝗲𝘀.

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗠𝗮𝗷𝗼𝗿 𝗙𝗶𝗻𝗱𝗶𝗻𝗴𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗥𝗲𝗽𝗼𝗿𝘁?

● Increasing terrorist financing, rising identity-related fraud, and shifting consumer purchasing habits are driving demand for e-KYC and propelling the market during the forecast period.

● The banking segment will remain the largest revenue generator in the global e-KYC market, driven by digital onboarding, fraud protection, and process optimization.

● The cloud segment is anticipated to grow rapidly over the forecast period, as it is more flexible and scalable.

● North America dominated the e-KYC market in 2024, driven by rising fraud and cyberattacks and by expanding demand for secure digital identity verification.

● Asia Pacific held a high CAGR in 2024, driven by growing cyber threats, heightened cloud adoption, and IoT technology growth, which increased e-KYC demand.

𝗛𝗼𝘄 𝗶𝘀 𝗔𝗜 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝘁𝗵𝗲 𝗲-𝗞𝗬𝗖 𝗠𝗮𝗿𝗸𝗲𝘁?

● AI accelerates customer authentication by automating document and ID verification.

● It identifies and prevents fake activities in real time by identifying unusual patterns.

● AI minimizes errors and the costs of running through automated processes.

● It helps continuously monitor compliance, ensuring regulations are met.

● AI can process large volumes of electronic transactions effectively, enhancing overall workflow efficiency.

𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗗𝗲𝗲𝗽 𝗠𝗮𝗿𝗸𝗲𝘁 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 – 𝗢𝗿𝗱𝗲𝗿 𝘁𝗵𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝗧𝗼𝗱𝗮𝘆!
https://www.polarismarketresearch.com/industry-analysis/e-kyc-market

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝗠𝗮𝗶𝗻 𝗗𝗿𝗶𝘃𝗲𝗿𝘀 𝗼𝗳 𝗠𝗮𝗿𝗸𝗲𝘁 𝗚𝗿𝗼𝘄𝘁𝗵?

Combating Financial Crime and Terrorist Financing: The e-KYC sector has grown due to stringent government regulations against money laundering and terrorist financing, as well as the growth of digital payments. Initiatives by institutions such as the IMF to safeguard the world's financial system and prevent criminals from accessing illegal funds underscore the critical importance of robust e-KYC solutions.

Technological Developments and Digital Finance: AI, machine learning, and cloud computing are enhancing fraud detection and handling high volumes of digital transaction data, driving more demand for e-KYC. Digital currency and central bank digital currencies are driving innovation, while preventing identity misuse and compliance issues will continue to support market expansion over the next several years.

𝗪𝗵𝗶𝗰𝗵 𝗧𝗿𝗲𝗻𝗱𝘀 𝗮𝗿𝗲 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗙𝗼𝗿𝘄𝗮𝗿𝗱?

Increasing Interest in Fraud Prevention and Compliance: The growing demand for compliance management and the rising rate of identity-based fraud are driving the adoption of e-KYC solutions, as companies seek safer, more efficient, and more effective ways to verify customer identity.

Consumer Behavior and Digital Access Propelling Growth: Increased identity fraud and changing consumer buying behavior are driving demand for e-KYC solutions. In addition, easy access to products and services via e-commerce channels is fueling market expansion.

𝗪𝗵𝗮𝘁 𝗠𝗮𝗷𝗼𝗿 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗮𝗿𝗲 𝗜𝗺𝗽𝗮𝗰𝘁𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁?

Awareness and Technical Barriers: Uncertainty, technical issues, and security issues are hindering the e-KYC market. Although e-KYC enhances the security of online transactions, system crashes and the abuse of personal information may delay its adoption.

Looking to Explore the Next Big Trend? Contact Us to Discuss Your Research Needs. https://www.polarismarketresearch.com/industry-analysis/e-kyc-market/request-for-sample

𝗪𝗵𝗶𝗰𝗵 𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗗𝗿𝗶𝘃𝗲 𝗠𝗮𝗿𝗸𝗲𝘁?

𝗕𝘆 𝗘𝗻𝗱 𝗨𝘀𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀

The bank segment shall remain the biggest contributor to the global e-KYC market in 2024 and beyond, driven by expansion fueled by e-KYC's role in digital onboarding of customers, online document verification, easy payment processing, minimal paperwork, increased fraud prevention, and the transition from manual to electronic KYC for cost-effective remote verification.

The financial institutions segment dominated the e-KYC market in 2024 and will continue to drive growth going forward. This is because e-KYC enables remote client onboarding and supports compliance, anti-money laundering screening, and risk management.

𝗕𝘆 𝗗𝗲𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗠𝗼𝗱𝗲 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀

The cloud segment will increase significantly because it is scalable, flexible, and cost-saving. It can be easily deployed for e-KYK without physical infrastructure, provides remote access for distributed operations, and facilitates real-time processing and centralized compliance monitoring, thereby spurring adoption.

𝗪𝗵𝗶𝗰𝗵 𝗥𝗲𝗴𝗶𝗼𝗻𝘀 𝗮𝗿𝗲 𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁?

North America: North America dominated the e-KYC market in 2024, with the increasing demand for fraud prevention and cybersecurity, especially in the U.S. and Canada. Increasing cyberattacks and data breaches in enterprises are fueling demand for e-KYC solutions in the region.

Asia Pacific: The e-KYC market experienced robust growth in 2024. Growing security risks, increased cloud adoption, and the proliferation of IoT are fueling market growth in the region.

𝗪𝗵𝗼 𝗮𝗿𝗲 𝗠𝗮𝗷𝗼𝗿 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆?

The e-KYC market is highly competitive, and firms are emphasizing innovation, strategic alliances, and technological developments in order to enhance their market share and customer base.

𝗧𝗵𝗲 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗺𝗮𝗷𝗼𝗿 𝗽𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

● 63 Moons Technologies Ltd.: Offers digital identity authentication and compliance solutions to facilitate e-KYC processes.

● Acuant: Provides AI-powered identity verification and document authentication for safe onboarding.

● Au10tix: Expert in automated ID verification and anti-fraud e-KYC solutions.

● EverCompliant: Provides cloud-based e-KYC and compliance management solutions for banks.

● Financial Software & Systems Pvt. Ltd.: Offers e-KYC and banking compliance software solutions that are integrated.

● GB Group: Provides identity verification products to help strengthen regulatory compliance and minimize fraud.

● GIEOM Business Solutions: Emphasizes digital KYC automation and compliance workflow management.

● IDnow GmbH: Offers identity verification and digital onboarding solutions powered by artificial intelligence.

● Jumio Corporation: Provides biometric and AI-powered e-KYC verification for safe online transactions.

● Onfido: Focuses on identity verification and background screening for digital onboarding.

● Panamax Inc.: Provides software solutions to streamline and automate e-KYC procedures.

● Pegasystems Inc.: Offers digital process automation for e-KYC and customer onboarding.

● Tata Consultancy Services (TCS): Offers end-to-end e-KYC and compliance services for business enterprises.

● Trulioo: Provides global identity verification services for enabling cross-border e-KYC.

● Trust Stamp: Using AI and biometric systems to deliver secure and privacy-focused e-KYC solutions.

● Wipro Technologies: Provides digital identity and e-KYC solutions to increase compliance and prevent fraud.

𝗦𝘁𝗮𝘆 𝗔𝗵𝗲𝗮𝗱 𝗼𝗳 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻 – 𝗦𝘁𝗮𝗿𝘁 𝗬𝗼𝘂𝗿 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝘂𝗱𝘆 𝗧𝗼𝗱𝗮𝘆.
https://www.polarismarketresearch.com/press-releases/e-kyc-market

𝗪𝗵𝗶𝗰𝗵 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀 𝗮𝗿𝗲 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗚𝗿𝗼𝘄𝘁𝗵?

November 2024: Brankas announced the incorporation of eKYC technology and ADVANCE.AI's complete API suite into its open banking compliance solution. Authorized banks required to comply with an open banking regulation can meet all their compliance needs through a single interface.

September 2024: Finacus Solutions, a banking technology company, partnered with AI-based deepfake detection start-up pi-labs.ai. The company stated that the partnership was aimed at the development of a deepfake-proof eKYC solution.

𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗔𝗻𝗮𝗹𝘆𝘇𝗲𝗱 𝗶𝗻 𝗥𝗲𝗽𝗼𝗿𝘁

𝗕𝘆 𝗣𝗿𝗼𝗱𝘂𝗰𝘁

● Identity Authentication and Matching
● Video Verification
● Digital ID Schemes
● Enhanced vs Simplified Due Diligence

𝗕𝘆 𝗗𝗲𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗠𝗼𝗱𝗲

● Cloud-Based
● On-Premise

𝗕𝘆 𝗘𝗻𝗱 𝗨𝘀𝗲

● Banks
● Financial Institutions
● E-payment Service Providers
● Telecom Companies
● Government Entities
● Insurance Companies

𝗕𝘆 𝗥𝗲𝗴𝗶𝗼𝗻

● North America
○ U.S.
○ Canada
● Europe
○ France
○ Germany
○ UK
○ Italy
○ Spain
○ Netherlands
○ Austria
● Asia Pacific
○ Japan
○ China
○ India
○ Malaysia
○ Indonesia
○ Australia
● Latin America
○ Brazil
○ Mexico
○ Argentina
● Middle East & Africa
○ Saudi Arabia
○ UAE
○ Israel
○ South Africa

𝗙𝗿𝗲𝗾𝘂𝗲𝗻𝘁𝗹𝘆 𝗔𝘀𝗸𝗲𝗱 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝗳𝗶𝗴𝘂𝗿𝗲𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗲-𝗞𝗬𝗖 𝗺𝗮𝗿𝗸𝗲𝘁?
The market was valued at USD 1.09 billion in 2024 and is anticipated to grow to USD 8.09 billion by 2034.

𝗪𝗵𝗮𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗲𝘀𝘁𝗶𝗺𝗮𝘁𝗲𝗱 𝗿𝗮𝘁𝗲 𝗼𝗳 𝗴𝗿𝗼𝘄𝘁𝗵 𝗼𝗳 𝘁𝗵𝗲 𝗲-𝗞𝗬𝗖 𝗺𝗮𝗿𝗸𝗲𝘁?
The market is anticipated to grow at a CAGR of 22.3% over the forecast period.

𝗪𝗵𝗮𝘁 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗵𝗮𝗿𝗲 𝗵𝗲𝗹𝗱 𝗯𝘆 𝗮𝗻 𝗲𝗻𝗱-𝘂𝘀𝗲 𝘀𝗲𝗴𝗺𝗲𝗻𝘁 𝗶𝗻 𝟮𝟬𝟮𝟰?
The banking sector dominated with the biggest market share in 2024.

𝗪𝗵𝘆 𝗣𝗼𝗹𝗮𝗿𝗶𝘀 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵?

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