Industry Background:
E-KYB provides security to businesses and helps prevent frauds in online spaces as well as fulfill compliance guidelines. Also, it is significant in adding value to businesses and building customer trust. Increasing implementation of E-KYB among companies for verifying their clients, third-party vendors, and suppliers. It helps productive and successful business partnerships, as well as the prevention of fraud. Law enforcement agencies around the world are now enforcing digital KYB solutions to implement business audits in banks, financial institutions, and government offices.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | IDnow GmbH (Germany), Trulioo (Canada), Jumio (United States), Onfido (United Kingdom), IDology (United States), Mitek Systems (United States), Veriff (Estonia), Acuant (United States) and ID.me (United States) |
This growth is primarily driven by Increasing Implementation of the E-KYB to Avoid Bearing Huge Financial Losses and Compliance Issues and Growing Number of Digital Banking Users Globally.
Globally, a noticeable market trend is evident Increasing Requirement for Automation of Processes
Major Players, such as IDnow GmbH (Germany), Trulioo (Canada), Jumio (United States), Onfido (United Kingdom), IDology (United States), Mitek Systems (United States), Veriff (Estonia), Acuant (United States) and ID.me (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Global E-KYB is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
On 26th January 2021, Curve partners with PassFort. The two firms are together designing a bespoke corporate onboarding flow, designed to automate KYB and AML checks to maximize straight-through processing (STP) of new applications.
Regulatory Insights:
The regulatory guidelines in KYB compliance are followed by almost every industry as a massive fraud and Ponzi schemes have led to a crackdown on anonymous ownerships or shell corporations. KYB incorporates all business types and structures (S or C Corp) and is well-established throughout most industries including virtual service providers, money service providers, online businesses, the health and wellness industry, non-profit associations, and especially financial institutions/banks.
E-KYB Market Dynamics:
Attributes | Details |
---|
Growth Drivers | - Increasing Implementation of the E-KYB to Avoid Bearing Huge Financial Losses and Compliance Issues
- Growing Number of Digital Banking Users Globally
|
Influencing Trends | - Increasing Requirement for Automation of Processes
- Introduction of Innovative Technologies
|
Restraints | - Lack of Verification Systems
- Problems Related to the Online Transactions
|
Gaps & Opportunities | - Increasing Frauds and Monetary Losses because of Money Laundering can create Opportunities for the Market Growth
|
AMA Research follows 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 showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in E-KYB Market
- Analysis about New Entrants in E-KYB Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, E-KYB Study Sheds Light on
The E-KYB Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the E-KYB industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where E-KYB industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.