New York, NY, Sept. 26, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “E-KYB Market By End-User (Financial Institutions, Banks, Telecom Companies, E-Payment Service Providers, Insurance Companies, Government Entities, And Others), By Delivery Mode (On-Premise And Cloud-Based), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global E-KYB Market size & share in terms of revenue was valued at USD 263.54 million in 2022 and it is expected to surpass around USD 712.87 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 13.28% during the forecast period 2023 to 2030.”
What is E-KYB? How big is the E-KYB Industry?
Report Overview:
The global e-KYB market size was worth around USD 263.54 million in 2022 and is predicted to grow to around USD 712.87 million by 2030 with a compound annual growth rate (CAGR) of roughly 13.28% between 2023 and 2030.
The electronic Know Your Business (KYB) model is also referred to by its abbreviated form, which is "E-KYB." In general, the Know Your Customer (KYC) process is a component of a larger regime that is primarily concerned with anti-money laundering (AML) and countering the financing of terrorism (CTF). The Know Your Customer (KYC) program is intended to thwart any attempt to get finance or services from organizations that are detrimental to the social and economic well-being of the general people and undermine the integrity of the nation's security. The know-your-business (KYB) policy is relatively new in comparison to the know-your-customer (KYC) policy. This is due to the fact that governments have only recently begun to realize that businesses and financial institutions are also utilized by terrorist and extremist groups to finance their activities.
The Know Your company concept has been digitized to become e-KYB, which stands for electronic Know Your Business. e-KYB's purpose is to verify that a particular company entity is operating in accordance with the applicable local laws and industry standards. In addition, the method is utilized to determine the precise beneficial ownership of the entities that are taking part in the transaction. Submitting official company documentation, together with applicable licenses and registered addresses, is normally required in order to complete the e-KYB process. The full names of the business's proprietors and administrators. In addition to double validating the information against corporate registrations, the acquired data is also validated against other associated institutions such as banks. Before proceeding with the business dealing or transaction, it is necessary to establish the risk profile of the company in question using a number of other significant characteristics.
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Global E-KYB Market: Growth Factors
Increasing instances of illegal actions involving money laundering to fuel market expansion
It is anticipated that the global market for e-KYB would expand as a result of the growing number of cases that have been reported all over the world in connection with illegal financial activities and money laundering. These illegal financial deals pose one of the greatest dangers to the economy of the entire world since they involve transactions that are worth billions of dollars but are carried out without the knowledge of any official regulating agencies. Because there is no official data or record of these transactions, the money that is changed hands can be utilized for illicit activities such as smuggling and terrorism because there is no official record of these transactions. Money laundering is responsible for an annual loss of about 15 billion US dollars to the Indian economy, according to official reports. Over the course of the past six years, the European Union Agency for Criminal Justice Cooperation (Eurojust) has documented more than three thousand instances of international money laundering. In the year 2021, there were approximately 600 cases documented. A case that involved unlawful monetary transactions totaling USD 1.07 million in cash was successfully resolved by official authorities in Saudi Arabia in July of 2023. The authorities have taken 23 people into custody in connection with this investigation. The act of laundering money is not limited to a single geographical area. It spans the entire planet and almost always involves transactions that take place across international boundaries.
Because it has an effect on both economic development and national security simultaneously, the influence of money laundering extends beyond a single dimension. When money that has not been legitimately earned or earned illegally enters an economy, it can cause economic distortion. Additionally, it has an effect on the credibility of the region and is widely recognized as a primary factor in the practice of political or bureaucratic corruption. The number of instances of currency-washing is on the rise, which has prompted numerous governments to implement necessary measures in an effort to reduce the number of instances. e-KYB is an essential component of these programs, which mandate that no financial deals can take place unless the appropriate steps have been taken to do due diligence and determine the precise histories of all parties engaged in the transaction.
E-KYB Market: Challenges and Limitations
It's possible that worries about the possibility of being targeted by cybercriminals will slow market expansion.
E-KYB refers to the process of exchanging company-related information through the use of digital systems. The data that has been transmitted contains confidential information pertaining to the staff of the company as well as its current financial status, such as profit and loss and other data. There is always a high danger of cybercrime associated with any digital technology, and electronic Know Your Customer (e-KYC) solutions are not an exception to this rule. This may have an effect on the expansion of the e-KYB industry. However, due to the increased sensitivity of the data involved in these talks, the danger is considerably greater when doing Know Your Business activities electronically. The level of technological sophistication attained by hackers continues to rise. They are continually developing new strategies to combat any technological advancements and technologies that are designed to assist regulatory organizations. According to the findings of official investigations, there were more than 494 million ransomware assaults on companies around the world in 2022 alone.
Opportunities Available in the E-KYB Market
more banking transactions in order to generate more prospects for expansion
The potential for money laundering and the financing of terrorist activities is greatest in financial institutions like banks. Every day, bank employees in every region of the world interact with a diverse range of customers, and each hour sees the completion of transactions totaling more than one billion dollars. As a result of globalization and the rise of international financial transactions, banks have become an essential component of any national economy. The breadth of the e-KYB industry is fast expanding as a result of the rising number of bank-led transactions involving amounts ranging from a few thousand dollars to multiple billions of dollars. Banks are required to make persistent efforts toward reducing any and all forms of financial risk. In addition to this, they are required to make investments in the detection and reporting of fraudulent actions, as well as the full compliance with the rules and regulations of the region. e-KYB is a tool that can assist organizations in arriving at the best selections in the shortest amount of time. It is possible that the use of digital methods to verify the legitimacy of businesses will result in an increase in the overall operating efficiency of banks.
Increasing company consciousness and forming strategic alliances with one another in order to foster further expansion.
The demand for electronic Know Your Customer (e-KYC) is projected to reach new heights as a result of the increased awareness of the benefits of e-KYC for all the parties involved in commercial transactions. A cooperation between SEON, a company that works to prevent fraud, and TruNarrative, a RegTech platform based in the United Kingdom, was announced in December of 2020. The latter can now use the comprehensive data acquired by SEON in order to make decisions on onboarding that are informed. Transactional monitoring, customer onboarding, financial crime identification, and other compliance procedures are all part of the intensive monitoring that TruNarrative performs.
The Challenges Facing the E-KYB Market
It may be difficult to deliver effective results in developing nations.
When entering new markets, particularly emerging economies, it is likely that market participants in the global e-KYB space may come up against obstacles. The majority of nations that have political frameworks that are prone to instability lack precise data relating to firm ownership and the tracking of financial transactions. In addition, if governments are corrupt and there are no appropriate implementation regulations in place for firms to enter accurate company information, then e-KYB might not be as effective as was initially anticipated.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 263.54 million |
| Projected Market Size in 2030 | USD 712.87 million |
| CAGR Growth Rate | 13.28% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | LexisNexis Risk Solutions, Mitek Systems, Thomson Reuters, Dun & Bradstreet, Refinitiv, Signzy, Dow Jones Risk & Compliance, Jumio, Experian, NICE Actimize, Accuity, Trulioo, Compliance.ai, Cognizant, GBG (Global Banking Group), and others. |
| Key Segment | By End-User, By Delivery Mode, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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E-KYB Market: Segmentation Analysis
The global market for e-KYB solutions can be broken down into distinct submarkets defined by end-user, delivery mode, and geographic location.
According to the type of end-user, the global market can be broken down into the following segments: financial institutions, banks, telecom companies, firms that provide e-payment service, insurance companies, government bodies, and others. The banking industry had the largest growth rate in 2022, mostly due to the fact that financial institutions are the focal point for all sizes and types of financial transactions. Because of their relationships with some of the world's largest firms, major national banks face a significantly increased threat from fraudulent operations. During the fiscal year 2021-2022, Indian banks reported approximately 229 instances of fraud every single day.
On-premise and cloud-based solutions are the two predominant delivery modes in the e-KYB business, respectively. The cloud-based category experienced the most amount of growth in 2022. This was due to the fact that the majority of the participating organizations normally opt to work with e-KYB service providers in order to utilize the benefits of their respective systems. The elimination of the need for firms to make investments in the creation and upkeep of their own internal systems is one of the primary drivers of the increased benefits that result from using the services of third parties. In addition, e-KYB service providers utilize the assistance of qualified professionals and subject matter experts in the fields of information technology and local regulations in their daily operations. Cloud services are utilized by around ninety percent of the world's businesses nowadays.
The global E-KYB market is segmented as follows:
By End-User
- Financial Institutions
- Banks
- Telecom Companies
- E-Payment Service Providers
- Insurance Companies
- Government Entities
- Others
By Delivery Mode
- On-Premise
- Cloud-Based
Browse the full “E-KYB Market By End-User (Financial Institutions, Banks, Telecom Companies, E-Payment Service Providers, Insurance Companies, Government Entities, And Others), By Delivery Mode (On-Premise And Cloud-Based), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At https://www.zionmarketresearch.com/report/e-kyb-market
Competitive Landscape
Some of the main competitors dominating the global E-KYB market include -
- LexisNexis Risk Solutions
- Mitek Systems
- Thomson Reuters
- Dun & Bradstreet
- Refinitiv
- Signzy
- Dow Jones Risk & Compliance
- Jumio
- Experian
- NICE Actimize
- Accuity
- Trulioo
- Compliance.ai
- Cognizant
- GBG (Global Banking Group)
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the E-KYB market is likely to expand at a CAGR of around 13.28% during the forecast period (2023-2030).
- In terms of revenue, the E-KYB market size was valued at around US$ 263.54 million in 2022 and is projected to reach US$ 712.87 million by 2030.
- The e-KYB market is projected to grow at a significant rate due to the increasing incidences of money laundering activities.
- Based on end-user segmentation, banks was predicted to show maximum market share in the year 2022.
- Based on delivery mode segmentation, cloud-based was the leading SEGMENT 2 in 2022.
- On the basis of region, North America was the leading revenue generator in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for E-KYB industry?
- What are the main driving factors propelling the E-KYB Market forward?
- What are the leading companies in the E-KYB Industry?
- What segments does the E-KYB Market cover?
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Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By End-User, By Delivery Mode, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America to witness the highest growth rate during the upcoming period
The global e-KYB market will witness the highest growth rate in North America with the US contributing the highest regional share. The principal reason behind higher growth is the presence of major private banks and financial institutions in New York. This includes entities such as JPMorgan Chase, Bank of America, Capital One, Well Fargo, Goldman Sachs, and many more. These banks cater to the needs of the majority of businesses across the globe. The US, on the other hand, is one of the most dominant global leaders. The US economy currently stands at USD 27 trillion making it one of the most targeted countries in terms of bank fraud and money laundering.
The world’s biggest bank at the time, Wachovia Bank allowed the Mexico cartel to launder money worth USD 390 billion between 2004 and 2007. This incident is considered one of the world’s most shocking money laundering cases in the world. These factors have led to more promptness among financial institutions and banks to adopt e-KYB measures to protect themselves, their companies, and the regional economy in general against fraudulent monetary transactions. Asia-Pacific is expected to grow at a rapid rate. It is home to some of the fastest growing economies and as foreign investments continue to rise, regional governments and companies must mitigate their risks to prevent harmful financial dealings.
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By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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