New York, June 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “E-KYB Market Segmented by Delivery Model; by End user and Region – Global Analysis of Market Size, Share & Trends for 2019– 2020 and Forecast to 2030″ – https://www.reportlinker.com/p06191859/?utm_source=GNW
The main objective of KYB is to minimize money laundering. This involves verifying company credentials, location, and UBOs (Ultimate Beneficial Owners). The company is also tested against blacklists and greylists to see if it has been involved in illegal activities such as money laundering, terrorist financing or corruption. KYB is important for detecting fake businesses and bogus companies. To avoid crimes and thefts, the KYB process has become a necessity for companies that work with a large number of small and medium-sized businesses or freelancers. The popularity of KYB is increasing due to the increasing pressure from companies on its application.
The global E-KYB market is expected to project a notable CAGR of 13.05% in 2030.
Global E-KYB Market will exceed USD 533.85 Million by 2030 from USD 150.91 Million in 2020 at a CAGR of 13.05% in coming years, i.e., 2021-30 . E-KYB helps eliminate fraud by providing automated authentication and recognition and authorization of address data in real time, enabling rapid documentation that drives market growth. Additionally, growing demand for KYB in countries like US, EU, Australia, Hong Kong, Japan, and Singapore is bolstering the growth of the market. The ability to minimize end costs for institutions while maintaining adequate quality standards over the KYB lifecycle is expected to drive adoption of the KYB solution.
Global E-KYB Market: Segments
Banking Segment Expected to Grow with Highest CAGR in 2020-30
The global E-KYB market is segmented by end-user into banks, financial institutions, electronic payment service providers, telecommunications companies, government entities, insurance companies and others. The banking segment accounted for the largest share of revenue in 2020. Numerous regulations, such as the Anti-Money Laundering Act (AML) and the Terrorist Financing (CFT) legislation, compel banks to take action. KYB is a means of prohibiting banks from engaging in criminal or terrorist activities while helping them comply with international regulations. Banks fulfill their KYB requirements by verifying all data and obtaining certain records from trusted sources.
Cloud-Based Segment to Grow with Highest CAGR in 2020-30
The global E-KYB market is split by cloud and on-premises delivery model. The cloud-based segment accounted for the largest revenue share in 2020. This is due to the company’s SaaS-based e-KYB solution, which enables cost-effective access to the cloud-based implementation of the solution. e-KYB.
Growing prevalence of fake businesses and money laundering fraud
Rising cases of business fraud such as wage evasion, cash fraud, identity theft, workers compensation is expected to drive the growth of the market. Commercial fraud is characterized as an unethical and illegal activity carried out by individuals or companies with the aim of obtaining financial advantage. Charity fraud, internet auction fraud, merchant fraud, non-commercial distribution and non-payment of money, overpayment and reshipment are all examples of business fraud. So companies, especially large companies that work with multiple retailers, medium and small-sized vendors, are focusing on performing background checks with online authentication and identity services.
Mount investments in banking digitization
Increasing investment in banking digitalization is a key factor helping to boost the E-KYB market. In the digital banking sector, investments have increased which is expected to proliferate the market in the coming years. This investment has led to an increase in the number of digital banking users around the world.
Lack of awareness and technical issues
E-KYB enables online transactions and helps in the efficient management of multiple digital accounts in an easy and secure way. This activity in developed countries is the most visible. However, failures in technological infrastructure and data breaches, as well as misuse of personal information, are expected to pose a threat to the growth of the e-KYB market in the near future.
Global E-KYB Market: Key Players
Company overview, business strategy, key product offerings, financial performance, key performance indicators, risk analysis, recent development, regional presence, SWOT analysis
Shufti Pro among
Other top players
Global E-KYB Market: Regions
The global E-KYB market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The global E-KYB market in North America held the largest market share of XX% in 2020. North America, led by the United States, is the major due to recent identity frauds to which the population has been confronted with in recent years. The market share is attributed to the growing need for fraud detection in countries like Canada and the United States. The United States is said to have suffered identity theft in 2016, which is expected to generate new growth opportunities in the subcontinent for the e-KYB industry. Furthermore, Asia-Pacific is predicted to be the fastest growing E-KYB market for the forecast period.
The Global E-KYB Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – US & Canada
Latin America Market size, share, trends, opportunities, annual growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
European Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Market Size, Share, Trends, Opportunities, YoY Growth, CAGR of Asia-Pacific Market – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East & Africa Market Size, Share, Trends, Opportunities, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa & Rest of MENA
The Global E-KYB Market Report Also Contains Analysis of:
E-KYB market segments:
By delivery model
On the site
Per end user
Electronic payment service providers
Dynamics of the E-KYB market
E-KYB market size
Offer and demand
Competition and companies involved in the market
Market value chain
Market drivers and restraints
Scope and segmentation of the E-KYB market report
Frequently Asked Questions
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Read the full report: https://www.reportlinker.com/p06191859/?utm_source=GNW
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