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India E-KYC Market By Type (Aadhaar e-KYC and Video-based KYC), By Component (Software and Services), By Deployment Model (Cloud and On-Premises), By End-User Industry (Banking Industry, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies and Others), and By Region (North India, South India, West India and East India)- Forecast to 2027
India E-KYC Market Overview:
KYC refers to the process by which the trading platform obtains customer-related identification information. Its purpose is mainly to ensure that users who do not meet the standards cannot use the issuance services provided by the platform, and at the same time can provide law enforcement agencies with investigations in some future criminal activity investigations. E-KYC is a regulatory policy that has developed and applied worldwide to curb identity theft, frauds, and money laundering. The e-KYC facilitates the completion of the KYC process online, eliminating the need for filling up physical forms and submission of physical documents. It’s the main objective to register the customer with the least amount of paperwork and in the shortest possible time.
India E-KYC Market Insights
The India e-KYC market estimated to grow at a significant CAGR over the forecast period, 2020-2027. The growth of the market can be attributed to the rising demand for the growing need for Know Your Customer in legal and financial institutions. Additionally, the surge in adoption of digital payment modes; and using advanced analytics for the provision of proactive risk alerts will drive the growth of the market. Further, the growing usage of e-KYC to enable faster onboarding in a secured and compliant manner will augment the growth of the India e-KYC market size in future periods. Also, the government regulations Prevention of Money Laundering Act in 2003 for preventing and control money laundering will influence the e-KYC industry.
Moreover, the increasing demand for e-KYC integrated with advanced technologies such as AI, machine learning, and intelligent automation to better combat money laundering are anticipated to propel the growth of the India e-KYC market industry in the future periods. Also, the benefits of e-KYC, such as overarching goals to advance a person’s access to services, reduce identity fraud, and increase financial inclusion in banking and financial institutions are positively impacting the growth of the market. Furthermore, the introduction of AI and machine learning to offer seamless customer experience and minimize identity fraud are projected to fueling the growth of the market in the coming years.
Growth Driver
Stringent government regulations to prevent money laundering and financial fraud
The government of India regulated a Prevention of Money Laundering Act in 2003, intending to prevent and control money laundering by disruptive elements. Under this act, RBI mandated all financial institutions should follow the rules for financial services and also IRDA, SEBI followed suite and mandated KYC for the entities that come under their regulation. The major objective of this act to prevent fraud, money laundering, and terrorist funding.
Further, the new version of the PML Rules permitted by the Supreme Court to use Aadhaar-based eKYC through any financial service providers can use remote-based e-KYC to verify the identity of Indian consumers electronically.
Increased Adoption of Digital Payment Modes
Technological advancement has opened up more opportunities for central bank digital currency and digital payment. In India, mobile payment is becoming more and more common, and the frequency of using cash is significantly reduced. According to NITI Aayog, the digital payments market in India is expected to grow to the US $ 1 trillion by 2023, led by growth in mobile payments, presenting tremendous business opportunities for players in the digital space.
COVID19 Impact Insights
The recent outbreak of a pandemic, COVID-19, has severely impacted the economies worldwide. Major cities in India are under lockdown with operations of industries temporarily suspended. Due to the rapid increase in the number of cases and sometimes no obvious way of spreading, many suspicious banknotes are the main culprits leading to the untraceable virus spread. The increased awareness of community health has made the bank’s digital currency the focus of attention, thus strengthening the need to better protect payment methods from various potential threats.
Although digital payments are convenient to use and can effectively solve the spread of viruses, in reality, they do pose problems and barriers to entry for consumers who do not have bank accounts and are older.
Type Segmental Analysis
Based on type, the India e-KYC market bifurcates into Aadhaar e-KYC and Video-based KYC. The Aadhaar e-KYC segment accounted for the largest market share in 2019 attributable to banks, Telcos and some government organizations are using Aadhaar based authentication for customers. It helps in instant digital payment.
The Video-based KYC will grow with a substantial rate during the forecast period owing to the use of AI and machine learning technology in authenticating the document and identity of the customer by matching the recorded video and documents submitted.
Component Segmental Analysis
Based on the component, the India e-KYC market bifurcates into Software and Services. The Software dominated the India e-KYC market with the highest market share in 2019. The growth of the segment can be attributed to the growing adoption of advanced technologies such as AI, machine learning, and intelligent automation for the remote onboarding of customers.
Service is anticipated to register the highest CAGR in the forecast period due to its increase in customer satisfaction and provide the highest levels of security.
Deployment Model Segmental Analysis
Based on the deployment model, the India e-KYC market segregated into Cloud and On-Premises. The on-premises segment accounted for the major market share in 2019. It is due to on-premise providing benefits to the organization to use their server to ensure data safety.
Cloud will grow at a significant rate in the forecast period. It is owing to the organization’s SaaS-based e-KYC solution, which enables cost-effective access to the cloud-based deployment of the e-KYC solution.
End-User Industry Segmental Analysis
Based on the end-user industry, the India e-KYC market segmented into Banking Industry, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and Others. The Banking Industry held higher market potential in 2019. It is attributed to growing adoption for e-KYC for digital and remote exchange of the traditional KYC process and lower cost in an optimized method.
The Financial Institutions segment exhibits a lucrative market share in 2019 and expected to generate significant revenue during 2020-2027. Owing to e-KYC helps in the remote onboarding of the customer and useful in preventing the anti-money laundering compliance & risk assessment.
Region Segmental Analysis
Based on geography, the India e-KYC market segmented into North India, South India, West India, and East India. North India estimated to occupy the lion’s share in the e-KYC market by 2027. It is owing to the surge in digital transactions along with the growing adoption of e-KYC by various banks, financial institutions, and NBFC for speedily authenticating millions of customers.
South India occupied a prominent share of the e-KYC market due to the digitalization of the banking industry, along with the rising anti-money laundering and frauds in the banking industry and financial institutions.
Competitor Analysis
Companies such as Veri5Digital, Signzy, Videokyc, Signdesk, Syntizen, IDfy, Equifax, Inc., Digio, Trulio, Wipro Technologies, Tata Consultancy Services (TCS) and inVOID, are the key players in the India E-KYC Market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- India E-KYC service providers
- Research organizations and consulting companies
- Organizations, associations, and alliances related to E-KYC
- Regulatory bodies
Recent Developments
- In August 2021, For Fraud prevention and compliance, along with anti-money Laundering requirements, Acuant has added Video KYC capabilities, including face biometrics.
- In July 2021, BUSY partnered with ICICI Bank to help users gain better accessibility in managing their banking, improving their business efficiencies from Busy itself.
- In April 2021, An OTP-based EKYC has been launched by CAMS for MF Investors.
- In October 2020, Mastercard collaborated with Indian start-up Signzy for Video KYC rollout globally.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Type
- Aadhaar e-KYC
- Video-based KYC
By Component
- Software
- Services
By Deployment Model
- Cloud
- On-Premises
By End-User Industry
- Banking Industry
- Financial Institutions
- E-payment Service Providers
- Telecom Industry
- Government Entities
- Insurance Industry
- Others
By Region
- North India
- South India
- West India
- East India
India E-KYC Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- India E-KYC Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- Demand
- Market Size & Forecast, 2016-2027
- Market Share & Forecast, 2016-2027
- By Type
- Aadhaar e-KYC
- Video-based KYC
- By Component
- Software
- Services
- By Deployment Model
- Cloud
- On-Premises
- By End-User Industry
- Banking Industry
- Financial Institutions
- E-payment Service Providers
- Telecom Industry
- Government Entities
- Insurance Industry
- Others
- By Region
- North India
- South India
- West India
- East India
- By Type
- North India E-KYC Market Overview
- North India E-KYC Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- North India E-KYC Market Share & Forecast, 2016-2027
- By Type
- Aadhaar e-KYC
- Video-based KYC
- By Component
- Software
- Services
- By Deployment Model
- Cloud
- On-Premises
- By End-User Industry
- Banking Industry
- Financial Institutions
- E-payment Service Providers
- Telecom Industry
- Government Entities
- Insurance Industry
- Others
- By Type
- Demand
- North India E-KYC Market Size & Forecast, 2016-2027
- South India E-KYC Market Overview
- South India E-KYC Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- South India E-KYC Market Share & Forecast, 2016-2027
- By Type
- Aadhaar e-KYC
- Video-based KYC
- By Component
- Software
- Services
- By Deployment Model
- Cloud
- On-Premises
- By End-User Industry
- Banking Industry
- Financial Institutions
- E-payment Service Providers
- Telecom Industry
- Government Entities
- Insurance Industry
- Others
- By Type
- Demand
- South India E-KYC Market Size & Forecast, 2016-2027
- West India E-KYC Market Overview
- West India E-KYC Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- West India E-KYC Market Share & Forecast, 2016-2027
- By Type
- Aadhaar e-KYC
- Video-based KYC
- By Component
- Software
- Services
- By Deployment Model
- Cloud
- On-Premises
- By End-User Industry
- Banking Industry
- Financial Institutions
- E-payment Service Providers
- Telecom Industry
- Government Entities
- Insurance Industry
- Others
- By Type
- Demand
- West India E-KYC Market Size & Forecast, 2016-2027
- East India E-KYC Market Overview
- East India E-KYC Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Consumption
- By Volume (Number of Customers)
- East India E-KYC Market Share & Forecast, 2016-2027
- By Type
- Aadhaar e-KYC
- Video-based KYC
- By Component
- Software
- Services
- By Deployment Model
- Cloud
- On-Premises
- By End-User Industry
- Banking Industry
- Financial Institutions
- E-payment Service Providers
- Telecom Industry
- Government Entities
- Insurance Industry
- Others
- By Type
- Demand
- East India E-KYC Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Veri5Digital
- Signzy
- Videokyc
- Signdesk
- Syntizen
- IDfy
- inVOID
- Equifax, Inc.
- Digio
- Trulio
- Wipro Technologies
- Tata Consultancy Services (TCS)
- Other Prominent Players
Frequently Asked Questions (FAQ):
e-KYC stands for Electronic know your customers, a process to check and verify the identity of the customers by organizations like Banks, insurance, etc.
The India e-KYC Market Market attains a CAGR of 22.3% during the forecast period.
Increased demand for AI, Automation, machine learning are the growth drivers of the Indian e-KYC market.
Veri5Digital, Signzy, Syntizen, Inc., Digio, Trulio, Wipro Technologies, IDfy, Equifax, Tata Consultancy Services (TCS), Videokyc, Signdesk, and inVOID are the key players of the India e-KYC market.
South India holds a significant share in the Indian e-KYC market due to the digitization of banking and other industries.
