E-KYB Market Segmented by Delivery Model (Cloud-based and On-premise); by End user (Banks, Financial Institutions, E-payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
Know Your Business (KYB) is a process to verify a business. It is similar to the well-known process of Know Your Customer (KYC). The main distinction is the reason for the processes. The main objective of KYB is to minimize money laundering. It involves checking the business's registration credentials, venue, and UBOs (Ultimate Beneficial Owners). The business is also tested against blacklists and greylists to see if it has been involved in any illegal activities like money laundering, terrorist funding, or corruption. KYB is important for detecting fake businesses and shell companies. To avoid crimes and thefts KYB process has become a necessity for businesses that work with a large number of small and medium-sized enterprises or freelancers. The popularity of KYB is increasing due to the rising pressure by companies on its enforcement.
Global E-KYB market to surpass USD 533.85 million by 2030 from USD 150.91 million in 2020 at a CAGR of 13.05 % in the coming years, i.e., 2021-30. E-KYB helps to eliminate fraud by providing automated authentication and recognition and address data authorization in real-time, allowing fast documentation which is driving the market growth. In addition, the rising demand for KYB in countries like U.S., EU, Australia, Hong Kong, Japan, Singapore is bolstering the market growth. The capability to minimize end costs for institutions while maintaining adequate quality standards during the KYB lifecycle is predicted to boost KYB solution adoption.
Global E-KYB market is segmented by End-user into Banks, Financial Institutions, E-Payment Service Providers, Telecom Companies, Government Entities, Insurance Companies, and others. The banking industry segment accounted for the largest revenue share in 2020. Many regulations, such as the anti-money laundering law (AML) and the terrorist financing legislation(CFT), are requiring banks to take action. KYB is a means of prohibiting banks from engaging in criminal or terrorist activities while also assisting them in complying with international regulations. The banks fulfill their KYB requirements by checking all data and obtaining certain records from reliable sources.
Global E-KYB market is divided by Delivery Model into Cloud-based and On-premise. The cloud-based segment accounted for the largest revenue share in 2020. This is due to the SaaS-based e-KYB solution from the company, which allows cost-effective access to the cloud-based implementation of the e-KYB solution.
Increasing cases of business fraud such as wage evasion, cash fraud, theft of identification, worker’s compensation is expected to drive the growth of the market. Business fraud is characterized as unethical and illegal activity conduct by private individuals or businesses in order to gain a financial benefit. Charity fraud, Internet auction fraud, merchant fraud, non-commercial distribution and non-payment of money, overpayment, and re-shipping are all examples of corporate fraud. Hence, companies, particularly large companies that work with several retailers, medium and small-sized suppliers, focuses on carrying out background controls with online authentication and identity services.
Increased investments in banking digitalization is a key factor contributing in boosting the E-KYB market. In the digital banks sector, the investments has grown which is expected to proliferate the market in the coming years. This investment has resulted an increase in the number of digital banking users worldwide.
E-KYB enables online transactions and aids in the efficient management of several digital accounts in a safe and simple manner. This activity in developed countries is most prominently witnessed. However, failures in technological infrastructure and data breaches, as well as misuse of personal information, is anticipated to pose a threat to the e-KYB market growth in the near future.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global E-KYB market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global E-KYB market in North America held the largest market share of XX% in the year 2020. North America being led by USA is the dominant one due to the recent identity frauds faced by the population in recent years. The market share is attributed to the growing need in countries like Canada and the U.S. for fraud detection. The U.S. reportedly suffered identity theft in 2016 and this is likely to generate new growth opportunities in the sub-continent for the e-KYB industry. Furthermore, it is anticipated that Asia Pacific is the fastest growing E-KYB market for the forecast period.
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