New York, NY, April 05, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “E-KYB Market By End-Users (Banks, E-payment Service Providers, Financial Institutions, Government Entities, Insurance Companies, Telecom Companies, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” .
“As per the recent research study report, the global E-KYB Market size & share will increase from USD 133.19 Million in 2019 and is expected to reach USD 318.11 Million by 2026. The global E-KYB Market is expected to grow at a compound annual growth rate (CAGR) of 16.01% from 2020 to 2026”.
Know Your Business (KYB) is a process similar to the widely known process of KnowYour Customer (KYC). The primary difference lies in the purpose of the processes. Know Your Business (KYB) is mainly emphasizing identifying companies and suppliers. Know Your Business (KYB) also emphasizes verifying information related to consumers as well as customers. KYB process is conducted by many companies to carry out due diligence to identify the businesses they work with and fight money laundering and other related crimes. KYB processes have become a mandatory requirement for legal compliance. KYB process is a necessity for companies that work with a large number of small and medium-sized enterprises or freelancers to avoid crimes and thefts.
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(The free sample of this report is readily available on request).
Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What were the pre and post-business impacts of COVID-19 on the E-KYB Market?
2) What is the market size, share of the E-KYB Market?
3) Who are the top market players in E-KYB Market?
4) What will be the future market of the E-KYB Market?
Also Read, E-KYC Market 2020-2026 Research Report
Rising Number of Fake Merchant and Money Laundering Frauds
Business fraud consists of unethical and unlawful activity by private people or businesses to get these persons or establishments a beneficial financial result. There are many forms of corporate fraud, including charity fraud, Internet auction fraud, merchant fraud, non-commercial distribution and non-payment of money, overpayment, and re-shipping. Trade fraud happens when small, false or fraudulent enterprises are formed and no customer/organization intends to sell any goods to them. However, these firms sell no real products or services. The company can seem legitimate. Customers sometimes buy online and eventually lose money. Small companies with fewer than 100 employees suffer a median loss of about $154,000 from fraud, according to the Association of Certified Fraud Examiners (ACFE). Theft of identification, wage evasion, cash fraud, rendering fraud, workers’ compensation, and more are among the frauds that are happening in businesses. Organizations have to carry out background checks on new companies before payment has started to prevent such frauds. Furthermore, according to the ACFE, companies annually lose almost 5 percent of their sales to fraud. In addition, damages of at least $1 million represented 22 percent of the cases reviewed by the ACFE. Therefore, companies, mostly large companies that work with numerous retailers, small and medium-sized suppliers, concentrate on carrying out background controls with online identity and authentication services. In driving the E-KYB market, these factors played a crucial role.
Industry Major Market Players
- Shufti Proamong
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Global E-KYB Market: Growth Factors
The digitalization of KYC, as well as KYB, has ensured that the bottlenecks are minimized during internal and external investigations, customer on-boarding, purchase management, etc. The digitalization process will allow organizations to make online verification management a simple and stress-free process and to comply with regulatory requirements. It also supports institutions in providing fast and friendly service to consumers. E-KYB also helps eradicate forgery by offering automated authentication and recognition and address data validation in real-time, allowing quick documentation.
In addition, increased investments in banking digitalization have played an essential role in driving the E-KYB industry. Globally investments have grown from $153 million in 2010 to $6.99 billion in 2015 in the digital banks sector. This investment has contributed to a growth in the worldwide number of digital banking users. Digital baking has also contributed to a growth in the number of consumers in developing countries. In 2018, approximately 75% of millennia in the United States have been using automated banks, up to 77.6% by 2022, according to Statista.
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Global E-KYB Market: Segmentation
Based on end-user the market is divided into banks, e-payment service providers, financial institutions, government entities, insurance companies, telecom companies, and others.
Among these, the banking sector is the primary end-use industry of the global e-KYB market in 2019. In 2019, the share of the overall market was 34.65 percent. The banks are taking action with regard to compliance with many laws, such as the anti-money laundering law (AML) and the terrorist funding regulation (CFT). KYB is a way of preventing banks from participating in illegal or terrorist activities while helping them to maintain international compliance with required laws. By verifying full details and collecting such records from reputable sources, the banks undertake their KYB specifications.
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North America Region Dominates the Global E-KYB Market
The 2019 demand for E-KYB was dominated by North America. The United States is an important supplier to the region’s economy. During 2019, it kept more than 80% of the overall market in the region. In addition, it is estimated that Asia Pacific is the fastest growing E-KYB market for the forecast period. The main countries of Asia Pacific, China, and India are projected to contribute to the profitable development of E-KYB in the coming years. In 2019 and Europe is the second-largest E-KYB region. The explosive growth in the E-KYB market is seen due to the increasing penetration of technical developments. In the years ahead, the economies of East and Africa are also expected to see sustainable development.
Browse the full “E-KYB Market By End-Users (Banks, E-payment Service Providers, Financial Institutions, Government Entities, Insurance Companies, Telecom Companies, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/e-kyb-market
The global E-KYB market is segmented as follows:
- Financial Institutions
- E-payment Service Providers
- Telecom Companies
- Government Entities
- Insurance Companies
Frequently Asked Questions
What are the key factors driving E-KYB Market expansion?
Globally investments have grown from $153 million in 2010 to $6.99 billion in 2015 in the digital banks sector. This investment has contributed to a growth in the worldwide number of digital banking users. Increased investments in banking digitalization have played an essential role in driving the e-KYB industry.
What will be the value of the E-KYB Market during 2020- 2026?
According to Facts & Factors, the E-KYB market is expected to generate revenue of around USD 318.11 Million by end of 2026, growing at a CAGR of around 16.01% between 2020 and 2026.
Which region will make notable contributions towards global E-KYB Market revenue?
In 2019, North America led the E-KYB industry among these countries. In 2019, the overall sector constituted 43.60% of shares.
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