[180+ Pages Report] France E-KYC Market to grow from USD 12.12 million in 2019 to reach USD 48.38 million by 2026, growing at a CAGR of 21.7% between 2020 and 2026.
The report analyzes and forecasts the E-KYC market on a regional level. The study offers past data of 2016 to 2018 along with a forecast from 2020 to 2026 based on revenue (USD Million). Assessment of E-KYC market dynamics gives a brief thought about the drivers and restraints for the E-KYC market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the E-KYC market on a regional level.
The report gives a transparent view of the E-KYC market. We have included a detailed competitive scenario and portfolio of leading vendors operative in the E-KYC market. To understand the competitive landscape in the e-KYC market, an analysis of Porter’s Five Forces model for the E-KYC market has also been included. The report also covers patent analysis with bifurcation into patent trends, patents by company, and patents by region. The study encompasses a market attractiveness analysis, wherein end-user industry and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a crucial view on the E-KYC by segmenting the market based on end-user industry and region. All the segments of the E-KYC market have been analyzed based on present and future trends and the market is estimated from 2020 to 2026. Based on end-user, France E-KYC market is bifurcated into banks, financial institutions, e-payment service providers, telecom companies, government entities, and insurance companies.
The competitive profiling of noticeable players of France E-KYC market includes company and financial overview, business strategies adopted by them, their recent developments, and product offered by them which can help in assessing competition in the market. Noticeable players included in the report are IDnow GmbH, Pegasystems Inc., Mitek, Tata Consultancy Services (TCS), Wipro Technologies, Trulioo, Chekk, W2 Global Data Solutions Limited, GB Group, and Onfido amongst others.
The report segment of France E-KYC market as follows:
France E-KYC Market: End-User Segment Analysis
Table of Content
KYC is 'Know Your Customer' is the procedure of authenticating a customer’s identity. The purpose of the KYC guidelines is to prevent criminal elements of money laundering activities such as identity theft and financial fraud. It is mandated to do KYC validation while opening bank accounts, pay over a certain amount, and buy and sell many investments. This paper-based process of ‘know your customer’ was costly on businesses operating in the financial industry, especially smaller financial institutions where compliance costs are inexplicably heavy. With the introduction of the eKYC, electronic and online KYC process, the verification process needed weeks for completion has been achieved in some seconds. This is a remote, paperless process that minimized the costs and traditional bureaucracy required for KYC.
The increase in the number of smartphone users and along with the rise in digitization among financial sectors has fueled the market growth in recent years. Moreover, increasing cloud adoption is expected to create new opportunities for the eKYC market in France. Cloud computing can help banks in transforming business processes and enhance their ability to grow in new sectors or regions. With cloud computing, banks can have much better able to provide consistent service to customers across branches and geographies. Further, governments are also aiming to digitize all of their administrative processes and are focusing on securing digital identity processes and facilitate people's access to digital services. This has influenced companies to enter the French eKYC market. However, security issues regarding the storage of data are expected to hamper the eKYC market in France.
In terms of end-user, the bank's segment dominated the France e-KYC market, accounting for a market share of 34.56% in 2019. The use of e-KYC by banks has grown as there has been an increase in the number of online banking users and a rise in the market penetration rate in France. The continuous increase in the number of online as well as mobile banking users led to the creation of a new model for banks, including digital banking companies. Online or digital banks offer various services apart from traditional banks. These services are accessible via smartphones. Digital banks offer easy access and communication with bank-like online messaging services, etc. Such trends have driven the rise of digital banks in France. Some of the main reason for the use of digital banks is checking account balance, transferring money between accounts, making online payments, paying bills, etc. Such features of digital banks are attracting users of all ages. An increase in the number of users has driven the need for digital verification and identification services and this trend has been driving the e-KYC market in France. Moreover, based on end-users, the e-payment service providers segment is anticipated to grow at the highest pace over the forecasted period, registering a CAGR of 23.1%. Online or e-payment service providers are third-party companies that aid business owners in accepting a wide range of online payment methods, like online banking, debit cards, credit cards, cash cards, e-wallets, etc. Such companies use KYC for the merchant onboarding process. Companies have their own KYC policies. With advancements in technology, there has been a significant change in the payment industry in France as well as around the world. As the number of mobile payment users has increased rapidly in recent years, the need for threat detection during the customer account opening process has also increased. This has driven the need for KYC procedures while the customer onboarding process, which is driving the need for e-KYC services among e-payment service providers. Further, the number of e-money purchase transactions in France has increased significantly in the last decade. In 2009, the number of e-money purchase transactions was nearly 36 Million in France and the number has reached a value of approximately 62 Million in 2019. Thereby, certain trends boost the adoption of e-KYC services among e-payment service providers and are expected to maintain the same market during the analysis period.
Some of the key players in the France e-KYC market are IDnow GmbH, Pegasystems Inc., Mitek, Tata Consultancy Services (TCS), Wipro Technologies, Trulioo, Chekk, W2 Global Data Solutions Limited, GB Group, and Onfido amongst others.
France E-KYC Market Revenue, 2016-2026 (USD Million)
Industry Major Market Players
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