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Business Technology

e-KYC Market projected to Reach USD 1,015.36 Million By 2026

According to the report, The global e-KYC market in 2019 is approximately USD 257.23 Million and is anticipated to reach around USD 1,015.36 Million by 2026. The anticipated CAGR for the e-KYC market is around 22% from 2020 to 2026.

e-KYC is the way of authentication used by the organization like banks, offices, and other organizations. KYC is known as know your customer. It is also known as know your client or simply KYC. KYC is the process of a business confirming the identity of its customers and assessing their suitability.

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Factors such as terrorist financing activities and huge monetary losses in the Banking, Financial Services, and Insurance (BFSI) sector are anticipated to drive the target market growth over the forecast period. In addition, the increasing importance of compliance management and rising number of identity-related frauds are expected to propel the target market growth. For instance, according to data published by the Center by Victim Research in January 2019, National Crime Victimization Survey (NCVS) data showed that 10% of the US population experienced identity fraud in 2016. Furthermore, the growing incidence of cyber-attacks on small and mid-size enterprises (SMEs) has helped the target market to grow. Moreover, increasing cloud adoption, growing internal and external threats, and the Internet of Things (IoT), are some of the factors that are expected to boost the target market growth as well.

On the basis of end-user, the e-KYC market is segmented as banks, financial institutions, e-payment service providers, telecom companies, government entities, and insurance companies. Among which bank segment is expected to account for the major revenue share in the e-KYC market over the forecast period. Financial Institutions, E-payment Service Providers segments are followed by the bank segment in terms of revenue share.

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On the basis of region, the e-KYC market is segmented into, Asia Pacific, Europe, Middle East & Africa, North America, and Latin America. Among all the regions, the North America region is anticipated to dominate the target market over the forecast period followed by APAC and Europe in terms of revenue. The US is the dominant one in North America owing to the US the recent identity frauds that have been experienced by the population in recent years. Factors such as growing internal and external threats, increasing cloud adoption, and the Internet of Things (IoT) have been augmenting the target market growth in APAC.

Some of the key players operating in the target market include Wipro Technologies, EverCompliant, Tata Consultancy Services (TCS), GIEOM Business Solutions, 63 moons technologies limited, Jumio Corporation, IDnow GmbH, Onfido, Financial Software & Systems Pvt. Ltd., Pegasystems Inc., Panamax Inc., and Others. The key players focus on boosting their distribution network all over the globe in order to meet growing demand.

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Business Top Stories

Essential Oils Market Expected to Reach USD 14.1 Billion by 2026

According to the report, The global Essential Oils market in 2019 was approximately USD 7 Billion. The market is expected to grow at a CAGR of 9.3% and is anticipated to reach around USD 14.1 Billion by 2026.

The essential oils are liquids extracted from the stems, leaves, seeds, roots, or flowers of the specific plant. Some of the common essential oil sources include tea tree, lavender, orange, lemon, peppermint, and others. The essential oils are considered to possess antibacterial, antifungal, antiviral, and antimicrobial properties. Furthermore, the ability of essential oils to by-pass the digestive system has increased its use in improving digestion. It is also used in infants to help swallow capsules or tablets and also for improving the oxygenation in some individuals.

Market Drivers:

The growth of the essential oils market is basically due to the rising utilization of essential oils in myriad applications such as aromatherapies, flavor & fragrance, etc. Additionally, the healing properties of essential oils are likely to further help propel the growth of the global Essential Oils market during the forecast period. The growing acceptance of essential oils in commercial, residential, and industrial application helps expand the market. The surging demand for natural preservatives is anticipated to increase the sales of essential oils, as well as provide new opportunities, during the forecast period. However, the high costs of essential oils are one of the key factors predicted to hamper the Essential Oils market.

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Market Segment Dominance:

Orange is expected to lead the global Essential Oils market

The orange category is anticipated to dominate the global Essential Oils market due to the non-greasy and eco-friendly extraction processes. Furthermore, its suitable application in the pest controls, household cleaners, and therapeutic products further help surge the market growth. Apart from this, the increasing sales of orange essential oil in the fragrance industry are projected to bolster market expansion.

Food and Beverage category accounts for the majority of the market share of the global Essential Oils market during the forecast period

The food and beverage category is dominating the global Essential Oils market owing to the stringent government regulations concerning the limited use of synthetic flavors or essence foodstuffs and food safety. In addition, the growing demand for natural ingredients while preparing food is one of the key drivers of the market. The rise in the adoption of essential oil as a natural ingredient in the preparation of food acts as the major driving factor.

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Regional Dominance:

North America is expected to hold the majority of the market share during the forecast period

North America is expected to hold the majority of the market share during the forecast period owing to the increasing application of essential oil in the food & beverages and pharmaceutical sector. The growth of the market in North America is attributed to the growing awareness about the advantages of essential oil and the increasing investments being made in aromatherapy and body massages. Furthermore, Asia Pacific is expected to exhibit the highest growth rate due to the rising consumer base and extensive application in the Asia Pacific region.

Market Players:

Some of the ley players of the global Essential Oils market include H.Reynaude & Fils, Sydney Essential Oils Co. Pty Ltd., Biolandes, Farotti SRL, The Lebermuth Company, Moksha Lifestyle Products, Young Living Essential Oils, doTERRA International, West India Species, Inc., and Essential Oils of New Zealand.

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