PUBLISHER: The Business Research Company | PRODUCT CODE: 1760089
PUBLISHER: The Business Research Company | PRODUCT CODE: 1760089
Digital onboarding refers to the process of integrating new customers, employees, or users into an organization or service through entirely digital channels, utilizing online forms, identity verification, and automated workflows. This approach enhances efficiency and security by replacing traditional, paper-based methods with fast, remote, and user-friendly technology.
The primary categories of digital onboarding include customer onboarding, employee onboarding, vendor onboarding, and partner onboarding. Customer onboarding specifically involves guiding new customers through the initial stages of interacting with a company's products or services. This process employs cutting-edge technologies such as artificial intelligence, machine learning, biometric verification, blockchain, and integrated electronic signatures. These solutions can be implemented through cloud-based or on-premises platforms and cater to a wide range of end users, including banks and financial institutions, insurance firms, telecommunications companies, healthcare providers, government agencies, and retailers.
The digital onboarding market research report is one of a series of new reports from The Business Research Company that provides digital onboarding market statistics, including digital onboarding industry global market size, regional shares, competitors with a digital onboarding market share, detailed digital onboarding market segments, market trends and opportunities, and any further data you may need to thrive in the digital onboarding industry. This digital onboarding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The digital onboarding market size has grown rapidly in recent years. It will grow from $2.33 billion in 2024 to $2.69 billion in 2025 at a compound annual growth rate (CAGR) of 15.6%. The growth during the historic period can be attributed to the rising penetration of smartphones, increasing internet connectivity, growing demand for seamless customer experiences, broader adoption of e-KYC and digital identity verification, and the escalating need for remote onboarding solutions.
The digital onboarding market size is expected to see rapid growth in the next few years. It will grow to $4.75 billion in 2029 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to the increasing use of artificial intelligence and biometrics, a heightened focus on fraud prevention and regulatory compliance, rising demand from the banking, financial services, and insurance (BFSI) sector, rapid digital transformation, and the growing adoption of cloud-based technologies. Key trends anticipated during this period include advancements in artificial intelligence (AI), the integration of biometric authentication, the evolution of e-KYC solutions, innovations in mobile-first onboarding, integration with customer relationship management (CRM) systems, and the emergence of blockchain-based digital identities.
The rapid increase in digitalization is expected to propel the growth of the digital onboarding market. Digitalization involves leveraging digital technologies to transform traditional, manual processes into efficient, automated operations. This shift is driven by the growing demand for seamless customer onboarding, improved security, regulatory compliance, fraud prevention, and enhanced user experiences. Digital onboarding tools enable paperless document submission, remote identity verification, and virtual onboarding, making the process faster, more secure, and accessible from anywhere. For example, in February 2024, the UK Department for Science, Innovation, and Technology reported that the digital sector contributed £158.3 billion ($199.46 billion) to the UK economy in 2022, accounting for 7.2% of total gross value added up from 7.1% in 2021. This increase underscores the growing role of digitalization in driving economic value and technological adoption, thereby boosting the digital onboarding market.
Innovative Digital Onboarding Solutions Streamline Customer Acquisition and Ensure Compliance
Leading companies in the digital onboarding market are developing advanced platforms that simplify customer acquisition, enhance user experience, and ensure regulatory compliance through automated processes. A digital onboarding platform is a software solution that enables organizations to remotely verify identities, collect documentation, and onboard users securely and efficiently. For instance, in May 2023, Axis Bank Limited, an India-based financial services provider, launched Sarathi, a digital onboarding platform for merchant POS terminal acquisition. This paperless solution features live video verification and real-time database checks, eliminating the need for physical field visits. Sarathi provides real-time onboarding status, strengthens data security, and reduces onboarding time from several days to under an hour significantly enhancing both convenience for merchants and operational efficiency for the bank.
Trulioo Acquires HelloFlow to Expand No-Code Digital Onboarding Capabilities
In February 2022, Trulioo, a Canada-based identity verification firm, acquired HelloFlow, a Denmark-based no-code digital onboarding platform. This strategic acquisition aims to enhance Trulioo's end-to-end onboarding and verification services by integrating HelloFlow's no-code orchestration technology into its Global Gateway platform. The acquisition allows Trulioo to offer businesses the ability to quickly build and deploy client onboarding workflows without the need for software development streamlining onboarding processes and improving time-to-market for new customer acquisition solutions.
Major players in the digital onboarding market are Adobe Inc., Experian Plc., Equifax Inc., LexisNexis Risk Solutions Inc., DocuSign Inc., SEON Technologies Ltd., IHS Markit, Paycor Inc., OneSpan Inc., Signix Inc., Jumio Corporation., Mitek Systems Inc., Trulioo Information Services Inc., Adnovum Informatik AG, Signicat AS, Onfido Limited, Socure Inc., PT Asli Rancangan Indonesia, ClearCompany Inc., iDenfy UAB.
North America was the largest region in the digital onboarding market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in digital onboarding report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the digital onboarding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital onboarding market consists of revenues earned by entities by providing services such as identity verification, know your customer, anti-money laundering compliance, biometric authentication, and document verification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Digital Onboarding Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital onboarding market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital onboarding ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital onboarding market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.