The identity verification market is expected to grow at a CAGR of 13.1% over the forecast period 2020 to 2025. The market is witnessing a consumer paradigm shift from manual identity verification systems to an electronic credentialing system that allows personal identity devices to interact. The regulatory authorities have now become more stringent toward KYC (Know Your Customer) and AML (Anti-money Laundering) compliance, among reporting entities. The Asia-Pacific region witnessed accelerated growth in digital banking sector, where more fintech and newly licensed virtual banks are approaching this market.
Source: https://www.helpnetsecurity.com/2021/02/08/identity-verification-market/