With technological improvements, there has been an increase in the risks of data privacy, fraud prevention, and security.Digital identity schemes play a vital role in the development of innovative products and solutions, as well as in drastically lowering operational costs for relying parties. Digital identification has the potential to multiply future economic value across multiple regions.Surge in number of cyber-crimes and stringent regulation relevant to data protection and identity theft are the major factors propelling the growth of identity verification market during the forecast period.Furthermore, initiatives by governments and companies focusing on digitalization and the use of new technologies such as Artificial Intelligence, Machine Learning and automation in identity verification systems would present lucrative opportunities for identity verification vendors and will help to grow identity verification industry. Increased digitization initiatives, an increase in fraudulent activities and identity theft over the last decade, and an increase in use cases of digital identities across sectors are the primary reasons driving the identity verification industry. Due to the COVID-19 epidemic in the United Kingdom, FATF guidelines have allowed consumers to transmit selfies and email scanned ID documents as proof of identification. For example, during a government-imposed shutdown, the use of currency in the United Kingdom was halved. Governments and regulatory authorities are restricting the use of currency, which is considered as a potential carrier of the virus. Acceptance of digital payment method is predicted to increase following the COVID-19 outbreak and play a larger role in the long run. Identity Verification Market size is forecast to reach $11866.74 million by 2026, growing at a CAGR 14.05% from 2021 to 2026.
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