Juniper Research in its 2020-2025 Digital Identity Market Summary estimates that digital identity apps will exceed 6,2 billion by 2025 from a 2020 base of 1 billion. Having recognised the need for remote biometric identity authentication locally, iiDENTIFii has developed technology that provides proven biometric liveness, facial verification, and validates data through secure triangulated authentication.
According to the press release, the pandemic forced significant change in many industries, including financial services, telecommunications, health and telemedicine, education, gaming, and crypto, all of which hold valuable information that are priceless in the hands of certain individuals.The Digital Identity Verification industry, globally, had seen an investment of almost USD 2 billion when 15 scale-up businesses were funded to develop facial recognition solutions, according to iiDENTIFii company officials.
The financial services industry is leading the race when looking at digital authentication and digital recognition because regulations require them to have robust systems in place for Know your Customer (KYC) compliance, making digital identity a more important part of the business, per iiDENTIFii.
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