KEY INSIGHTS
The Asia-Pacific identity verification market is set to register a CAGR of 15.83% during the forecast period, 2023-2032. The market growth is attributed to technological advancements, consistent government support, and the use of emerging technologies like machine learning and artificial intelligence.
Market Insights
Australia & New Zealand, Thailand, Japan, South Korea, China, Vietnam, Indonesia, India, and Rest of Asia-Pacific are analyzed for the Asia-Pacific identity verification market growth evaluation. Multiple industry sectors in Japan are actively integrating and deploying a wide range of identity verification solutions on a large scale. This trend is anticipated to drive market expansion in the country during the forecast period. For instance, Sumitomo Bank, the second-largest bank in Japan, announced in 2022 its adoption of soulbound tokens for identity validation. Collaborating with Hashport and the Sumitomo Mitsui Financial Group (FG), they aim to establish a "safe and secure web3 economic zone" through the utilization of soulbound coins.
Furthermore, in 2021, the Japanese government selected SAFR from RealNetworks to provide facial biometrics technology in support of the nation’s digitization goals. SAFR will specifically offer its facial recognition tools to enable user authorization for the new digital ID set called "My Number" ID card, which is intended to replace traditional paper documents in Japan. SAFR collaborated closely with the Japanese government to develop My Number Card readers, equipped with built-in face biometrics capabilities, to expedite the adoption of facial authentication technology.
Whereas in Indonesia, the widespread adoption of digital IDs throughout the nation has witnessed a notable rise, thereby projected to drive the identity verification market growth in the country. As of 2023, the Indonesian government has unveiled its strategic initiative to expedite the implementation of digital IDs. By advocating for a swift transition from electronic KTP (e-KTP) to a nationwide digital ID (Digital KTP), the government aims to accelerate the country’s digital transformation efforts.
Competitive Insights
Some of the leading companies in the market include Jumio Corporation, Mastercard Inc, IDEMIA, Intellicheck Inc, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation caters to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments