KYC solutions to change the compliance game in 2020

The identity verification industry delivers technical solutions for regulatory compliance. But this industry was not receiving due acclaim from the targeted audience due to lack of awareness among the masses. KYC/AML regulations are becoming stringent and compliance is a headache for businesses entering the new decade in 2020. The scope of AML/KYC regulations is increasing and businesses are now more inclined towards automatic AML and KYC solutions to grow as a compliant entity in the future.
Expected growth of the identity verification industry
Researchers found that businesses are actually more inclined towards digital identity verification solutions due to the ease that they deliver in regulatory compliance.

It is projected by research and markets research that the identity verification industry will grow at a Cumulative Annual Growth Rate of 16% during the prediction period of 2019 - 2024. It is expected to grow from $6.0 billion in 2019 to %12.8 billion by 2024.

This growth of this industry is backed by increasing awareness among businesses regarding the use of technical solutions for KYC and AML compliance practices. A report projected in 2018 that the 2019 global spending on KYC and AML compliance will increase to $905.
It is due to increased compliance scrutiny by global and domestic watchdogs, compliance is no more an option but a mandatory part of business operations.
Reference:
https://shuftipro.com/kyc-and-aml/