Spending on digital identity verification checks will reach US$20.8 billion globally in 2027, revealed a study by Juniper Research. This was $11.6 billion in 2022. It predicts this growth will be driven by both the increasing prevalence of digital services requiring digital onboarding journeys and the growing requirement for more advanced and robust identity verification systems in the face of rising fraud.
Digital identity verification is where identity is checked using digitally verifiable elements, such as selfie scans, address checks and knowledge-based authentication.
Research co-author Damla Sat said: “There are multiple pathways to identity verification success. There are many different segments and verification types, with no single vendor covering all the solutions.
“As such, there is still a lot of room for innovation; vendors must focus on building out innovation partnerships and acquisitions that allow them to intelligently orchestrate the most effective verification types for each use case to drive growth forward.”
The research found that vendors are taking advantage of the requirements for digital onboarding, plus providing anti-fraud capabilities.
Microsoft says it has taken a leading role in verification, particularly with its Azure AD solution in a remote working context.
Thales has implanted a different approach, creating a broad portfolio of solutions in identity verification, that it then coordinates for each vendor case.
LexisNexis Risk Solutions, meanwhile, is leveraging its broad data coverage using machine learning to verify identity, bolstered by frequent acquisitions.
What is Digital Identity Verification?
Identity defines the person and its qualities that are different from person to person. In simple words, it defines a person’s uniqueness. These can include permanent traits like date of birth, ethnicity, and fingerprints. Or semi-permanent traits like height, weight, eye color, and name. So, in today’s time where digitalization is on its peek so cybercrime is also making headlines every day. Every industry is moving towards digital mode, from banking to travel to shopping or and ordinary company, are using digital infrastructure to connect people with what they want and need right now.