DUBLIN, Feb. 27, 2024 /PRNewswire/ — The “Digital Identity Verification Market: 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The new Digital Identity Verification report presents an independent analysis of the landscape and future development of this important market. It provides a comprehensive study of the growth of digital identity verification, as well as the opportunities and challenges it presents. The research includes assessments of different types of authentication and verification in use, and their future prospects, as well as analysis of the future use of AI (Artificial Intelligence) within the market.
The number of digital identity verification checks will surpass 70 billion in 2024; growing 16% on the previous year’s number of 61 billion. This growth is being driven by businesses adopting stronger biometric verification methods to combat account takeover and card-not-present fraud. Biometric verification methods are highly effective against these kinds of fraud, with liveness checks being utilised to prevent spoofing.
Banking will see the largest volume of checks, with 37 billion in 2024; equating to 53% of the global identity verification market. The report found that the continued popularity of digital-only banks is driving this growth, as these banks by their nature are reliant on digital identity verification checks; catalysing growth across the banking sector, as traditional banks play catch-up. Identity verification vendors must partner with core banking system providers to enable services to be accessed easily, or they will lose out to better-connected competitors.
Passive checks, along with biometric verification, are important in strengthening security and improve user experience. The real strength of facial recognition is the additional checks that can be added. Layering age estimation on top of facial recognition allows verification to be tailored to the client’s needs. Verification systems that can perform multiple checks in one step offer a significantly stronger user experience than legacy systems, and will become commonplace over the next few years.
Key Features
Market Landscape, Segment Analysis, Verification Types: Provides an in-depth analysis of the landscape and the key trends shaping it, such as AI and ML (machine learning) use in authentication, and a growing number of different verification strategies. It also looks at industry-specific needs and opportunities in its segment analysis, as well as including a breakdown of the predominant and emerging verification methods, such as facial recognition, and how digital identity verification must combat identity theft while maintaining user experience.
Key Takeaways & Strategic Recommendations: Key opportunities for digital identity verification providers are highlighted, and recommendations on how those providers must respond to take advantage of these. The key market trends are also analysed, making this section a must-read for digital identity verification providers, and for businesses requiring the checks.
Benchmark Industry Forecasts: 5-year forecasts are provided for the number of, total value of, and average cost of digital identity verification checks. These are split by banking, eGovernment, eCommerce and other, which are split between checks carried out on mobile devices and online.
Key Questions Answered
- How will the industry develop over the next five years?
- How much will the total spend on digital identity verification be in 2028?
- What role does digital identity verification have to play in the provision of government services?
- What role does digital identity verification have to play in access management?
- How will changing consumer habits and expectations change the use cases of digital idenity verification?
This research presents a comprehensive market forecast; providing extensive insights and actionable data across the below areas, split by 8 key regions and 60 countries:
- Volume of Digital Identity Verification Checks
- Value of Digital Identity Verification Checks
- Average Cost of Digital Identity Verification per Check
The metrics are split across the following key segments:
- Banking
- eGovernment
- eCommerce
- Other
The research suite includes:
- Market Trends & Strategies (PDF)
- Competitor Leaderboard (PDF)
- Data & Forecasts (PDF & Excel)
- 12 Month Access to harvest Online Data Platform
Key Market Statistics
- Volume of Verification Checks in 2023: 61bn
- Volume of Verification Checks in 2024: 71bn
- Total Growth 2023 to 2024: 16%
The Competitor Leaderboard: Key player capability assessment of 20 digital identity verification providers, via the The Competitor Leaderboard:
- Callsign
- Entrust
- Experian
- G+D
- GBG
- IDEMIA
- iProov
- Jumio
- KYC-Chain
- LexisNexis Risk Solutions
- Microsoft
- Onfido
- Ping Identity
- SecureKey Technologies
- Signicat
- Socure
- Subex
- Thales
- Trulioo
- Veriff
For more information about this report visit https://www.researchandmarkets.com/r/k88u3j
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SOURCE Research and Markets
