Digital identity verification spend to exceed $20bn by 2027
Spending on digital identity verification checks will reach US$20.8 billion globally in 2027 according to a new study from Juniper Research.
This is up from US$11.6 billion in 2022 and Juniper is predicting that this growth will be driven by the increasing prevalence of digital services requiring digital onboarding journeys.
Additionally, a growing requirement for more advanced and robust identity verification systems in the face of rising fraud.
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 each of these vendors is 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.