KUALA LUMPUR, Aug 30 (Bernama) -- Spending on digital identity verification checks will reach US$20.8 billion globally in 2027, up from US$11.6 billion in 2022, according to a Juniper Research study. (US$1 = RM4.483)
This growth will be driven by 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, the study said.
According to a statement, 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, adding that while there are many different segments and verification types, “no single vendor cover all the solutions.”
“As such, there is still a lot of room for innovation; vendors must focus on building 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 assessed leading digital identity verification vendors and evaluated each company based on criteria such as depth and breadth of offerings, service innovation and future market prospects.
It ranked the top three vendors as Microsoft, Thales, and LexisNexis Risk Solutions.
The research found that each of these vendors is taking advantage of the requirements for digital onboarding, plus providing advanced anti-fraud capabilities.
-- BERNAMA
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