Digital identity and document verification market to generate $15 billion by 2024

onfido-app-mobile-identity-verification

Improvements in facial biometrics and document verification based on machine learning and artificial intelligence plus access to a range of verifiable identity signals and data are driving the global market for digital identity and document verification services, which will be worth revenues of more than $15 billion by 2024, according to Goode Intelligence.

The 172-page “Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024” report shows a CAGR of 20 percent over the next six years, and includes in-depth interviews with leading stakeholders.

“The ability to onboard new customers to services through remote digital channels, web and mobile, is a pressing need for many organisations that are looking to reduce their physical footprint and support digital transformation projects. Digital identity and document verification services aim to support digital onboarding and meet the latest Anti-Money Laundering (AML), Know Your Customer (KYC) and Customer Due Diligence (CDD) regulation,” says Goode Intelligence Founder and CEO Alan Goode.

“A combination of ever-more accurate facial recognition, document verification and a wider variety of verifiable identity sources (data and signals) increasingly powered by machine learning and artificial intelligence is enabling service providers to adopt digital identity and document verification services in ever-increasing numbers. With a number of organisations already achieving significant revenue and growth, we consider this to be a particularly exciting trend which will be reflected in market revenues over the coming years.”

The market has received hundreds of millions in investment and experienced intense M&A activity, according to Goode.

The report reviews current global adoption, analysis of key drivers and barriers to adoption, technology analysis, and detailed regional and global forecasts. Market leaders identified include BAE Systems Applied Intelligence, Callsign, Daon, Experian, Gemalto, iProov, IDEMIA, and Onfido.

Goode Intelligence recently announced its Biometric Summit London 2019 for this coming November.

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