Goode forecasts $15B digital identity and document verification market by 2024
Digital identity and document verification services will be a $15 billion dollar a year industry by 2024, growing 20 percent from 2019, according to the latest research from Goode Intelligence. The growth will be driven by anti-money laundering (AML), know your customer (KYC), and customer due diligence (CDD) regulation, and to support remote digital onboarding with acceptable fraud rates, the report says.
The report, “Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024,” also forecasts that digital identity and document verification checks will reach two billion a year by 2024, growing from 518 million this year. Digital identity and document check consist of four key steps, answering the questions “Is it a real person?” with genuine presence assurance, “Is it a real document?” with document capture and verification, “Can you do business with this person?” with corroboration and risk mitigation techniques, and orchestrating the processes into a unified workflow, according to the report.
“The rise of fake and synthetic identity is a major concern for organisations who must find ways in which to support digital business and to establish trust with people that they have no previous relationships with,” explains Goode Intelligence Founder and CEO Alan Goode.
“In the absence of universal trusted digital identity credentials that can be accepted by the majority of organisations, digital identity and document verification services fulfil the pressing need to ensure that a person is real and can be trusted to do business with legally.”
The report examines current global adoption and key adoption drivers and barriers, and also provides market analysis and interviews with leading companies.
Goode Intelligence also recently published a white paper on digital identity and document verification.