FB pixel

Goode forecasts $15B digital identity and document verification market by 2024

 

biometric-digital-identity-verification-face-recognition

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.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Findynet funding development of six digital wallet solutions

Finnish public-private cooperative Findynet has announced it will award 60,000 euros (US$69,200) to six digital wallet vendors to help translate…

 

Patchwork of age check, online safety legislation grows across US

As the U.S. waits for the Supreme Court’s opinion on the Texas case of Paxton v. Free Speech Coalition, which…

 

AVPA laud findings from age assurance tech trial

The Age Verification Providers Association (AVPA), and several of its members, have welcomed the publication of preliminary findings from the…

 

Sri Lanka to launch govt API policies and guidelines

Sri Lanka’s government, in the wake of its digital economy drive, is gearing up to release application programming interface (API)…

 

Netherlands’ asylum seeker ID cards from Idemia use vertical ICAO format

The Netherlands will introduce new identity documents for asylum seekers Idemia Smart Identity, compliant with the ICAO specification for vertical…

 

Zenoo integrates Trinsic, Sumsub for advanced digital ID onboarding options

Onboarding and compliance orchestration engine provider Zenoo has formed a pair of partnerships to give its customers a broader range…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events