Identity verification scale and maturity to push average cost down

The costs that relying parties pay for digital identity verification, from collecting and analyzing selfie biometrics to ID document authenticity checks, liveness detection and fraud checks, will by $0.20 each on global average in 2025, but fall to $0.17 in 2029, according to Juniper Research.

The “Global Digital Identity Verification Market 2024-2029” report says identity verification processes are both maturing and becoming more widespread, setting up the 15 percent reduction to the global average over the next four years.

Global spending on identity verification will surge by 74 percent over the same period to reach $26 billion, Juniper says in the same report, implying an even larger increase in the gross number of IDV checks performed.

There is significant variance between regions, both in terms of the current cost of digital identity verification and in terms of forecast change.  Prices are expected to remain unchanged in the Indian Subcontinent and in Africa and the Middle East, at 14 and 11 cents, respectively.

The Far East and China will start at a relatively low 17 cents per identity verification, and drop to 15 cents by 2029.

The price of IDV in North America will fall by 23 percent, from nearly 28 cents to 21 cents each. Identity verification costs will start 2025 at around 24 cents each in both Western Europe and the “Rest of Asia Pacific” region, but those in the latter region are expected to decline 14 percent to 21 cents, while in the West of Europe the introduction of EU Digital Identity Wallets will contribute to a 19 percent reduction, to 19 cents per verification.

Latin American identity verification costs are expected to slide from 19 cents to 17 cents each, while in Central and Eastern Europe the cost will fall dramatically from 24 to 18 cents.

Juniper suggests that remote verifications for customer onboarding, financial transactions and access management are due for major volume growth, supported by advances in biometric authentication and in regional efforts like Europe’s eIDAS and standards for NIST in the U.S.

Article Topics

biometrics  |  digital identity  |  document verification  |  identity verification  |  Juniper Research  |  market report  |  selfie biometrics