Digital identity verification is checking the identity with digitally verifiable elements, such as selfie scans, address checks and knowledge-based authentication
A new study from Juniper Research revealed that the spending on digital ID verification checks will reach $20.8 billion globally in 2027, up from $11.6 billion in 2022. The research predicts this growth will be driven by the increasing prevalence of digital services requiring digital onboarding. Besides, a growing requirement for more advanced and robust identity verification systems in the face of rising fraud will further stimulate increased spending.
Digital ID verification is checking the identity with digitally verifiable elements, such as selfie scans, address checks and knowledge-based authentication.
Juniper Research also ranked the top 3 digital identity verification vendors. Those are Microsoft, Thales and LexisNexis Risk Solutions. Each of these three vendors is taking advantage of the demands for digital onboarding, as well as providing advanced anti-fraud capabilities. Thus, Microsoft is standing out among digital ID verification providers with its Azure AD solution in a remote working context.
Thales has implemented a different approach. It created a broad portfolio of solutions in identity verification, that the company coordinates for each verification use case. Meanwhile, LexisNexis Risk Solutions is leveraging its broad data coverage using machine learning to verify identity, bolstered by frequent acquisitions.