Digital identity and document verification checks forecast

Goode Intelligence forecasts that by 2024 over two billion digital identity and document verification checks will be made annually

Digital identity and document verification checks forecast. Source: shutterstock.com

In its Analyst Report Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024, Goode Intelligence reveals that the demand to digitally onboard customers will result in over two billion separate digital identity and document verification checks annually by 2024 – up from 518 million checks by the end of 2019.

Digital Identity and Document Verification checks involve four key steps:

  1. Is it a real person?
  2. Is it a real document?
  3. Can you do business with this person?
  4. Orchestration

Driven by the need to meet anti-money laundering (AML), know your customer (KYC) and customer due diligence (CDD) regulation and to make it easier for organizations to support remote digital onboarding while maintaining acceptable levels of fraud, the market for digital identity and document verification services will create a $15 billion industry by 2024 – a CAGR of 20 percent over the six-year period.

The rise of fake and synthetic identity is a major concern for organizations who must find ways in which to support digital business and to establish trust with people that they have no previous relationships with. In the absence of universal trusted digital identity credentials that can be accepted by the majority of organizations, digital identity and document verification services fulfill the pressing need to ensure that a person is real and can be trusted to do business with legally
Alan Goode, founder and CEO of Goode Intelligence and author of the report

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