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Market Research Report
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1015903

Digital Identity Verification: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2026

Published: | Juniper Research Ltd | | Delivery time: 1-2 business days

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Digital Identity Verification: Key Opportunities, Vendor Strategies & Market Forecasts 2021-2026
Published: June 21, 2021
Juniper Research Ltd
Content info:
Delivery time: 1-2 business days
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  • Table of Contents
Description

Juniper Research's new “Digital Identity Verification ” research offers in-depth analysis of the specific opportunities present for vendors in the ID verification market. The report assesses the success of digital identity verification platforms to date in securing digital access and activities. Providing a future outlook for the evolution and adoption of these platforms, the study is supported by extensive analysis of regulatory frameworks, standards and different verification types. It also analyses 16 leading identity verification vendors via a Juniper Research Leaderboard.

The research also provides industry benchmark forecasts for the market; covering digital identity verification usage and spend on verification platforms, split by banking verification, eGovernment verification, eCommerce verification and other verification services, as well as by our 8 key regions and 25 countries.

This research suite comprises:

  • Strategy & Forecasts (PDF)
  • 5-year Deep Dive Data & Forecasting (PDF/IFxl)
  • 12 months' access to harvest online data platfor

KEY FEATURES

  • Digital Identity Verification Sector Dynamics: Analysis of key trends and primary challenges across the digital identity verification space; including the following elements:
    • The impact of the pandemic and the need for identity verification services
    • Current industry standards and how these need to evolve
    • How each verification type is being used and their strengths/weaknesses
  • Digital Identity Verification Segment Assessment & Future Outlook: Specific assessment of how digital identity verification is going to fare across several different verticals, including banking and finance, government services and others, as well as a future outlook for the overall market.
  • Juniper Research Digital Identity Verification Leaderboard: 16 digital identity verification vendors positioned on the Juniper Research Leaderboard; accompanied by heatmap-based scoring and individual player analysis. Vendors covered include:
    • Callsign
    • Experian
    • G+D
    • IDology
    • Jumio
    • KYC-Chain
    • LexisNexis Risk Solutions
    • Microsoft
    • Onfido
    • Oxyliom Solutions
    • Ping Identity
    • SecureKey Technologies
    • Signicat
    • Socure
    • Thales
    • Trulioo
  • Benchmark Industry Forecasts: Forecasts sizing markets up to 2026 for digital identity verification usage and spend on verification platforms, split by banking verification, eGovernment verification, eCommerce verification and other verification services, as well as by our 8 key regions and the 25 countries listed below:
    • Argentina
    • Australia
    • Brazil
    • Canada
    • China
    • Colombia
    • Denmark
    • France
    • Germany
    • India
    • Italy
    • Japan
    • Mexico
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • UK
    • US

KEY QUESTIONS

  • 1. What is the anticipated market size for digital identity verification over the next 5 years?
  • 2. How will digital identity verification be used in different segments?
  • 3. How does identity verification need to evolve to meet new challenges like synthetic identities?
  • 4. Who are the key disruptors in this space, and what strategies are vendors employing?
  • 5. How is the industry expected to develop over the next 5 years?

COMPANIES REFERENCED

  • Included in Juniper Research Leaderboard: Callsign, Experian, Giesecke + Dervient, IDology, Jumio, KYC-Chain, LexisNexis Risk Solutions, Microsoft, Onfido, Oxyliom Solutions, Ping Identity, SecureKey Technologies, Signicat, Socure, Thales, Trulioo.
  • Mentioned: Accel, Accenture, Acuant, Alkemi Network, American Express, Apple, BCP (Banco de Crédito del Perú), Beam, Better Identity Coalition, Bitstamp, Brex, Bunq, C6 Group, Centana Growth Partners, Chime, Clarity Services, Companies House, Couchsurfing, Crédit Agricole, Credit Data Corporation, CreditInfo, CRIF, DIACC (Digital ID Authentication Council of Canada), Digital Identity Net, Digital Identity Strategy Board, DNB, Dow Jones, Dun & Bradstreet, DWP's (Department for Work and Pensions), EnStream, Equifax, Facebook, FIDO Alliance, Financial Crime, Security and Data Working Group, Fitbit, FTC (Federal Trade Commission), Garmin, Gavi, the Vaccine Alliance, Google, GOV.UK, GSMA, HMRC (HM Revenue & Customs), ICAO (International Civil Aviation Organisation), ICTA (Information and Communication Technology Agency), ID Mission, iDenfy, Klarna, LG, LinkedIn, Lloyds Banking Group, McKinsey, Mitek, N26, Netcetera, NextGate, NIST (National Institute of Standards and Technology), NTWG (New Technologies Working Group), O2, Okta, Orange, Public, Rabobank, Radius Bank, RELX, Remitly, Revolut, Revolute, RHT Compliance Solutions, RIAG (Risk & Information Analytics Group), Samsung, Santander, Société Générale, SoFi, Stash, Swatch, TeleSign, the Rockefeller Foundation, Three, TransUnion, UK Digital Identity Strategy Board, UK Gambling Commission , UN (United Nations), Varo, VentureBeat, Vodafone, Western Union, WireWheel, World Bank, Yoti.

DATA & INTERACTIVE FORECAST

Juniper Research's “Digital Identity Verification ” forecast suite includes:

  • Forecast splits for 8 key regions, as well as 25 country-level data splits for:
    • Argentina
    • Australia
    • Brazil
    • Canada
    • China
    • Colombia
    • Denmark
    • France
    • Germany
    • India
    • Italy
    • Japan
    • Mexico
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • UK
    • US
  • Forecasts include digital identity verification usage and spend on verification platforms, split by banking verification, eGovernment verification, eCommerce verification and other verification services.
  • Interactive Scenario Tool allowing users to manipulate Juniper Research's data for 8 different metrics.
  • Access to the full set of forecast data of 66 tables and more than 15,800 datapoints.

Juniper Research's highly granular IFxls (interactive Excels) enable clients to manipulate our forecast data and charts to test their own assumptions, by using the Interactive Scenario Tool, and compare select markets side by side in customised charts and tables. IFxls greatly increase the clients' ability to both understand a particular market and to integrate their own views into the model.

Table of Contents

Table of Contents

1. Key Takeaways & Strategic Recommendations

  • 1.1 Key Takeaways
  • 1.2 Strategic Recommendations

2. Digital Identity Verification Market Landscape

  • 2.1 Introduction
  • 2.2 History of Digital Identity Verification
  • 2.3 Why Verify Identity
  • 2.4 Regulatory Framework
    • Figure 2.1: Number of People with Digital Identity Documents (m), Split by 8 Key Regions, 2020-2025
    • 2.4.1 Different Regulatory Requirements for Digital Identity Verification
    • 2.4.2 Protocols, Regulations & Industry Bodies
      • i. Organisation for Economic Co-operation and Development
      • ii. EU Legislation
    • 2.4.3 Country-level Regulatory Framework
      • i. US
      • ii. UK
      • iii. Germany
      • iv. China
      • v. Australia
      • vi. Mexico
      • vii. Brazil
      • viii. South Africa
      • ix. Sri Lanka
  • 2.5 Digital Identity Verification Approaches
    • 2.5.1 Individual Technological Analysis of Identity Verification Methods
      • i. Biometrics
      • ii. Blockchain
      • iii. Database/Social Networks/Trusted Identity Network Verification
      • iv. Uplift Verification
      • v. Machine Learning-based Verification
      • vi. APIs
      • vii. Behaviour-based Authentication/Liveness Detection
      • viii. AI Behaviour Monitoring Verification
      • ix. Knowledge-based Authentication
      • x. OTP Verification
      • xi. IDaaS (ID-as-a-Service)
  • 2.6 Conclusion
    • 2.6.1 Provision of Assured Digital Identity for Citizenry
  • 2.7 Identity Verification: Segmentation
    • 2.7.1 The End User Experience
    • 2.7.2 The Verifiers
    • 2.7.3 The Orchestration Platforms
  • 2.8 Challenges with Digital Identity Verification
  • 2.9 Digital Identity Verification: Segment Analysis
    • i. Gaming
    • ii. Retail
    • iii. Governmental Services
    • iv. Financial Services & Banking

3. Digital Identity Verification Competitive Landscape

  • 3.1 Vendor Analysis & Leaderboard
    • 3.1.1 Introduction
    • 3.1.2 Stakeholder Assessment Criteria
      • Table 3.1: Digital Identity Verification Player Capability Criteria
      • Figure 3.2: Juniper Research Digital Identity Verification Vendor Leaderboard
      • Table 3.3: Digital Identity Verification Leaderboard Scoring
    • 3.1.3 Limitations & Interpretation
  • 3.2 Digital Identity Verification: Vendor Analysis
    • 3.2.1 Callsign
    • 3.2.2 Experian
    • 3.2.3 IDology
    • 3.2.4 Giesecke + Dervient
      • Figure 3.4: G+D Demonstration
      • i. Identity verification solutions within the G+D Group
    • 3.2.5 Jumio
    • 3.2.6 KYC-Chain
    • 3.2.7 LexisNexis Risk Solutions
    • 3.2.8 Microsoft
    • 3.2.9 Onfido
    • 3.2.10 Oxyliom Solutions
    • 3.2.11 Ping Identity
    • 3.2.12 SecureKey Technologies
    • 3.2.13 Signicat
    • 3.2.14 Socure
    • 3.2.15 Thales
    • 3.2.16 Trulioo

4. Digital Identity Verification: Market Forecasts

  • 4.1 Introduction
  • 4.2 Methodology & Assumptions
    • Figure 4.1: Banking Verification Forecast Methodology
    • Figure 4.2: eCommerce Verification Forecast Methodology
    • Figure 4.3: eGovernment Verification Services Forecast Methodology
    • Figure 4.4: Other Verification Services Forecast Methodology
  • 4.3 Digital Identity Verification Forecasts
    • 4.3.1 Total Volume of Verification Checks
      • Figure & Table 4.5: Total Volume of Digital Identity Verification Checks per (m), Split by 8 Key Regions, 2021-2026
    • 4.3.2 Total Spend on Digital Identity Verification Services
      • Figure & Table 4.6: Total Spend on Digital Identity Verification Checks per annum ($m), Split by 8 Key Regions, 2021-2026
  • 4.4 Segment Forecasts
    • 4.4.1 Banking Verification
      • Figure & Table 4.7: Total Spend on Digital Banking Identity Verification Checks per annum ($m), Split by 8 Key Regions, 2021-2026
    • 4.4.2 eCommerce Verification
      • Figure & Table 4.8: Total Spend on Digital Identity Verification for eCommerce Payments per annum ($m), Split by 8 Key Regions, 2021-2026
    • 4.4.3 eGovernment Verification
      • Figure & Table 4.9: Total Government Spend on Digital Identity Verification Checks for eGovernment Services per annum ($m), Split by 8 Key Regions, 2021-2026
    • 4.4.4 Other Verification Services
      • Figure & Table 4.10: Total Spend on Digital Identity Verification for Other Verification Services ($m), Split by 8 Key Regions, 2021-2026