Global Digital Identity Verification Market: 2023-2028

Description

REPORT OVERVIEW

Juniper Research's new “Digital Identity Verification” report presents an independent analysis of the landscape and future development of this important market. It provides a comprehensive study of the growth of digital identity verification, as well as the opportunities and challenges it presents. The research includes assessments of different types of authentication and verification in use, and their future prospects, as well as analysis of the future use of AI (Artificial Intelligence) within the market.

The report positions 20 vendors via the Juniper Competition Leaderboard; delivering an invaluable resource for stakeholders seeking to understand the complex landscape of this market, and the different digital identity verification solutions available.

This research presents a comprehensive market forecast; providing extensive insights and actionable data across the below areas, split by 8 key regions and 60 countries:

Volume of Digital Identity Verification Checks
Value of Digital Identity Verification Checks
Average Cost of Digital Identity Verification per Check

The metrics are split across the following key segments:

Banking
eGovernment
eCommerce
Other

The research suite includes:

Market Trends & Strategies (PDF)
Competitor Leaderboard (PDF)
Data & Forecasts (PDF & Excel)
12 Month Access to harvest Online Data Platform

Key Market Statistics

Volume of Verification Checks in 2023:	61 bn
Volume of Verification Checks in 2024:	71 bn
Total Growth 2023 to 2024:	16%

KEY FEATURES

Market Landscape, Segment Analysis, Verification Types: Provides an in-depth analysis of the landscape and the key trends shaping it, such as AI and ML (machine learning) use in authentication, and a growing number of different verification strategies. It also looks at industry-specific needs and opportunities in its segment analysis, as well as including a breakdown of the predominant and emerging verification methods, such as facial recognition, and how digital identity verification must combat identity theft while maintaining user experience.

Key Takeaways & Strategic Recommendations: Key opportunities for digital identity verification providers are highlighted, and recommendations on how those providers must respond to take advantage of these. The key market trends are also analysed, making this section a must-read for digital identity verification providers, and for businesses requiring the checks.

Benchmark Industry Forecasts: 5-year forecasts are provided for the number of, total value of, and average cost of digital identity verification checks. These are split by banking, eGovernment, eCommerce and other, which are split between checks carried out on mobile devices and online. The data is also split by 8 key regions and 60 countries:

North America:
- Canada, US

Latin America:
- Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay

West Europe:
- Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK

Central & East Europe:
- Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine

Far East & China:
- China, Hong Kong, Japan, South Korea

Indian Subcontinent:
- Bangladesh, India, Nepal, Pakistan

Rest of Asia Pacific:
- Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam

Africa & Middle East:
- Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

Juniper Research Competitor Leaderboard: Key player capability assessment of 20 digital identity verification providers, via the Juniper Research Competitor Leaderboard:
- Callsign
- Entrust
- Experian
- G+D
- GBG
- IDEMIA
- iProov
- Jumio
- KYC-Chain
- LexisNexis Risk Solutions
- Microsoft
- Onfido
- Ping Identity
- SecureKey Technologies
- Signicat
- Socure
- Subex
- Thales
- Trulioo
- Veriff

KEY QUESTIONS ANSWERED

1. How will the industry develop over the next five years?

2. How much will the total spend on digital identity verification be in 2028?

3. What role does digital identity verification have to play in the provision of government services?

4. What role does digital identity verification have to play in access management?

5. How will changing consumer habits and expectations change the use cases of digital idenity verification?

COMPANIES REFERENCED

Interviewed: Entrust, GBG, LexisNexis Risk Solutions, Ping Identity, Subex, Veriff.

Included in Juniper Research Competitor Leaderboard: Callsign, Entrust, Experian, G+D, GBG, IDEMIA, iProov, Jumio, KYC-Chain, LexisNexis Risk Solutions, Microsoft, Onfido, Ping Identity, SecureKey Technologies, Signicat, Socure, Subex, Thales, Trulioo, Veriff.

Mentioned: 888.com, Accel, Alkeon Capital, Apple, AWS, Bank ABC (Arab Banking Corporation), Bank Millennium, Bano Financial, Betfair, Betterment, BlueSky Capitol, BMO Financial Group, Bundesdruckerei, Centana, Clear, Click Ventures, Cognizant, DappRadar, Datacard , DBS Bank, Deloitte, Ekata, Entra Verified ID, Evidos, FA Solutions, ForgottenChain, Fraud Centurian, Global66, Google, Great Hill Partners, HelloFlow, Homechoice, Hyperledger, IBM, Inkassoregisteret, JPMorgan, KeyBanc Capital Markets, Keyless, Kohlberg Kravis Roberts, Lightbridge, Maxonrow, Monese, Monzo, Multitude Bank, Mvine, National Bank of Canada, Novibet, Okta, Prove Identity, PTB Ventures, PWC, Raiffeisen Bank, Rebellion, Revolut, Rogers Venture Partners, Royal Bank of Canada, Scotiabank, SEON, SIH (Secure Identity Holding), Silicon Valley Bank, Simeio Solutions, Snowflake, Sokin, Supersonicz, SwapMoney, T. Rowe Price, TCV, The Knoble, Thoma Bravo, TietoEvery, Tiger Global Management, TPG Growth, Trustpilot, Truv, UBS, Undercoverlab, UnionBank, UnionDigital Bank, Valid, Veridas, Vernym, Viking Venture, Visa, Volvo, VU, Wipro, Wise, Worldline, WorldReach, Yubico, Zinc.

DATA & INTERACTIVE FORECAST

The forecast has several key splits, giving an extensive coverage of the quickly developing market:

Banking
eGovernment
eCommerce
Other

Geographic split: 60 countries

Number of tables: 180

Number of Datapoints: 82,000

harvest:Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform; enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart - using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excel (IFxL): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in custom charts and tables. IFxls greatly increase a client's ability to both understand a particular market and to integrate their own views into the model.

FORECAST SUMMARY

The number of digital identity verification checks will surpass 70 billion in 2024; growing 16% on the previous year's number of 61 billion. This growth is being driven by businesses adopting stronger biometric verification methods to combat account takeover and card-not-present fraud. Biometric verification methods are highly effective against these kinds of fraud, with liveness checks being utilised to prevent spoofing.

Banking will see the largest volume of checks, with 37 billion in 2024; equating to 53% of the global identity verification market. The report found that the continued popularity of digital-only banks is driving this growth, as these banks by their nature are reliant on digital identity verification checks; catalysing growth across the banking sector, as traditional banks play catch-up. Identity verification vendors must partner with core banking system providers to enable services to be accessed easily, or they will lose out to better-connected competitors.

Passive checks, along with biometric verification, are important in strengthening security and improve user experience. The real strength of facial recognition is the additional checks that can be added. Layering age estimation on top of facial recognition allows verification to be tailored to the client's needs. Verification systems that can perform multiple checks in one step offer a significantly stronger user experience than legacy systems, and will become commonplace over the next few years.

Market Trends & Strategies

1. Key Takeaways & Strategic Recommendations

1.1 Key Takeaways
1.2. Strategic Recommendations

2. Market Landscape

2.1. Introduction
2.2. History of Identity Verification
2.3. Why Verify Identity
2.4. Regulations, Protocols and Standards.
- 2.4.1. eIDAS
- 2.4.2. NIST
- 2.4.3. Fido Alliance

3. Segment Analysis

3.1. Gambling
- 3.1.1. Current Status
- 3.1.2. Recent Developments
- 3.1.3. Challenges
- 3.1.4. Future Outlook
3.2. Retail
- Figure 3.1: Total Number of eCommerce Payments per annum (m), Globally, 2018-2013
- 3.2.1. Current Status
- 3.2.2. Recent Developments
- 3.2.3. Challenges
- 3.2.4. Future Outlook
3.3. Government Services
- Figure 3.2: Number of Internet Users Accessing eGovernment Services per annum (m), Globally, 2023-2028
- 3.3.1. Current Status
3.3.2 Key Developments
- 3.3.3. Challenges
- 3.3.4. Future Outlook
3.4. Financial Services
- Figure 3.3: Total Volume of Digital Identity Checks in Banking (m), Globally, 2019-2023
- 3.4.1. Current Status
3.4.2 Key Developments
- 3.4.3. Challenges
- 3.4.4. Future Outlook
3.5. Healthcare
- 3.5.1. Current Status
- 3.5.2. Recent Developments
- 3.5.3. Challenges
- 3.5.4. Future Outlook
3.6. Access Management
- 3.6.1. Types of Access Management
  - i. Discretionary Access Management
  - ii. Mandatory Access Management
  - iii. Role-based Access Management
  - iv. Attribute-based Access Management.
  - v. Rule-based Access management
  - vi. Risk-adaptive Access Management
  - vii. Organisation-based Access Management
- 3.6.2. Future Prospects

4. Verification Types

4.1. Knowledge-based Authentication
- 4.1.1. Username and Password
- 4.1.2. One-time Password
- 4.1.3. Other Knowledge-based Authentication
4.2. Common Biometrics
- 4.2.1. Fingerprint
- 4.2.2. Facial
- 4.2.3. Voice
- 4.2.4. Liveness Detection
- 4.2.5. Behavioural Biometrics
4.3. Emerging Biometrics
- 4.3.1. Iris
- 4.3.2. Retina
- 4.3.3. Handprint
- 4.3.4. Vein Patter Recognition
4.4. Identification Verification
- 4.4.1. Document Verification
  - i. Document Scanning
  - ii. Machine-readable Zones
  - iii. Embedded Chips
- 4.4.2. Document Reading
- 4.4.3. Using Documents for Verification
  - i. Photo IDs
  - ii. Age Verification
  - iii. Linked Biometrics
4.5. Database Verification

Competitor Leaderboard

1. Juniper Research Competitor Leaderboard

1.1. Why Read This Report
- Table 1.1: Juniper Research Competitor Leaderboard Digital Identity Verification Vendors Included & Product Portfolio
- Figure 1.2: Juniper Research Competitor Leaderboard for Digital Identity Verification
- Table 1.3: Juniper Research Digital Identity Verification Vendors & Positioning
- Table 1.4: Juniper Research's Competitor Leaderboard Heatmap Digital Identity Verification Vendors (Part 1 of 2)
- Table 1.5: Juniper Research Competitor Leaderboard Heatmap Digital Identity Verification Vendors (Part 2 of 2)

2. Company Profiles

2.1. Vendor Profiles
- 2.1.1. Callsign
  - i. Corporate
    - Table 2.1: Callsign's Rounds of Funding ($m), 2013-2020
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.2. Entrust
  - i. Corporate
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.3. Experian
  - i. Corporate
    - Table 2.2: Experian's Financial Snapshot ($m), 2021-2023
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
    - Figure 2.3: CrossCore Platform Infrastructure and Processes
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.4. G+D
  - i. Corporate
    - Table 2.4: G+D's Financial Snapshot ($m), 2020-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.5. GBG
  - i. Corporate
    - Table 2.5: GBG's Financial Snapshot ($m), FY 2021-2023
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.6. IDEMIA
  - i. Corporate
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.7. iProov
  - i. Corporate
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.8. Jumio
  - i. Corporate
    - Table 2.6: Jumio's Rounds of Funding ($m), 2010-2021
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.9. KYC-Chain
  - i. Corporate
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.10. LexisNexis Risk Solutions
  - i. Corporate
    - Table 2.7: LexisNexis Risk Solutions' Financial Snapshot ($m), 2020-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.11. Microsoft
  - i. Corporate
    - Table 2.8: Microsoft's Financial Snapshot ($m), 2020-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
    - Figure 2.9: Microsoft Entra ID
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.12. Onfido
  - i. Corporate
    - Table 2.10: Onfido's Rounds of Funding ($m), 2015-2020
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.13. Ping Identity
  - i. Corporate
    - Table 2.11: Ping Identity's Rounds of Funding ($m), 2004-2014
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.14. SecureKey Technologies
  - Corporate
    - Table 2.12: SecureKey Technologies' Rounds of Funding ($m), 2010-2016
  - i. Geographic Spread
  - ii. Key Clients & Strategic Partnerships
  - iii. High-level View of Offering
  - iv. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.15. Signicat
  - i. Corporate
    - Table 2.13: Signicat's Rounds of Funding ($m), 2007-2018
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.16. Socure
  - i. Corporate
    - Table 2.14: Socure's Rounds of Funding ($m), 2015-2021
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
    - Figure 2.15: Socure ID+
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.17. Subex
  - i. Corporate
    - Table 2.16: Subex's Financial Snapshot ($m), FY 2020-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.18. Thales
  - i. Corporate
    - Table 2.17: Thales' Financial Snapshot ($m), 2020-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
    - Figure 2.18: Thales' Digital ID Wallet Security
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.19. Trulioo
  - i. Corporate
    - Table 2.19: Trulioo's Rounds of Funding ($m), 2012-2021
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
- 2.1.20. Veriff
  - i. Corporate
    - Table 2.20: Veriff's Rounds of Funding ($m), 2018-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Opportunities
2.2. Juniper Research Competitor Leaderboard Assessment Methodology
- 2.2.1. Limitations & Interpretations
  - Table 2.21: Juniper Research Competitor Leaderboard Scoring Criteria - Digital Identity Verification

Data & Forecasting

1. Introduction & Methodology

1.1. Introduction
1.2. Methodology & Assumptions
- Figure 1.1: Banking Verification Forecast Methodology
- Figure 1.2: eCommerce Verification Forecast Methodology
- Figure 1.3: eCommerce Verification Forecast Methodology
- Figure 1.4: eGovernment Verification Services Forecast Methodology
- Figure 1.5: Other Verification Services Forecast Methodology

2. Market Summary

2.1. Total Volume of Verification Checks
- 2.1.1. Split by Region
  - Figure & Table 2.1: Total Volume of Digital Identity Verification Checks per annum (m), Split by 8 Key Regions, 2023-2028
- 2.1.2. Split by Segment
  - Figure & Table 2.2: Total Volume of Digital Identity Verification Checks per annum (m), Split by Segment, 2023-2028
2.2. Value of Verification Checks
- Figure & Table 2.3: Total Spend on Digital Identity Verification Checks per annum ($m), Split by 8 Key Regions, 2023-2028
2.3. Average Cost
- Figure & Table 2.4: Average Cost of Digital Identity Verification per Check ($), Split by 8 Key Regions, 2023-2028

3. Segment Splits

3.1. Banking Verification
- 3.1.1. Total Volume
  - Figure & Table 3.1: Total Volume of Digital Identity Verification Checks in Banking (m), Split by 8 Key Regions, 2023-2028
- 3.1.2. Total Spend
  - Figure & Table 3.2: Total Spend on Digital Banking Identity Verification Checks per annum ($m), Split by 8 Key Regions, 2023-2028
3.2. eGovernment Verification
- 3.2.1. Total Volume
  - Figure & Table 3.3: Total Volume of eGovernment Services Accesses Secured by Digital Identity Verification (m), Split by 8 Key Regions, 2023- 2028
- 3.2.2. Total Spend
  - Figure & Table 3.4: Total Spend on Digital Identity Verification Checks for eGovernment Services per annum ($m), Split by 8 Key Regions, 2023-2028
3.3. eCommerce Verification
- 3.3.1. Total Number
  - Figure & Table 3.5: Total Number of eCommerce Payments that Require a Digital Identity Verification Checks per annum (m), Split by 8 Key Regions, 2023-2028
- 3.3.2. Total Spend
  - Figure & Table 3.6: Total Spend on Digital Identity Verification for eCommerce Payments per annum ($m), Split by 8 Key Regions, 2023-2028
3.4. Other
- 3.4.1. Total Number
  - Figure & Table 3.7: Total Number of Digital Identity Verification Checks for Other Verification Services (m), Split by 8 Key Regions, 2023-2028
- 3.4.2. Total Spend
  - Figure & Table 3.8: Total Spend on Digital Identity Verification for Other Verification Services ($m), Split by 8 Key Regions, 2023-2028