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Friday, 02 September 2022 08:54

Digital identity verification checks to hit $30 billion by 2027: Juniper Research

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Digital identity verification checks spending will reach US$20.8 billion ($30 billion) globally in 2027 up from US$$11.6 billion ($16 billion) in 2022 driven by the prevalence of digital services requiring onboarding and the growing requirement for more robust identity verification systems in the face of rising fraud, according to Juniper Research.

Juniper Research assessed leading digital identity verification vendors, evaluating its depth and breadth of offerings, service innovation, and future market prospects. It ranked Microsoft, Thales, and LexisNexis Risk Solutions as the top three vendors.

Each vendor is capitalising on the requirements for digital onboarding plus providing advanced anti-fraud capabilities.

Microsoft leads verification with its Azure AD solution, leveraging its business environment presence. Thales has created a broad portfolio of solutions in identity verification, then coordinates each verification for use cases. LexisNexis Risk Solutions is harnessing its broad data coverage using machine learning to verify identity bolstered by frequent acquisitions.

“There are multiple pathways to identity verification success. There are many different segments and verification types, with no single vendor covering all the solutions. As such, there is still a lot of room for innovation; vendors must focus on building out innovation partnerships and acquisitions that allow them to intelligently orchestrate the most effective verification types for each use case to drive growth forward,” remarked Juniper Research co-author Damla Sat.

This first appeared in the subscription newsletter CommsWire on 1 September 2022.

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Kenn Anthony Mendoza

Kenn Anthony Mendoza is the newest member of the iTWire team. Kenn is also a contributing writer for South China Morning Post Style, and has written stories on Korean entertainment, Asian and European royalty, Millionaires and Billionaires, and LGBTQIA+ issues. He has been published in Philippine newspapers, magazines, and online sites: Tatler PhilippinesManila BulletinCNN Philippines LifePhilippine StarManila Times, and The Daily Tribune. Kenn now covers all aspects of technology news for iTWire.com.

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