The growing trend toward digital onboarding is fueling considerable growth in a burgeoning digital identity and document verification market, according to a new report from Goode Intelligence.
Looking at a forecast period between 2019 and 2024, the report predicts that this market will grow from about 518 million identity checks in 2019 to more than two billion by 2024. As a whole, the digital identity and document verification industry will see a CAGR of 20 percent over the forecast period, with the industry expected to reach a value of $15 billion by 2024.
“In the absence of universal trusted digital identity credentials that can be accepted by the majority of organisations, 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,” explained Goode Intelligence founder and report author Alan Goode in a statement.
The report arrives amid growing enthusiasm over one particularly popular approach to digital onboarding – selfie-based authentication, in which facial recognition is used to biometrically match an end user’s uploaded selfie image to the image depicted on a corresponding identity document like a driver’s licence. There are already multiple major digital security and identity specialists operating in this area, including Daon, IDEMIA, and Onfido – all of which are among the solutions providers highlighted in the new Goode Intelligence report.
July 19, 2019 – by Alex Perala