Digital ID Verification Spend to Exceed $26 billion Globally by 2029
HAMPSHIRE, United Kingdom, Dec. 02, 2024 (GLOBE NEWSWIRE) — A new study from Juniper Research, the foremost experts in fintech and payment markets, has found spend on digital identity verification checks will grow by 74%, from $15.2 billion in 2024.
This substantial growth will be attributable to new solutions that look to reduce the friction of digital identity verification checks. The study identified the rising usage of behavioural biometrics as a key technology that will enable digital identity verification vendors to achieve this by more efficiently detecting potential fraud.
An extract from the new report, Global Digital ID Verification Market 2024-2029, is now available as a free download.
How Behavioural Biometrics Can Enhance Scam Prevention
The report predicts behavioural biometrics in particular will detect anomalous user behaviour for device inputs such as keystrokes and screen swipes to identify fraudsters. In turn, this enables digital identity verification vendors to detect fraudulent activity earlier and more efficiently.
Report author Thomas Wilson added, “Behavioural biometrics are functional tools that empower businesses to solidify their defence systems, without negatively impacting user experience by adding additional points of friction in the process.”
Blockchain Technology to Drive Reliability and Privacy
In addition to behavioural biometrics, the study anticipates the integration of self-sovereign principles through blockchain will enhance the security and privacy of verification. This will be achieved in highly regulated sectors such as healthcare and financial services by gifting users control over what information is shared and with whom.
The ‘electronic Identification, Authentication, and trust Services’ (eIDAS2) regulation is ushering in massive change in the EU, with interoperable digital identity wallets being offered to all citizens by May 2026. The research recommends vendors adhere to digital identity standards by working with decentralised databases to maximise the security and privacy of user information.
About the Research Suite
The new market research suite offers the most comprehensive assessment of the digital identity verification market to date; providing analysis and forecasts of over 82,000 datapoints across 60 countries over five years. It includes a ‘Competitor Leaderboard’ and an examination of current and future market opportunities.
Juniper Research has, for two decades, provided market intelligence and advisory services to the global technology sector, retained by many of the world’s leading intermediaries and providers.
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