RESEARCH TRIANGLE PARK – If you have yet to grow accustomed to two-factor verification then more challenges are coming when it comes to confirming your identity.
So says a new report from Juniper Research.
“The number of digital identity verification checks will surpass 70 billion in 2024, growing 16% [from 2023],” the report says.
Driving the growth are what the report calls “stronger biometric verification methods” in order to “combat account takeover and card-not-present fraud. Biometric verification methods are highly effective against these kinds of fraud, with liveness checks being utilized to prevent spoofing.”
A big driver: facial recognition.
Says report author Michael Greenwood: “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.”
Banks that are digital only are driving demand for digital identity verification, Juniper says.
The report forecasts that 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; catalyzing growth across the banking sector, as traditional banks play catch-up,” Juniper adds.
Read more about Global Digital Identity Verification Market 2023-2028, or download a free sample.