The demand for Digital Identity will grow as the technology continues to improve, predicts a new report from Goode Intelligence, which states that the market for such tech will hit $15bn (£12bn) by 2024.
The analyst group – which also groups what it calls ‘document verification’ into this market – says Digital Identity solutions will continue to grow in popularity as they let public and private sector organisations know that they’re doing business with real people, particularly important given so much business takes place online rather than in person.
The $15 billion figure represents a CAGR of 20 percent, much of it driven by better solutions emerging through added functionality improvements in AI and Machine Learning, it also believes.
“The ability to onboard new customers through remote digital channels is a pressing need for organisations looking to reduce their physical footprint and support digital transformation projects,” notes the researcher’s founder and CEO, Alan Goode.
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“A combination of facial recognition, document verification and verifiable Identity sources is enabling service providers to adopt digital identity and document verification services in ever-increasing numbers.”
The full report highlights some of the barriers for adoption, and also features interviews with some of the key players in the Identity verification space, a list that includes Daon, IDEMIA, Onfido, and Gemalto.
Earlier Goode research has suggested that breakthroughs in biometric technology would fuel similar growth for mobile payments and biometric payment cards.
