AI driving a revolution in identity verification, says provider

Artificial Intelligence (AI) is triggering a “quiet revolution” in the world of identity verification, according to one digital identity firm.

Analysis from ID Crypt Global forecasts that the global AI market will grow by almost 40 percent in 2023.

In 2021, the global AI market was worth an estimated £44.3 billion. In 2022, this increased by 56.7 percent, reaching a total of £69.4 billion. This year, the global market is expected to increase by a further 39.3 percent, hitting a total value of £96.7 billion.

 This trend of rapid growth is expected to continue year-on-year so that, in 2025, the AI market will be worth £180.3 billion. 

The company pointed to AI investment being driven by the technology’s use in identity verification. It said AI is being applied by sectors such as retail and hospitality to help check ID for age-restricted goods. It’s also increasingly being used by sectors such as real estate, healthcare, and legal services to ensure that people are who they say they are.

 CEO and founder of ID Crypt Global, Lauren Wilson-Smith, said as important as it is to keep an eye on how a technology is evolving and its potential implications, “we also need to celebrate the brilliant, often low profile, improvements it is already facilitating in business and society. 

 “ID verification is one of these brilliant improvements. Fraud and ID theft are blights on society which have, in the past, been difficult and time consuming to thwart. Today, however, professionals from estate agents to hospital administrators can be confident that their AI verification solutions are working behind the scenes.

“Of course, as with any advancements in technology, the use of AI within ID verification has endured its teething problems and so we can’t be solely reliant on it. But as the technology is more widely adopted and improved, we are confident that such crimes will become a thing of the past.”