The identity verification market is booming, driven by the digitalization of services and rising security concerns. With a projected value of $13.45 billion in 2024 and a CAGR of 12.44%, the market is expected to reach $43.45 billion by 2034.
As the market expands, competition is fierce, with vendors innovating to build trust and address user privacy concerns. In today's digital age, secure and convenient identity verification is no longer a nicety; it's a necessity. This article covers the top 10 strategic developments fueling the growth of the global identity verification market.
1. Kairos Unveils New Identity Verification Platform with Unbiased AI
Kairos has released an AI suite for digital identity verification, simplifying users' online verification process of identities, ages, and liveness. Their platform, accessible via API or web interface, emphasizes diversity and unbiased AI, catering to KYC needs, age restrictions, and fraud prevention.
With a focus on countering fake users and GenAI bots, Kairos aims to instill trust and safety in online interactions, serving various sectors like finance, gaming, and dating. The platform seamlessly integrates ID scanning, biometric verification, and liveness detection, boasting over 4,000 ID types from 190 countries. Kairos emphasizes cost-effectiveness without compromising quality, positioning itself as a leader in identity verification technology.
2. Oliu Verified as Canada's Most Trusted Digital ID Platform
As digital fraud risks, including deepfakes, rise, meeting statutory requirements for robust identity verification is crucial. Canada's high level of banking penetration underscores the importance of secure digital identities.
Amidst this scenario, ATB Ventures' digital identity verification platform, Oliu™, has earned the first Canadian certification from the Digital ID and Authentication Council of Canada (DIACC). DIACC certification is a significant milestone, endorsed by a coalition of private and public sector leaders aiming to establish a digital trust framework within the industry.
3. Evrotrust, a Leading EU Identity Verification Platform, Secures €3.3 Million Investment
Evrotrust, a leading European digital transformation provider, has secured €3.3 million in funding from existing clients and private equity fund Silverline Capital. Following Evrotrust's recognition as a notified eID scheme by the European Commission, this investment highlights its prominence in the digital identity market.
With over 1.3 million users from 58 countries and partnerships with 150 enterprises, including 15 major European banks, Evrotrust plans to expand globally and develop a digital identity wallet for users worldwide. The wallet aims to securely store personal documents while promoting interoperability with EU and US digital infrastructures.
4. Au10tix Streamlines Digital ID Verification with Secure Automation
Au10tix has expanded its digital identity solution with new features to automate and secure the verification process. The platform supports various forms of identification, including physical, digital, and electronic IDs, catering to diverse global needs.
The platform enhances accuracy and efficiency by streamlining the onboarding process for financial services and e-commerce industries while minimizing fraud risk. Utilizing cryptographic signatures and cross-checking government databases, Au10tix ensures security compliance. As seen in initiatives like Aadhaar in India, its robustness is highlighted.
Moreover, Au10tix employs data discrepancy comparison and multi-level fraud detection mechanisms to enhance security further. Recent portfolio restructuring aims to improve customer experience and organizational efficiency.
5. Socure Partners for Faster Onboarding via Open Banking
Socure has partnered with open banking provider Trustly to offer identity verification services for streamlined onboarding and Bank transactions to online merchants and fintechs. Through Socure's ID+ platform, merchants, particularly those in industries requiring strong KYC checks like investing and gaming, can simplify onboarding with selfie biometrics and enable faster payments. This integration speeds up the onboarding process up to five times, improving conversion rates.
This collaboration follows Socure's previous success in integrating its KYC and document verification technologies with the digital lending platform MeridianLink, demonstrating a proven model for facilitating easier customer onboarding.
6. OneID Targets Push Payment Scams with Innovative Approach
SurePay, a Confirmation of Payee provider, is partnering with OneID to enhance protection against authorized push payment fraud and other cybercrimes using biometric identity verification.
This collaboration aims to provide efficient onboarding and prevent fraud and money laundering by combining Digital Identity and Confirmation of Payee. OneID, the UK's leading digital identity verification service for document-free checks, will contribute digital ID checks, fraud checks, and bank account ownership confirmation to offer a comprehensive defense against payment fraud.
7. Uqudo Takes Aim at Growing ID Verification Needs in the MEA
UK-based uqudo has partnered with Huawei Cloud to offer its digital identity verification technology to customers in the Middle East and Central Asia. This collaboration aims to expand each company's customer base and venture into new geographical markets.
Uqudo's innovative digital identity platform will integrate with Huawei Cloud's global reach, envisioning a future where identity verification is accessible to everyone on a platform of their choice.
8. authID and Verified Inc. Join Forces for Instant Identity Verification
authID Inc. and Verified Inc. have partnered to launch 1-Click identity verification, combining secure biometric identity verification and authentication solutions with a pioneering digital identity network. The companies offer instant, secure, and automated customer onboarding through this partnership with the highest identity assurance.
Verified Inc.'s 1-Click Signup product provides seamless customer onboarding capabilities across various industries, while authID's technology ensures strong identity verification and user authentication. By leveraging authID's biometric and document-based identity verification, Verified Inc. can onboard new users quickly and eliminate fraud with highly accurate processing.
authID's lifecycle identity platform binds the consumer's proofed identity to their Verified Inc. wallet, offering fast and friendly access to digital resources with strong biometric authentication. This partnership aims to deliver the highest levels of identity trust with market-leading speed, precision, and accuracy, coupled with frictionless identity experiences, to deepen consumer loyalty and prevent cybercriminal activities.
9. IDfy Raises $27 Million to Fuel Growth in Identity Verification
IDfy, an integrated identity verification and digital onboarding platform based in Mumbai, has raised $27 million in funding from Elev8, KB Investment, and Tenacity Ventures. The company plans to use the funds to expand globally and further develop its products. Founded in 2011, IDfy offers solutions for KYC, KYB, employee background verifications, risk and fraud mitigation, digital onboarding, and digital privacy.
With over 1,500 clients across various sectors in India, Southeast Asia, and the Middle East, IDfy conducts over 60 million verifications monthly. The company has previously raised funds from TransUnion and Blume Ventures. The identity verification market is growing rapidly, with companies like IDfy leveraging advanced technology to combat identity fraud, including deepfake technology.
10. Mastercard Unveils Scam-Fighting AI Suite with Behavioral Biometrics
Mastercard has introduced a new AI suite, Scam Protect, aiming to combat scams with digital identity, biometrics, AI, and open banking capabilities. The suite focuses on preventing various scams, including fraudulent account openings and card-based scams, by performing identity verification throughout the lifecycle of an account. Partnering with Verizon, Mastercard aims to enhance consumer protection against scammers.
The first banks to use Mastercard's AI-powered consumer fraud risk tools are in the UK, including NatWest, along with other partners like Entersekt deploying behavioral biometrics for enhanced security. Moreover, Mastercard has joined the Global Anti-Scam Alliance to advocate for safe and secure consumer protection.
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About the Publisher: BIS Research is a global market intelligence, research and advisory company that focuses on emerging technology trends that are likely to disrupt the market. Its team includes industry veterans, experts, and analysts with diverse backgrounds in consulting, investment banking, government, and academia.
