A study from UK-based Juniper Research estimates that spending on digital identity verification by businesses will reach $16.7 billion in 2026, from $9.4 billion in 2021. This 77% growth will be fuelled by the rapidly growing need to digitally onboard users, which has accelerated during the pandemic.
► Growth will be fuelled by ‘remote onboarding’
► Need to digitally verify ID has become essential
Digital identity verification is where identity is checked using digitally verifiable elements, such as selfie scans, address checks and knowledge-based authentication.
The research concluded that seamless digital onboarding would become essential post-pandemic, as users now expect processes that are both low friction and high security. Banking and financial services are spending the most on the technology said Juniper and will account for almost 62% of digital identity verification spend by 2026. By then, Juniper estimates, the number of identity verification checks globally will exceed 92 billion annually – up from 45 billion this year.
