The demand for digital identity and document verification services is expected to skyrocket as the technology continues to improve. At least, that’s the takeaway from a new report from Goode Intelligence, which predicts that the market for such tech will hit $15 billion by 2024.
According to the report, identity and document verification is so important because it lets organizations know that they’re doing business with real people, which is particularly important now that 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 improvements in AI and machine learning.
“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,” said Goode founder and CEO Alan Goode. “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. Previous Goode research has suggested that breakthroughs in biometric technology would fuel similar growth for mobile payments and biometric payment cards.