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Businesses will be spending $16.7 billion globally on digital identity verification technology by 2026, according to Juniper Research, representing a 77% growth on the anticipated $9.4 billion spend in 2021.
The research highlighted “low friction, high security” digital onboarding as the “minimum requirement” for businesses in a post-pandemic world. Banking and financial service businesses will account for around 62% of digital identity verification spend by 2026, according to the research, though it noted that remote onboarding by companies including mobile network operators and online gambling firms will also “create significant opportunities” over the next five years.
With the global pandemic accelerating digital transformation efforts, and remote work likely to be a permanent fixture for millions of workers, the need to counter the growing threat posed by identity theft and fraud has never been so pronounced — U.S. consumers alone lost an estimated $56 billion last year to identity fraud. Thus, businesses such as banks and other financial institutions need new ways to verify that the end user is who they say they are during the signup and login process, with biometric authentication (e.g. selfie scans), real-time address checks, and other knowledge-based authentication (KBA) techniques playing an increasingly crucial role.
There has been a flurry of activity across the broader identity verification and management space of late, with Okta completing its $6.5 billion Auth0 acquisition; Mastercard shelling out $850 million for Ekata; and Jumio, Persona, and Trulioo raising around $600 million between them.
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