The id verification market is booming, pushed by the digitalization of providers and rising safety issues. With a projected worth of $13.45 billion in 2024 and a CAGR of 12.44%, the market is predicted to succeed in $43.45 billion by 2034.
Because the market expands, competitors is fierce, with distributors innovating to construct belief and deal with person privateness issues. In at the moment’s digital age, safe and handy id verification is not a nicety; it is a necessity. This text covers the highest 10 strategic developments fueling the expansion of the worldwide id verification market.
1. Kairos Unveils New Id Verification Platform with Unbiased AI
Kairos has launched an AI suite for digital id verification, simplifying customers’ on-line verification technique of identities, ages, and liveness. Their platform, accessible through API or internet interface, emphasizes variety and unbiased AI, catering to KYC wants, age restrictions, and fraud prevention.
With a give attention to countering faux customers and GenAI bots, Kairos goals to instill belief and security in on-line interactions, serving varied sectors like finance, gaming, and relationship. The platform seamlessly integrates ID scanning, biometric verification, and liveness detection, boasting over 4,000 ID varieties from 190 international locations. Kairos emphasizes cost-effectiveness with out compromising high quality, positioning itself as a frontrunner in id verification expertise.
2. Oliu Verified as Canada’s Most Trusted Digital ID Platform
As digital fraud dangers, together with deepfakes, rise, assembly statutory necessities for sturdy id verification is essential. Canada’s excessive stage of banking penetration underscores the significance of safe digital identities.
Amidst this situation, ATB Ventures’ digital id verification platform, Oliu™, has earned the primary Canadian certification from the Digital ID and Authentication Council of Canada (DIACC). DIACC certification is a major milestone, endorsed by a coalition of personal and public sector leaders aiming to ascertain a digital belief framework inside the trade.
3. Evrotrust, a Main EU Id Verification Platform, Secures €3.3 Million Funding
Evrotrust, a number one European digital transformation supplier, has secured €3.3 million in funding from present purchasers and personal fairness fund Silverline Capital. Following Evrotrust’s recognition as a notified eID scheme by the European Fee, this funding highlights its prominence within the digital id market.
With over 1.3 million customers from 58 international locations and partnerships with 150 enterprises, together with 15 main European banks, Evrotrust plans to broaden globally and develop a digital id pockets for customers worldwide. The pockets goals to securely retailer private paperwork whereas selling interoperability with EU and US digital infrastructures.
4. Au10tix Streamlines Digital ID Verification with Safe Automation
Au10tix has expanded its digital id resolution with new options to automate and safe the verification course of. The platform helps varied types of identification, together with bodily, digital, and digital IDs, catering to numerous international wants.
The platform enhances accuracy and effectivity by streamlining the onboarding course of for monetary providers and e-commerce industries whereas minimizing fraud danger. Using cryptographic signatures and cross-checking authorities databases, Au10tix ensures safety compliance. As seen in initiatives like Aadhaar in India, its robustness is highlighted.
Furthermore, Au10tix employs knowledge discrepancy comparability and multi-level fraud detection mechanisms to boost safety additional. Latest portfolio restructuring goals to enhance buyer expertise and organizational effectivity.
5. Socure Companions for Quicker Onboarding through Open Banking
Socure has partnered with open banking supplier Trustly to supply id verification providers for streamlined onboarding and Financial institution transactions to on-line retailers and fintechs. Via Socure’s ID+ platform, retailers, notably these in industries requiring robust KYC checks like investing and gaming, can simplify onboarding with selfie biometrics and allow quicker funds. This integration hurries up the onboarding course of as much as 5 occasions, enhancing conversion charges.
This collaboration follows Socure’s earlier success in integrating its KYC and doc verification applied sciences with the digital lending platform MeridianLink, demonstrating a confirmed mannequin for facilitating simpler buyer onboarding.
6. OneID Targets Push Cost Scams with Progressive Strategy
SurePay, a Affirmation of Payee supplier, is partnering with OneID to boost safety towards licensed push cost fraud and different cybercrimes utilizing biometric id verification.
This collaboration goals to offer environment friendly onboarding and forestall fraud and cash laundering by combining Digital Id and Affirmation of Payee. OneID, the UK’s main digital id verification service for document-free checks, will contribute digital ID checks, fraud checks, and checking account possession affirmation to supply a complete protection towards cost fraud.
7. Uqudo Takes Intention at Rising ID Verification Wants within the MEA
UK-based uqudo has partnered with Huawei Cloud to supply its digital id verification expertise to clients within the Center East and Central Asia. This collaboration goals to broaden every firm’s buyer base and enterprise into new geographical markets.
Uqudo’s progressive digital id platform will combine with Huawei Cloud’s international attain, envisioning a future the place id verification is accessible to everybody on a platform of their selection.
8. authID and Verified Inc. Be part of Forces for Instantaneous Id Verification
authID Inc. and Verified Inc. have partnered to launch 1-Click on id verification, combining safe biometric id verification and authentication options with a pioneering digital id community. The businesses provide instantaneous, safe, and automatic buyer onboarding by way of this partnership with the best id assurance.
Verified Inc.’s 1-Click on Signup product offers seamless buyer onboarding capabilities throughout varied industries, whereas authID’s expertise ensures robust id verification and person authentication. By leveraging authID’s biometric and document-based id verification, Verified Inc. can onboard new customers shortly and get rid of fraud with extremely correct processing.
authID’s lifecycle id platform binds the patron’s proofed id to their Verified Inc. pockets, providing quick and pleasant entry to digital sources with robust biometric authentication. This partnership goals to ship the best ranges of id belief with market-leading pace, precision, and accuracy, coupled with frictionless id experiences, to deepen client loyalty and forestall cybercriminal actions.
9. IDfy Raises $27 Million to Gasoline Development in Id Verification
IDfy, an built-in id verification and digital onboarding platform primarily based in Mumbai, has raised $27 million in funding from Elev8, KB Funding, and Tenacity Ventures. The corporate plans to make use of the funds to broaden globally and additional develop its merchandise. Based in 2011, IDfy affords options for KYC, KYB, worker background verifications, danger and fraud mitigation, digital onboarding, and digital privateness.
With over 1,500 purchasers throughout varied sectors in India, Southeast Asia, and the Center East, IDfy conducts over 60 million verifications month-to-month. The corporate has beforehand raised funds from TransUnion and Blume Ventures. The id verification market is rising quickly, with firms like IDfy leveraging superior expertise to fight id fraud, together with deepfake expertise.
10. Mastercard Unveils Rip-off-Preventing AI Suite with Behavioral Biometrics
Mastercard has launched a brand new AI suite, Rip-off Defend, aiming to fight scams with digital id, biometrics, AI, and open banking capabilities. The suite focuses on stopping varied scams, together with fraudulent account openings and card-based scams, by performing id verification all through the lifecycle of an account. Partnering with Verizon, Mastercard goals to boost client safety towards scammers.
The primary banks to make use of Mastercard’s AI-powered client fraud danger instruments are within the UK, together with NatWest, together with different companions like Entersekt deploying behavioral biometrics for enhanced safety. Furthermore, Mastercard has joined the World Anti-Rip-off Alliance to advocate for protected and safe client safety.
to know extra in regards to the rising applied sciences in your trade vertical? Get the most recent market research and insights from BIS Analysis. View extra data on the id verification market.
Concerning the Writer: BIS Analysis is a worldwide market intelligence, analysis and advisory firm that focuses on rising expertise traits which might be prone to disrupt the market. Its crew contains trade veterans, consultants, and analysts with numerous backgrounds in consulting, funding banking, authorities, and academia.
