Goode Intelligence: Over 2bn digital ID checks per year by 2024
19 July 2019 14:48 GMT

In its Analyst Report Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024, Goode Intelligence has forecast that the demand to digitally onboard customers will result in over two billion separate digital identity and document verification checks annually by 2024 – up from 518 million checks by the end of 2019.

Digital Identity and Document Verification checks involve four key steps as detailed in the infographic produced by Goode Intelligence to illustrate this important process:

Is it a real person?
Is it a real document?
Can you do business with this person?
Orchestration

Driven by the need to meet anti-money laundering (AML), know your customer (KYC) and customer due diligence (CDD) regulation and to make it easier for organisations to support remote digital onboarding while maintaining acceptable levels of fraud, the market for digital identity and document verification services will create a $15 billion industry by 2024 – a CAGR of 20 percent over the six-year period.

Alan Goode, founder and CEO of Goode Intelligence and author of the report, said “The rise of fake and synthetic identity is a major concern for organisations who must find ways in which to support digital business and to establish trust with people that they have no previous relationships with.

“In the absence of universal trusted digital identity credentials that can be accepted by the majority of organisations, digital identity and document verification services fulfil the pressing need to ensure that a person is real and can be trusted to do business with legally.”

The 172 page report features exclusive, in-depth interviews with leading stakeholders and organisations providing technology in this space including:

BAE Systems Applied Intelligence
Callsign
Daon
Experian
Gemalto, a Thales company
iProov
IDEMIA
Onfido

The report also includes a comprehensive review of current global adoption, market analysis including key drivers and barriers for adoption, technology analysis and profiles of companies supplying products and services in this area along with detailed forecasts (regional and global) for digital identity and document verification checks (segmented into current important vertical sectors), biometric technology and revenue within the six-year period 2019 to 2024.