Digital identity verification spend to exceed $20 bn

Spend on digital identity verification checks will reach $20.8 billion globally in 2027 from $11.6 billion in 2022, according to Juniper Research.
Digital Identification Verification vendors
The growth in spending on digital identity verification will be driven by the increasing prevalence of digital services requiring digital onboarding, and the requirement for advanced and robust identity verification systems in the face of rising fraud.

Digital identity verification is where identity is checked using digitally verifiable elements, such as selfie scans, address checks and knowledge-based authentication.

Microsoft, Thales and LexisNexis Risk Solutions are the leading digital identity verification vendors.

Microsoft has taken a leading role in verification, particularly with its Azure AD solution in a remote working context; leveraging its business environment presence.

Thales has implemented a different approach; creating a portfolio of solutions in identity verification, that it then coordinates for each verification use case.

LexisNexis Risk Solutions is leveraging its broad data coverage using machine learning to verify identity, bolstered by frequent acquisitions.