Biometrics to lead identity verification market growth to $15.8B by 2025
The identity verification market is forecast to more than double from $7.6 billion in 2020 to $15.8 billion in 2025, a 15.6 percent CAGR, with biometric solutions growing at a higher rate than non-biometric ones, according to a report from Markets and Markets.
The report considers the market by organization size, forecasting large enterprises to make up the largest market segment.
The analysis also identifies key market players including Innovatrics, IDnow, iDenfy, and Shufti Pro.
Market boosted by ecommerce spike
COVID-19 could be a catalyst to biometrics for ecommerce the way the iPhone 5S was for consumer security, Maxine Most of Acuity Market Intelligence said during a recent webinar hosted by Innovatrics.
The penetration rate of ecommerce grew by 10 percent over nearly 10 years to reach 16 percent in 2016, and then increased by roughly the same amount in only 8 weeks as lockdowns began.
Remote access has become ordinary for consumers due to COVID-19, and those service providers offering onboarding with biometrics have become the first choice for many.
Most also notes that with the technology increasingly being implemented, it must also be evaluated. Innovatrics points out its success in NIST FRVT benchmarking and presentation attack detection (PAD) testing by iBeta.
While remote onboarding has been pioneered for banking and security-focussed industries, customers now expect to be able to sign up for services without visiting a branch in person.
Innovatrics believes the passive liveness detection technology it provides with its ID check and selfie biometrics identity verification software is its differentiator over technology vendors that make people follow an active liveness detection process.
“If it’s a one-time task such as opening a new account, active liveness can be OK, but it would be a nuisance to do it every time one logs in. With unobtrusive passive liveness check, it can easily be performed with every transaction. And it works on-device, so it doesn’t need high-throughput data connection,” says Innovatrics Director of Global Sales Peter Martis.
Acesso Digital puts numbers to Brazilian increase in online biometrics and fraud
Consumers in Brazil made 5.2 applications for credit with face biometrics in September, according to Acesso Digital statistics reported by LABS.
The startup says use of its remote identity verification service has gone up 59.3 percent since March.
Acesso Digital says it blocked 22,000 fraud attempts in September, and from March to September its demand from fintechs increased 158.9 percent, while it rose by 73.4 percent from banks and lenders. Most fraud attempts identified were against healthcare companies, though attempts against ecommerce sites also increased significantly.
iProov partners with APAC remote KYC provider
iProov has partnered with Trustdock, a leading digital KYC provider in Japan, to provide its Genuine Presence Assurance technology to governments, banks and enterprises in the Asia-Pacific region, which the Markets and Markets report says will grow at the highest CAGR from 2020 to 2025 among global regions.
Trustdock offers an API for ‘KYC-as-a-Service’ to speed up onboarding. It will begin offering iProov’s passive face biometric scan in the Japanese market, and extend it to Thailand, Malaysia and other countries in Southeast Asia soon after, according to the announcement.
“The drive towards digital transformation in Asia-Pacific must deliver inclusivity of aging populations as well as enhanced convenience, reduced fraud and lower costs. Singapore, Japan and other nations are focusing on uncomplicated online authentication to bring everyone from 16 to 106 into the digital economy,” comments iProov Founder and CEO Andrew Bud.
“Genuine Presence Assurance from iProov provides the simplicity, security, and privacy that are needed for effortless remote identity verification. TRUSTDOCK is a true leader in the rapidly evolving sector of eKYC across Japan and Asia Pacific and we are pleased to be working with them to expand the benefits of Genuine Presence Assurance in the region.”
IDnow partners on new digital onboarding solution
IDnow’s facial recognition technology is being integrated into the PHYON onboarding platform by credit information provider Crifburgel to enable digital onboarding.
The combined new solution is intended to unify the customer experience to encourage purchase completion, and will be offered to online gaming and gambling companies, as well as insurance, finance, and other types of transactions.
“We are very much looking forward to working with CRIFBÜRGEL and supporting their platform with our digital verification solutions. Completely digital processes are absolutely essential and complete a portfolio like CRIFBÜRGEL’s. Digital identification not only increases conversion rates for companies and saves costs, but above all is a key factor for end customer satisfaction,” says Sebastian Bärhold, Co-Founder and Business Development at IDnow.
iDenfy ID document and selfie biometrics checks chosen
Poland-based fintech Authologic, which provides a single API for various identity verification methods, has selected iDenfy’s identity verification with ID document scans, facial recognition and liveness detection.
Authologic CEO Krzysztof Klimczak praises iDenfy’s ID verification technology and its use of human review. The company’s identity verification API is suitable for banks, telecoms, fintech, ride sharing and property companies, according to the announcement.
“It will help us to reach more people and broaden our horizons,” says iDenfy CEO Domantas Ciulde. “This partnership is blissful for businesses that are looking for an API version of iDenfy’s identity verification solution. With a single integration, businesses can relish multiple online identity verification methods.”
Shufti Pro joins Azure Marketplace
Shufti Pro is now available for enhanced customer onboarding experiences from the Azure Marketplace, according to a company announcement.
The company also says it has grown exponentially over the past three years, and that joining the Azure Marketplace will make it easier for business to utilize its services.
“We at Shufti Pro are committed to provide artificially intelligent solutions for identity verification,” states Shufti Pro CEO Victor Fredung. “By joining hands with Azure Marketplace, Shufti Pro can now help various organizations to be more secure and fraud-free. Azure Marketplace can be a huge advantage to us and our customers.”
HooYu updates UI and UX tools
HooYu has launched a new user interface and user experience tools for its KYC and digital onboarding software to update its navigation and make it easier.
The new interface gives users more choice when completing their onboarding journey, HooYu says, with the new HooYu Journey Hub providing guidance on what they need to do to pass the KYC check. The company has also expanded its customization suite to allow firms to align the UI with their brand, including with Custom Style Sheets.
HooYu has also designed the new UI with visually and physically challenged users in mind, according to the announcement.