The identification verification market is booming, pushed by the digitalization of companies and rising safety considerations. With a projected worth of $13.45 billion in 2024 and a CAGR of 12.44%, the market is anticipated to achieve $43.45 billion by 2034.
Because the market expands, competitors is fierce, with distributors innovating to construct belief and tackle person privateness considerations. In at this time’s digital age, safe and handy identification verification is not a nicety; it is a necessity. This text covers the highest 10 strategic developments fueling the expansion of the worldwide identification verification market.
1. Kairos Unveils New Id Verification Platform with Unbiased AI
Kairos has launched an AI suite for digital identification verification, simplifying customers’ on-line verification strategy of identities, ages, and liveness. Their platform, accessible by way of API or net interface, emphasizes range 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 numerous 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 pacesetter in identification 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 identification verification is essential. Canada’s excessive stage of banking penetration underscores the significance of safe digital identities.
Amidst this state of affairs, ATB Ventures’ digital identification verification platform, Oliu™, has earned the primary Canadian certification from the Digital ID and Authentication Council of Canada (DIACC). DIACC certification is a big milestone, endorsed by a coalition of personal and public sector leaders aiming to determine a digital belief framework throughout 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 current 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 identification 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 identification 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 identification resolution with new options to automate and safe the verification course of. The platform helps numerous types of identification, together with bodily, digital, and digital IDs, catering to various international wants.
The platform enhances accuracy and effectivity by streamlining the onboarding course of for monetary companies and e-commerce industries whereas minimizing fraud threat. 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 information 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 Sooner Onboarding by way of Open Banking
Socure has partnered with open banking supplier Trustly to supply identification verification companies for streamlined onboarding and Financial institution transactions to on-line retailers and fintechs. By 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 sooner funds. This integration hurries up the onboarding course of as much as 5 occasions, bettering 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 Modern Strategy
SurePay, a Affirmation of Payee supplier, is partnering with OneID to boost safety towards approved push cost fraud and different cybercrimes utilizing biometric identification verification.
This collaboration goals to supply environment friendly onboarding and stop fraud and cash laundering by combining Digital Id and Affirmation of Payee. OneID, the UK’s main digital identification 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 identification verification expertise to prospects 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 identification platform will combine with Huawei Cloud’s international attain, envisioning a future the place identification verification is accessible to everybody on a platform of their selection.
8. authID and Verified Inc. Be a part of Forces for Prompt Id Verification
authID Inc. and Verified Inc. have partnered to launch 1-Click on identification verification, combining safe biometric identification verification and authentication options with a pioneering digital identification community. The businesses provide instantaneous, safe, and automatic buyer onboarding via this partnership with the very best identification assurance.
Verified Inc.’s 1-Click on Signup product supplies seamless buyer onboarding capabilities throughout numerous industries, whereas authID’s expertise ensures robust identification verification and person authentication. By leveraging authID’s biometric and document-based identification verification, Verified Inc. can onboard new customers shortly and eradicate fraud with extremely correct processing.
authID’s lifecycle identification platform binds the patron’s proofed identification to their Verified Inc. pockets, providing quick and pleasant entry to digital assets with robust biometric authentication. This partnership goals to ship the very best ranges of identification belief with market-leading velocity, precision, and accuracy, coupled with frictionless identification experiences, to deepen client loyalty and stop cybercriminal actions.
9. IDfy Raises $27 Million to Gas Development in Id Verification
IDfy, an built-in identification 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 presents options for KYC, KYB, worker background verifications, threat and fraud mitigation, digital onboarding, and digital privateness.
With over 1,500 purchasers throughout numerous 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 identification verification market is rising quickly, with corporations like IDfy leveraging superior expertise to fight identification fraud, together with deepfake expertise.
10. Mastercard Unveils Rip-off-Combating AI Suite with Behavioral Biometrics
Mastercard has launched a brand new AI suite, Rip-off Shield, aiming to fight scams with digital identification, biometrics, AI, and open banking capabilities. The suite focuses on stopping numerous scams, together with fraudulent account openings and card-based scams, by performing identification 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 threat 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 International Anti-Rip-off Alliance to advocate for secure and safe client safety.
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Concerning the Writer: BIS Analysis is a worldwide market intelligence, analysis and advisory firm that focuses on rising expertise developments which are prone to disrupt the market. Its crew consists of trade veterans, specialists, and analysts with various backgrounds in consulting, funding banking, authorities, and academia.
