Digital Identity Verification: Key Opportunities, Competitor Leaderboard & Market Forecasts 2022-2027

• Market Dynamics: Detailed assessment of how different trends are leading to greater adoption of digital identity verification technologies.
• Segment Analysis: Analysis of important segments which are adopting digital identity verification strategies, including:
  • Financial Services
  • Gaming
  • Government Services
  • Healthcare
  • Mobile Network Operator Services
  • Retail
• Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 15 digital identity verification vendors:
  • Callsign
  • Experian
  • GBG
  • Jumio
  • KYC-Chain
  • LexisNexis Risk Solutions
  • Microsoft
  • Onfido
  • Oxyliom Solutions
  • Ping Identity
  • SecureKey Technologies
  • Signicat
  • Socure
  • Thales
  • Trulioo
• Benchmark Industry Forecasts: 5-year forecasts for digital identity verification, covering digital identity verification usage and spend on verification platforms, split by banking verification, eGovernment verification, eCommerce verification and other verification services. Data is also split by our 8 key regions and the 60 countries listed below:
  • North America:
    • Canada, US
  • Latin America:
    • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay.
  • West Europe:
    • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK.
  • Central & East Europe:
    • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine.
  • Far East & China:
    • China, Hong Kong, Japan, South Korea.
  • Indian Subcontinent:
    • Bangladesh, India, Nepal, Pakistan.
  • Rest of Asia Pacific:
    • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam.
  • Africa & Middle East
    • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

1. What is the anticipated market size for digital identity verification over the next 5 years?
2. What will the revenue opportunity be for digital identity verification vendors globally by 2027?
3. How does identity verification need to evolve to meet new challenges like synthetic identity?
4. Who are the key disruptors in this space, and what strategies are vendors employing?
5. How is the industry expected to develop over the next 5 years?

Case Studied: Gov.UK
 
Included in the Juniper Research Competitor Leaderboard: Callsign, Experian, GBG, Jumio, KYC-Chain, LexisNexis Risk Solutions, Microsoft, Onfido, Oxyliom Solutions, Ping Identity, SecureKey Technologies, Signicat, Socure, Thales, Trulioo.
 
Mentioned: Accel, Acequia Capital, ACI Worldwide, Acuant, Affinity Credit Union, AFS (Arvato Financial Solutions), Airbnb, AIS, Alkemi Network, Allianz, American Gaming Association, Amex Ventures, Apple, AscendEX, Attijariwafa Bank, AU10TIX, Auth0, Avaco, Avant, Avast, AWS, Bain Capital Ventures, Bambu System, Bank of Africa, Bano Financial, Banque Populaire, Barclays, Beam, BehavioSec, betfair, Betterment, BioCatch, BitStamp, BlueSky, Blumberg Capital, BMO, BNP Paribas, BNY Mellon, Breed Reply, Brex, BrScan, bunq, C6 Group, Capita, Capital on Tap, Capital One Ventures, Centana Growth Partners, Chime, Chipper Cash, CIBC, CIBD, Citi Ventures, Click Ventures, CloudCheck, Commerce Ventures, Crane, CreditInfo, CRIF, Daon, Dejardins Venture Capital, Deloitte, Department for Digital, Culture, Media, and Sport, Deutsche Börse Group, DIF (Decentralised Identity Foundation), DISB (Digital Identity Strategy Board), Discover, Dokobit, Dow Jones, DraftKings, dun&bradstreet, EasyJet, Ekata, Emailage, Equifax, eToro, Evernym, EXPN (London Stock Exchange), Eyn, First Bank, FIS, Fiserv, Flanders, Funding Circle, Global Fidelity Bank, Global66, GlobalGateway, Goldman Sachs, Google, Great Hill Partners, GSR, Guardian Gold, HelloFlow, HKVAX, HM Treasury, HSBC, Hyperledger, IBM, ICO (Information Commissioner’s Office), ID Mission, IDEMIA, idInvest Partners, IDNow, IDology, illion, Intel, Interac, JPMorgan, Keio University, Lego, LendInvest, LinkedIn, Lloyds Banking Group, Mambu, Marqeta, Mastercard, Meta, Metro Bank, Microsoft, Millennium Technology Value Partners, Mitek, Moneybox, Monzo, Mouro Capital, N26, National Bank of Canada, Nerve, New Day, NHS, Nomino Data, Norway’s Bank, O2, OCP, ODIA (Office for Digital Identities and Attributes), Okta, Oracle, Orange, Oxfam, Paper Verify, PassFort, Prudential, PTB Ventures, Public, Qualcomm Ventures, Rabobank, Radius Bank, RBC, Reliance Bank, Revolut, RHT Compliance Solutions, RMIT University, Rogers Venture Partners, Salesforce, Samsung, Santander, Scale Venture Partners, Scotiabank, SecuredTouch, Simba, SoFi, Sokin, Sopra Steria, Sorensen Ventures, Sovrin Network, Sphonic, Standard Bank, Standard Chartered Bank, Stash, Stripe, Supersonicz, SwapMoney, Symphonic Software, Talis Capital, Tapad, TBI Bank, TCV, TD, Telesign, Temenos, Three, Tiger Global, TPG Growth, TransUnion, TruNarrative, TSB, Twilio, UK Home Office, University of Oxford, Varo, Verified.Me, Vipps, Visa, Vista Equity Partners, Vodafone, Volkswagen, Volvo, Voyager, Vu, WafaCash, WEF (World Economic Forum), Wells Fargo, WeWork, World Bank, Zoomcar.
 

Data splits for:

• Total volume of digital identity verification checks, split by 4 segments
• Total spend on digital identity verification checks, split by 4 segments

Segment splits for:

• Banking verification (any checks facilitated via a banking service)
• eGovernment verification (any checks used to access government services digitally, such as tax account access or visa controls)
• eCommerce verification (any checks using a digital identity verification system when completing an eCommerce transaction)
• Other verification services (including digital identity verification checks from mobile network operators and other providers)

Geographical splits: 60 countries
Number of tables: Over 66 tables
Number of datapoints: Over 29,000 datapoints

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The spend on digital identity verification checks will reach $20.8 billion globally in 2027; up from $11.6 billion in 2022. This growth will be driven by both the increasing prevalence of digital services requiring digital onboarding journeys, and the growing requirement for more advanced and robust identity verification systems in the face of rising fraud.

• The research assessed leading digital identity verification vendors; evaluating each company on criteria such as depth and breadth of offerings, service innovation and future market prospects. It ranked the top three vendors as follows:

1. Microsoft
2. Thales
3. LexisNexis Risk Solutions

• Each of these vendors is taking advantage of the requirements for digital onboarding, as well as providing advanced anti-fraud capabilities. 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 broad 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.

• There are multiple pathways to identity verification success. There are many different segments and verification types, with no single vendor covering all the solutions. As such, there is still a lot of room for innovation; vendors must focus on building out innovation partnerships and acquisitions that allow them to intelligently orchestrate the most effective verification types for each use case to drive growth forward.