Cost per Digital Identity Verification Checks to Drop 15% Globally

As we discuss in our latest research, the cost of digital identity verification checks is expected to decrease as the process becomes more widespread and the technology matures - with the average price per check dropping  from $0.20 in 2025 to $0.17 in 2029, a 15% reduction over the next four years.

This decline reflects improvements in the efficiency and speed of verification processes as businesses adopt automated systems and adapt to managing interventions more effectively. These advancements will further reduce the time required for checks, enhancing overall efficiency.

Digital identity verification involves confirming not just an individual's identity but also their digital attributes through technological methods. It facilitates remote verification, commonly used for customer onboarding, financial transactions, and access management. With increasingly sophisticated fraud techniques, organisations must adopt advanced technologies to safeguard sensitive data. Providers now offer solutions that enhance security and user experience, though specific verification methods may be more effective depending on the context.

The evolution of identity verification has paralleled advancements in the broader identity ecosystem and technology. Historically reliant on in-person document checks, verification methods have adapted to meet the demands of digital commerce and banking. The rise of biometrics, such as fingerprint and facial recognition, has significantly advanced authentication, integrating seamlessly with mobile devices and third-party solutions. Digital identity verification also supports large-scale initiatives like India’s Aadhaar, a biometric-based national identification system that has registered over 1.38 billion users.

Standardisation and interoperability are critical in the digital identity sector. Initiatives such as Kantara and OpenID focus on creating interoperable identity frameworks, while blockchain technologies like Sovrin enhance verification systems. Regional efforts, such as eIDAS in Europe and NIST standards in the US, further drive interoperability and innovation. Private companies, like Apple with its Apple ID, highlight the growing role of mobile devices in enabling secure, online identity verification, reflecting the sector’s increasing importance.

Source: Global Digital Identity Verification Market 2024-2029

Download the Whitepaper: Three Technologies Enhancing the Digital ID Verification Experience