Security News > 2021 > June > Digital identity verification spend to reach $16.7 billion in 2026

Spending on digital identity verification by businesses will reach $16.7 billion in 2026, from $9.4 billion in 2021, Juniper Research finds.

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

The research found that banking and financial services will account for almost 62% of digital identity verification spend by businesses by 2026.

Research co-author Vladimir Surovkin explains: 'Digital-only banks have shown that fully digital Know Your Customer can work and is very engaging for the user, therefore the pressure is on for traditional banks to deploy new identity verification services.

The research also found that the global volume of identity verification checks will exceed 92 billion in 2026, from 45 billion in 2021.

The research found while banking and financial services are major drivers of this growth, the broadening of identity verification into areas including remote onboarding for mobile network operators or for digital gambling will create significant opportunities for vendors over the next five years.

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