Juniper Research finds 77% growth fuelled by rapidly growing need to digitally onboard users. Banking and financial services will account for almost 62% of digital identity verification spend by businesses by 2026. Global volume of identity verification checks will exceed 92 billion in 2026, from 45 billion in 2021. Digital onboarding is the minimum requirement in the post-pandemic environment, with user expectations demanding processes that are both low friction and high security; necessitating AI use for ongoing, behavioural analytics.
Source: https://www.helpnetsecurity.com/2021/06/24/digital-identity-verification-spend/