Juniper Research projects that global spending on digital identity verification will rise to $26 billion by 2029, a 74% increase. Key drivers include behavioral biometrics and regulatory changes such as eIDAS in the EU, which mandate interoperable digital identity systems. The report emphasizes the need for a multi-technology approach to create user-friendly, secure verification processes while warning against reliance on outdated technologies like handprint recognition.
A recent report from Juniper Research forecasts that global spending on digital identity verification (IDV) checks will surge by 74 percent, reaching $26 billion by 2029. Key markets such as Western Europe, China, and other parts of Asia are projected to contribute significantly to this growth, collectively accounting for around 50% of total expenditures. By 2024, the market for ID verification is anticipated to be valued at approximately $15.2 billion, driven by the adoption of innovative technologies that mitigate the friction involved in digital ID checks. Behavioral biometrics is spotlighted as a crucial advancement, which analyzes user behavior during device interactions to identify fraudulent attempts more effectively.
The report emphasizes the critical need for integrating three main technologies to enhance the ID verification process: behavioral biometrics, facial recognition, and liveness detection. Specifically, passive liveness detection is expected to improve user experience by ensuring seamless interactions during identity verification. Furthermore, the document notes the continuous evolution of biometric methods, highlighting the potential of iris and retina scans as superior alternatives to traditional facial recognition systems that are vulnerable to deepfake techniques. In contrast, handprint recognition is deemed to have limited growth potential unless usability drastically improves; vein pattern recognition, though less widely implemented, stands out for its high security.
Regulatory changes are also expected to impact the landscape of digital ID verification. Juniper mentions the potential of blockchain technologies to support self-sovereign identity principles, particularly in heavily regulated sectors like healthcare and finance. Key regulatory frameworks, such as the EU’s eIDAS, are paving the way for interoperable digital identity wallets, with plans to introduce these by May 2026. The report advises vendors to comply with new digital ID standards, implementing decentralized databases to enhance security and ensure user privacy. Overall, the findings reflect a dynamic shift towards more secure, user-friendly identity verification methods, as technology and regulations coalesce to shape the future of digital identity.
Digital identity verification is becoming increasingly critical in a world where cybersecurity threats continue to escalate. As transactions and interactions become predominantly digital, the ability to effectively authenticate identity while maintaining user privacy is paramount. The ongoing advancements in biometric technologies, combined with regulatory frameworks like the eIDAS in the EU, are prompting companies to invest significantly in IDV solutions. This investment is predicated on the growing need for security in sectors like finance and healthcare, where the stakes for trust and verification are particularly high.
The report from Juniper Research highlights a robust growth trajectory in the digital identity verification market, projected to reach $26 billion by 2029, primarily driven by advancements in technology and increasing regulatory requirements. The significance of behavioral biometrics in fraud detection, coupled with the rise of other biometric methods, underscores an evolving landscape focused on enhancing security and user experience. Upcoming regulations, especially within the EU, are likely to define new standards that drive the development and adoption of innovative ID verification technologies, ensuring robust privacy and reliability.
Original Source: www.biometricupdate.com
