Are you looking to add Identity Verification to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Identity Verification statistics of 2024.
My team and I scanned the entire web and collected all the most useful Identity Verification stats on this page. You don’t need to check any other resource on the web for any Identity Verification statistics. All are here only 🙂
How much of an impact will Identity Verification have on your day-to-day? or the day-to-day of your business? Should you invest in Identity Verification? We will answer all your Identity Verification related questions here.
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On this page, you’ll learn about the following:
Best Identity Verification Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 23 Identity Verification Statistics on this page 🙂Identity Verification Market Statistics
- According to Trulioo, a global identity verification provider, 72% of online marketplaces have increased their adoption of ID verification technology due to COVID. [0]
Identity Verification Adoption Statistics
- According to Trulioo, a global identity verification provider, 72% of online marketplaces have increased their adoption of ID verification technology due to COVID. [0]
- Remote onboarding adoption will drive global spending on digital identity verification to $16.7 billion in 2026, according to Juniper Research, as the total number of identity verification checks more than doubles from 45 billion in 2021 to 92 billion. [1]
Identity Verification Latest Statistics
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [2]
- It is expected to reach USD 16.65 billion by 2026, registering a CAGR of 13.29% during the forecast period. [0]
- According to a recent TechRepublic Premium survey, 47% of the respondents plan on spending more on digital transformation in 2021 than in 2020. [0]
- In addition, in 2020, 58% of the respondents reported digitizing paper, and 45% reported adopting online training modules. [0]
- According to Jumio Corporation, under some assumptions, the total cost of ownership for online identity verification costs around USD 853,750 per year. [0]
- This initiative is in line with the digital government blueprint target to enable citizens to complete between 90% and 95% of their e government transactions without leaving their homes by 2024. [0]
- The Identity Verification Market is growing at a CAGR of 13.29% over the next 5 years. [0]
- Physical store closures drove retailers to online store builders, with Shopify reporting a 96% increase in Q3 of 2020 compared to 2019. [3]
- While the accelerated growth of online shopping triggered by Covid 19 is likely here to stay, so is the stiff competition. [3]
- According to a November 2020 FIDO Alliance survey of 1,000 U.S. consumers, 58% of abandoned purchases were due to the difficulty of managing passwords. [3]
- According to UNESCO , nearly 222 million children have been affected by school closures due to the pandemic. [3]
- New solutions providers meeting edtech demand have raised $4.5 billion globally in the first half of 2020, three times greater than the average six months of VC investment in the previous decade, according to HolonIQ. [3]
- Financial services and banking will represent 62 percent of spending on digital identity verification by 2026, according to the research. [1]
- In a recent pilot, the combined solution made registration 22 percent faster, and reduced customer drop off by 35 percent. [1]
- Remittances to Ghana were up by 5 percent to $3.6 billion last year, according to World Bank data. [1]
- We know that the majority of financial institutions have already started this process of digitization for account opening processes indeed 85% of financial institutions provide some form of digital account opening. [4]
- Eleven percent of Americans lack a government issued photo ID, a group that disproportionately includes senior citizens, African Americans, Latinos, and people making less than $25,000 per year.2. [5]
- These “credit invisibles,” as the Consumer Finance Protection Bureau terms those who do not appear in the nationwide credit reporting agencies’ databases, comprise 11 percent of the adult U.S. population.5. [5]
- In fact, 30 percent of residents of low income neighborhoods have no credit record and are consequently unidentifiable via most existing digital identity. [5]
- The statistical parameters, estimated to be at least 192, serve as biometric indicia to authenticate or to decline to authenticate an asserted identity of a candidate person. [6]
I know you want to use Identity Verification Software, thus we made this list of best Identity Verification Software. We also wrote about how to learn Identity Verification Software and how to install Identity Verification Software. Recently we wrote how to uninstall Identity Verification Software for newbie users. Don’t forgot to check latest Identity Verification statistics of 2024.
Reference
- mordorintelligence – https://www.mordorintelligence.com/industry-reports/identity-verification-market.
- biometricupdate – https://www.biometricupdate.com/202106/digital-identity-verification-market-forecast-to-reach-16-7b-by-2026.
- statista – https://www.statista.com/statistics/1036470/worldwide-identity-verification-market-revenue/.
- forbes – https://www.forbes.com/sites/forbestechcouncil/2021/03/31/three-predictions-for-digital-identity-in-2021/.
- onespan – https://www.onespan.com/blog/digital-identity-verification-5-trends.
- frbsf – https://www.frbsf.org/community-development/publications/community-development-investment-review/2021/august/americans-need-a-digital-identity-system-stat/.
- nasa – https://technology.nasa.gov/patent/TOP2-186.
How Useful is Identity Verification
One of the primary reasons why identity verification is so critical is due to the prevalence of identity theft and fraud. These malicious activities can result in financial losses, reputational damage, and even potential security risks. By requiring individuals to verify their identities using specific information or documents, organizations can significantly reduce the likelihood of such unauthorized access and misuse.
Moreover, identity verification is also crucial in ensuring compliance with regulatory requirements and industry standards. For instance, in sectors such as finance, healthcare, and telecommunications, strict regulations mandate the verification of customers’ identities to prevent money laundering, fraud, and other illegal activities. Failure to comply with these regulations can lead to severe penalties, legal consequences, and damage to an organization’s reputation.
Furthermore, effective identity verification can also help enhance the overall customer experience. By streamlining the verification process and reducing the need for manual verification, organizations can offer faster, more convenient services to their customers. This, in turn, can lead to increased customer satisfaction, loyalty, and ultimately, business success.
Another key benefit of identity verification is its role in enhancing security and risk management. By accurately verifying the identities of individuals, organizations can better protect themselves against potential threats such as data breaches, cyber attacks, and insider threats. This proactive approach to security can save organizations significant time, money, and resources that would otherwise be spent mitigating the aftermath of a security incident.
Moreover, identity verification can also play a crucial role in enabling digital transformation and innovation. As organizations continue to digitalize their operations and offer more online services, the ability to verify the identities of users remotely becomes increasingly important. By leveraging technologies such as biometrics, artificial intelligence, and blockchain, organizations can develop more secure, seamless, and reliable identity verification processes that enable them to scale their digital initiatives effectively.
Despite its many benefits, identity verification is not without its challenges and limitations. One common concern is the potential impact on privacy and data protection. Gathering sensitive information for identity verification purposes can raise concerns about data security, consent, and user rights. As such, organizations must ensure they have robust privacy policies, data protection measures, and compliance frameworks in place to address these concerns adequately.
In conclusion, identity verification is a vital tool that serves multiple critical purposes in today’s digital age. From preventing fraud and compliance with regulations to enhancing security and customer experience, identity verification offers numerous benefits to organizations and individuals alike. However, as organizations continue to leverage identity verification technologies, they must also ensure they strike the right balance between security, convenience, and privacy to build trusted and resilient digital ecosystems.
In Conclusion
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