London, United Kingdom – 27 June 2019 – in its White Paper ‘The Digital Identity Problem – Solving the issue of trust’ published today, Goode Intelligence (www.goodeintelligence.com) reports that the question of how we effectively and securely identify people online to enable them to perform digital tasks in a safe and secure manner is one of the fundamental ones of our time.
Goode Intelligence considers that digital identity and document verification services solve an immediate problem in proving an individual’s identity. Key market drivers for these services include:
- Supporting Digital Onboarding
- Age Verification
- Meeting AML and KYC legislation
- Being a foundation for Trust in the Sharing Economy
The White Paper, which is free to download at https://www.goodeintelligence.com/wp-content/uploads/2019/05/Goode-Intelligence-White-Paper-The-Digital-Identity-Problem-Solving-the-Issue-of-Trust.pdf demonstrates that there are four main areas for digital identity and document verification to address and answer the questions of ‘Is it a real user?’; ‘Is the user authorised to use the data it presented?’; ‘Can the service provider conduct business with the user?’ and, ‘What is the risk of doing business with the user?’ These are:
- Genuine Presence Assurance: That the entity is a genuine person and not synthetic. This is usually managed by using a camera; either smartphone or webcam, to capture the entity’s face and then using a number of technologies to ensure that it is a live face.
- Document Capture: Secure capture of the trusted document that is being presented to a service provider and verification that this document is not fake and has not been tampered with.
- Corroboration & Risk Mitigation: Validation of captured images, face and document. Dependent on the risk appetite, a range of other techniques, including collecting signals (device and network), and data will be used to feed into the risk engine to verify the entity’s identity and validity to perform a certain task, e.g. open up an account.
Orchestration: The workflow that manages the processes and ties all of the disparate technologies and data sources together.
Featuring select case studies and interviews from its full 172 page Analyst Report, Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024 (https://www.goodeintelligence.com/report/digital-identity-document-verification-market-technology-analysis-adoption-strategies-forecasts-2019-2024/), the White Paper shares exclusive insight on how each of these areas address the key questions with insight from industry experts such as Clive Bourke, President EMEA & APAC, Daon.
Alan Goode, founder and CEO of Goode Intelligence said “The market for digital identity and document verification services is particularly buoyant with hundreds of millions of dollars of investment and intense activity from an M&A perspective. With the market offering the ecosystem significant potential for growth opportunities, Goode Intelligence forecasts revenues of over US$15 billion by 2024 – a CAGR of 20 percent over the six-year period”.
Further information about the Digital Identity & Document Verification Market & Technology Analysis & Forecasts 2019-2024 Analyst Report can be found at https://www.goodeintelligence.com/report/digital-identity-document-verification-market-technology-analysis-adoption-strategies-forecasts-2019-2024/. The report includes a comprehensive review of current global adoption, market analysis including key drivers and barriers for adoption, technology analysis and profiles of companies supplying products and services in this area along with detailed forecasts (regional and global) for digital identity and document verification checks (segmented into current important vertical sectors), biometric technology and revenue within the six-year period 2019 to 2024.
About Goode Intelligence
Goode Intelligence is a leading identity and biometrics research, consulting and events organisation founded in 2007, based in London. For more information about Goode Intelligence please visit www.goodeintelligence.com
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Michelle Goode, Goode Intelligence
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