COVID drives market growth of face verification and liveness detection for remote digital onboarding

Monday 22 February 2021 10:44 CET | News

COVID-driven acceleration of digital transformation has intensified the need for secure, reliable, and trusted digital identity, according to new research from Acuity Market Intelligence.

Biometric face verification and liveness detection are being widely deployed to address ‘digital first’ and ‘digital only’ needs for businesses. With global identity verification revenues projected to reach USD 15 to USD 18 billion annually by 2024, there is room for growth.

According to Acuity Market analyses, while 88% of vendors included in the report currently process less than 50 million transactions annually, and 62% report annual revenues of less than USD 10 million, 50% are experiencing at least 100% annual transaction volume growth and 46% at least 100% annual revenue growth rate.

Vendors analysed in this report fall into one of two categories. They develop proprietary face verification and/or liveness detection software as part of their own digital onboarding solutions or component offerings. Or they offer face verification and/or liveness detection software that is integrated into third-party solutions.

The following vendors are analysed in ‘Face Verification and Liveness for Remote Digital Onboarding’: ALiCE Biometrics, Aware, BioID, Cognitec, Credas, Daon, FacePhi, FaceTec, IDEMIA, IDmission, ID R&D, Incode, Innovatrics, iProov, Mati, NEC, Onfido, PXL Vision, Rank One Computing, Shufti Pro, Signzy, Thales, Veridas, Veriff.

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Keywords: identity verification, digital onboarding, digital identity, study, face verification, liveness detection, Acuity Market Intelligence
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime