The ID verification market is predicted to grow steadily. According to Grand View Research and Mordor Intelligence the rate is expected at the rate of 16.7% annually until 2030. Rising online fraud is a major catalyst for businesses and governments to adopt stricter verification and compliance measures. KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are also forcing business to increase the speed of adoption.
Types of verification and deployment
Biometric verification is becoming more popular. It uses individual biological traits (fingerprint, facial recognition, iris scan) to confirm persons legitimacy. It offers a good compromise due to heightened security and easy of use. Non-biometric methods still hold a significant share. They presume verification using documents and data bases. Compliance procedures like AML or KYC require verification of ID documents. Cloud-based solutions are gaining popularity due to their scalability, cost-effectiveness, and ease of integration. However, on-premise solutions remain relevant for organizations with strict security requirements.
Secure data storage und user friendliness
Businesses must ensure that their identity checking comply with data privacy regulations (e.g., GDPR in Europe). Companies must be transparent about how they collect, use, and store user data to maintain trust. To prevent data breaches they have to implement robust security measures. On-demand identity verification solutions are becoming increasingly sophisticated. They include smart devices connected to encrypted cloud databases for quicker identity verification results. While security is a must users also expect ease and friendliness in an verification processes. Balancing security with usability is a key.
In summary, the identity verification market is a dynamic and rapidly evolving industry driven by the need for secure and reliable digital identity solutions. Technological advancements, regulatory pressures, and increasing online fraud are shaping the market landscape and creating opportunities for growth.
Elcid provides on-demand systems for ID verification and KYC & AML compliance: https://elcid.cc/case-studies/soscan
