Demand for Contactless ID Verification Increasing as Identity Verification Market Grows
In a 2019 report by MarketsandMarkets Research, the identity verification industry was already observed as a fast-growing market tasked with meeting the increasing demand for digital identity verification and identity authentication. The impact of COVID-19 in 2020 has only added momentum to a market poised for expansion as businesses and consumers alike seek tools to stay secure while reducing in-person transactions.
After all, identity confidence is critical to a business’ bottom line – ID theft and data breaches cost organizations billions of dollars globally. The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have had their identities stolen each year. Because of this, experts predict that losses will continue growing, and that as a result the identity verification market could be worth $12.8 billion by 2024.
Consumer concern about breaches – and desire for a safe and contactless authentication process – should motivate companies to create (or update) their identity-proofing strategies. As data and digital experiences are placed in the hands of others, trust becomes even more crucial. Protection and privacy of personal data and the quality of that data are no longer best practices, they are essential to any successful organization with valuable information or compliance obligations.
In 2019, the same MarketsandMarkets Research report determined that identity verification solutions and services were already deployed across a wide variety of industries such as banking, financial services, and insurance (BFSI); government and defense; retail; healthcare; IT and telecom; energy and utilities; and manufacturing.
Halfway through 2020, concern aroundproving digital identities continues to grow, and new use cases emerge with increased regularity and urgency. COVID-19 changed transactional and business norms seemingly overnight. Telehealth, teleconferenced board meetings, online banking, delivery apps, hiring interviews, new employee onboarding – in nearly every sector, individuals and businesses are conducting more business digitally than ever before. The safe and secure expansion of digital identity-proofing and authentication services is a sound investment for more and more companies, improving bi-party trust in digital transactions while reducing expensive compliance risk.
The right digital identity management solution needs to not only allow remote identity proofing, but become a holistic platform where digital identities are trusted, proven, and fully secure. Historically risk-averse consumers are now eager to conduct personal and business transactions in a digital environment – and trust becomes paramount. Businesses also desire the confidence that their customers, employees, and contractors are precisely who they claim to be. Universal acceptance of a widely-adopted multi factor identity platform for all digital identities would revolutionize digital trust. It may even change how millions of people live and do business on a daily basis. At Q5id, we’re doing the hard work of steering the ship towards a safer, more secure future where all digital identities are proven, centralized, and protected on a single user-friendly platform.