The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Register now!

Businesses will spend $16.7 billion globally on digital identity verification technology by 2026, according to Juniper Research, a 77% increase on the anticipated $9.4 billion spend in 2021.

The research highlighted “low friction, high security” digital onboarding as the “minimum requirement” for businesses in a post-pandemic world. Banking and financial service businesses will account for around 62% of digital identity verification spend by 2026, according to the research, though the firm noted that remote onboarding by companies — including mobile network operators and online gambling firms — will also “create significant opportunities” over the next five years.

On board

With the global pandemic accelerating digital transformation efforts and remote work likely to become a permanent fixture for millions of workers, the need to counter the growing threat posed by identity theft and fraud has never been more pronounced — U.S. consumers alone lost an estimated $56 billion last year to identity fraud. Banks and other financial institutions and businesses need new ways to verify end users are who they say they are during sign-up and log-in process, with biometric authentication (e.g. selfie scans), real-time address checks, and other knowledge-based authentication (KBA) techniques playing increasingly crucial roles.

There has been a flurry of activity across the broader identity verification and management space of late, with Okta completing its $6.5 billion Auth0 acquisition; Mastercard shelling out $850 million for Ekata; and Jumio, Persona, and Trulioo raising around $600 million between them.


VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
  • up-to-date information on the subjects of interest to you
  • our newsletters
  • gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
  • networking features, and more
Become a member