COVID Drives Explosive Growth of Face Verification and Liveness Detection for Remote Digital Onboarding

Face Verification & Liveness for Remote Digital Onboarding Transaction Volume & Revenue Growth

While 88% of vendors included in the report currently process less than 50 million transactions annually, and 62% report annual revenues of less than $10M, 50% are experiencing at least 100% annual transaction volume growth and 46% at least 100% annual revenue growth.

According to new research from Acuity Market Intelligence, COVID-driven acceleration of digital transformation has intensified the need for secure, reliable, and trusted digital identity. Citizen and consumer embrace of “digital first” and “digital only” in the wake of pandemic safety concerns and restrictions has opened the floodgates of digitally enabled fraud. Biometric face verification and liveness detection are being widely deployed to address this unprecedented digital security threat and quickly becoming synonymous with secure remote digital onboarding.

“Biometric face verification and liveness detection are critical components of remote digital onboarding solutions,” explains Maxine Most, Principal at Acuity Market Intelligence. “Face verification matches a face image captured at onboarding to an image from a trusted credential such as a driver’s license or passport, or from a government identity or credential database. Liveness detection ensures a live person is present while submitting their face image and is not attempting to mask or conceal their true identity via any number of spoofing or presentation attacks.”

Acuity’s latest report “Face Verification and Liveness for Remote Digital Onboarding” provides unique insight into this market based on Acuity’s proprietary Constellation Market Landscape Model. The Constellation analyzes vendor market position based on quantitative performance and qualitative market position metrics and categorizes each vendor as a Trailblazer, Contender, Mover, or Player.

“With global identity verification revenues projected to reach $15 to $18 billion annually by 2024, there is clearly room for explosive growth and our analysis shows this growth is happening now,” says Most, Acuity’s lead biometric and identity market analyst. “While 88% of vendors included in the report currently process less than 50 million transactions annually, and 62% report annual revenues of less than $10M, 50% are experiencing at least 100% annual transaction volume growth and 46% at least 100% annual revenue growth.”

Vendors analyzed 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 market landscape is being shaped by a range of innovators. From biometric core technology suppliers, and digital onboarding solution providers, to identity verification and biometric platform players, everyone wants in. The market is heating up and the stakes couldn’t be higher,” Most says. “Rapid deployment is also critical. Customers expect and vendors deliver the vast majority of remote digital onboarding solutions within two weeks. And while SaaS is the preferred delivery vehicle, most vendors offer on-premises options, with nearly half providing face verification and liveness testing on-device.“

The following vendors are analyzed in the “Face Verification and Liveness for Remote Digital Onboarding” report: 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.

Preview “Face Verification and Liveness for Remote Digital Onboarding” at https://www.acuitymi.com/store.

About Acuity Market Intelligence: Acuity Market Intelligence (https://www.acuitymi.com) is an emerging technology strategy, intelligence, and marketing services consultancy with a proven record of accurately anticipating biometric and digital identity market trends. Follow us on twitter @cmaxmost.

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