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Industry Landscape
The Identity Verification market is experiencing rapid growth, driven by increasing digital transformation, the need for secure online transactions, and evolving regulatory landscapes. AI and biometrics are pivotal in enhancing accuracy and user experience. Fraud remains a significant challenge, pushing for continuous innovation in verification technologies.
Total Assets Under Management (AUM)
Digital Identity Verification Market Size in United States
~6.5 billion USD
(20.1% CAGR)
- Increased online transactions drive demand.
- Regulatory compliance is a key factor.
- Biometric adoption is accelerating growth.
Total Addressable Market
25 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Decentralized Digital Identities (DID)
DID empowers individuals with self-sovereign control over their digital identities, reducing reliance on central authorities and enhancing privacy.
Generative AI for Fraud Detection
Generative AI can create realistic synthetic data to train fraud detection models, improving their ability to identify novel and sophisticated fraud patterns.
Behavioral Biometrics
Behavioral biometrics analyzes unique user interactions and patterns (e.g., typing rhythm, mouse movements) to authenticate identity continuously and passively.
Impactful Policy Frameworks
American Data Privacy and Protection Act (ADPPA, Proposed 2022)
The ADPPA is a proposed comprehensive federal privacy law in the United States that aims to establish a national standard for data privacy, including data minimization, consumer rights, and heightened protections for sensitive data.
This policy would impose stricter data handling requirements on identity verification providers, necessitating robust data minimization and enhanced consumer consent mechanisms, directly affecting Onfido's data collection and processing practices.
NIST Digital Identity Guidelines (NIST SP 800-63-3, 2017 with ongoing updates)
These guidelines provide technical requirements for digital identity services, covering identity proofing, authentication, and federation, and are widely adopted by U.S. federal agencies.
While not a binding law, adherence to NIST guidelines is crucial for credibility and interoperability in the U.S. market, influencing the technical standards and security postures of identity verification solutions like Onfido's.
New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR Part 500, 2017 with updates)
This regulation requires financial institutions operating in New York to establish and maintain a cybersecurity program to protect consumer data and financial systems.
For Onfido, serving financial services clients in New York means their solutions must enable these clients to meet stringent cybersecurity and data protection requirements, impacting product features related to data encryption, access controls, and incident response.
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