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Industry Landscape
The identity verification and fraud prevention industry is experiencing rapid growth, driven by increasing digitization, online transactions, and sophisticated cyber threats. It's becoming crucial for businesses to ensure trust and safety, leading to high demand for advanced solutions leveraging AI, machine learning, and comprehensive data sources to combat evolving fraud tactics and comply with stringent regulations.
Total Assets Under Management (AUM)
Identity Verification Market Size in United States
~USD 6.5 billion (2023)
(16.1% CAGR)
- Driven by increasing online fraud.
- Boosted by regulatory compliance.
- Fueled by digital transformation initiatives.
Total Addressable Market
6.5 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Decentralized Digital Identity (DID)
DID empowers individuals with self-sovereign control over their digital identities, reducing reliance on centralized authorities and potentially enhancing privacy and security.
Homomorphic Encryption
This technology allows data to be processed while encrypted, enabling secure analysis of sensitive identity information without decryption, thus enhancing privacy in data sharing and verification.
Generative AI for Synthetic Data
Generative AI can create realistic synthetic identity data for training fraud detection models, improving their accuracy and robustness without using real, sensitive PII.
Impactful Policy Frameworks
American Data Privacy and Protection Act (ADPPA, proposed)
The proposed ADPPA aims to create a comprehensive federal data privacy law in the US, establishing national standards for how companies collect, use, and share personal data.
This policy would necessitate significant adjustments to data collection, storage, and usage practices for Pipl and its clients, potentially impacting data availability and methods of identity resolution.
National Cybersecurity Strategy (2023)
Released by the White House in 2023, this strategy outlines a comprehensive approach to improve cybersecurity in the United States, emphasizing secure digital identity and infrastructure resilience.
The strategy's focus on secure digital identity could drive increased demand for advanced identity verification solutions like Pipl's, while also requiring Pipl to ensure its own systems meet heightened cybersecurity standards.
Executive Order on Artificial Intelligence (October 2023)
This EO establishes new standards for AI safety and security, promotes responsible innovation, and ensures the ethical use of AI, including in critical areas like cybersecurity and fraud detection.
This order could influence how Pipl develops and deploys its AI-powered Trust Score™ and fraud detection models, requiring adherence to new safety, transparency, and fairness guidelines.
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