Face Verification & Liveness Now Synonymous with Remote Digital Onboarding

COVID-driven acceleration of digital transformation has exposed the weaknesses in the current state of the global digital identity infrastructure while opening the floodgates to unprecedented levels of digitally enabled fraud. This has intensified the need for secure, reliable, and trusted digital identities. Biometric face verification and liveness detection have quickly filled this gap and become synonymous with remote digital onboarding.

Face verification ensures a one-to-one (1:1) match of a face image captured at the time of onboarding with an image captured from a trusted credential such as a driver’s license, or a passport. Liveness detection ensures there is a live human being present at the time of onboarding that is not attempting to conceal their true identity.

Solutions for remote Digital Onboarding vary by vendor and use case but generally include the following steps where the order of operations may vary:Capture one or more images of a trusted credential.

• Extract data from credential and confirm validity.
• Capture one or more photo or video images of the user.
• Perform one or more liveness checks.
• Verify the live image against the image in the credential or in a linked identity database.

Acuity’s latest report Face Verification and Liveness for Remote Digital Onboarding provides unique insight into this high growth market based on Acuity’s proprietary Constellation Market Landscape model.

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The Constellation Market Landscape Model

The Acuity Constellation defines the market landscape and positions vendors in one of four categories - Trailblazers Contenders, Movers and Players - based on Acuity’s proprietary CTPM quadrant-based, visual modeling tool. The CTPM model is based on two multi-faceted indices that evaluate Performance along the X-axis and Market Position along the Y-axis. (For More on the Constellation Model and Process see "Introducing the Acuity Constellation")

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Vendors analyzed in the Acuity Constellation Market Landscape for Face Verification and Liveness for Remote Digital Onboarding ...

1. Develop proprietary face verification and/or liveness detection software as part of their own digital onboarding solutions or component offerings, or
2. Offer core biometric face verification and/or liveness detection software integrated into third party digital onboarding solutions.

This includes biometric core technology suppliers, digital onboarding solution providers, identity verification platform players, and biometric platform providers.

With global projections for identity verification revenues to reach between $15 and $18 billion annually by 2024, there is clearly massive room for growth in the face verification and liveness for remote digital onboarding market. And Acuity's analysis found rapid growth is happening now.

• 88% of the vendors process less than 50 million transactions annually today
• 50% are experiencing 100% year-on-year transaction volume growth.
• 62% of vendors have annual revenues of less than $10M, with the remaining 38% ranging between $10 and $100M.
• 46% also report at least 100% annual revenue growth rate.
• 96% of vendors count financial institutions a key sector followed by fintech, government, the sharing economy, eCommerce and retail round out the most dominant sectors.

Acuity's Constellation analysis also found that rapid deployment is the name of the game. 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 premise options, with nearly half providing face verification and liveness testing on-device.

The following vendors are analyzed in the 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.

Visit the “Face Verification and Liveness for Remote Digital Onboarding” report page for more insight into this analysis, or to preview and purchase.

If you want to strategize about how your organization can innovate their way through this digital identity transformation, contact Acuity or use code STRATEGY to schedule a complementary Strategy Session today.

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 C. Maxine Most is the Principal and Founder of Acuity Market Intelligence, an emerging technology strategy and research consultancy with a proven record of accurately anticipating biometric and digital identity market trends. Follow Maxine on twitter @cmaxmost.

Contact: Acuity Market Intelligence +1 303 449 1897, [email protected]