The last ten years have seen remarkable growth for the identity verification industry. If you look at the Google search trend for identity verification from 2011 to 2021, you’ll see an increasing demand and interest in this topic over the last decade.
Source: Google Trends search for identity verification 2011-2021
But the industry is just getting started. Consider the 2021 Research and Markets report, which estimates the global identity verification market will grow at a CAGR of 18.2% from USD 9.4 billion in 2021 to USD 42.4 billion by 2030.
The requirements for Know Your Customer compliance, the need to protect against fraud and hacks, and the desire to create safe and trustworthy online experiences are all driving the demand for effective IDV. These needs are not diminishing but are becoming even more necessary. The industry is seeing massive investments and the introduction of innovative new services
Trulioo turns 10
This year (2021), Trulioo celebrated its 10th anniversary. In the last decade, there’s been tremendous progress in the IDV space. Trulioo has been in the forefront, helping build trust online for safer transactions and interactions and advancing inclusion around the globe.
But the journey is just beginning. We believe that one day the majority of the world’s GDP will be done digitally. Over the next ten years, we expect digital identity to become a big part of everyday life for people across the planet, and it’ll be easy and safe to use. We have a lot of work ahead of us and are thrilled by the challenge.
And, we’re on a mission to build trust online. We are dedicated to enabling all 7 billion people on this planet to gain secure access to the global economy through digital identities. From opening accounts to purchasing goods and services online, the promise of an inclusive world is driving us forward.
We’re here to help our partners provide great onboarding experiences that deliver trust and security. We listen to customers from every corner of the Earth with unique use cases and needs and work with them to solve complex problems. Every market, business, and person is different, and understanding the nuances helps onboard customers, limit risk and create an environment of trust.
At Trulioo, we truly believe that everyone is someone. Our accomplishments humble us, and we celebrate the positive change we have made so far. But we know we have to work harder and smarter to accomplish our goal; our mission matters — for billions of people everywhere.
Click on the featured image at the top of this post to learn about the importance of identity verification and how Trulioo is solving compliance, risk, and IT security challenges.