Welcome to ID Tech’s digest of identity industry news. Here’s what you need to know about the world of digital identity and biometrics today:
Flagship Prism Report Predicts Trillions of Biometric Transactions by 2028
The Prism Project’s 2024 Flagship Biometric Digital Identity Report projects $315 billion in global revenues and 5.6 trillion biometric transactions by 2028, highlighting rapid adoption of biometric digital identity across sectors. The financial services sector expects $40 billion in revenue from 1.2 trillion transactions, with North America and Asia-Pacific leading in revenue and volume, respectively. Travel and hospitality anticipate $72 billion from 262 billion transactions, with aviation accounting for half the market. Government services are set to dominate, projecting $202.5 billion in revenue from 6.4 trillion transactions, driven by national ID programs and EU digital border systems. Key adoption drivers include regulatory compliance, fraud prevention, and improved user experiences, with challenges such as deepfake threats and fragmented infrastructures remaining.
Global Biometric Payment Users to Reach 3.5B by 2030, Market to Hit $11.3B
Goode Intelligence projects that over 3.5 billion people will secure payments using biometric technology by 2030, with the supplier market generating more than $11.3 billion in revenue. Its new report highlights trends including a shift from device-based to server-based biometrics for high-value transactions and increased adoption of facial biometrics with liveness detection to combat fraud. Physical point-of-sale systems and biometric payment cards, particularly in regions like India, are emerging as key applications. Biometric digital IDs are expanding beyond payments into border control, ticketing, and automotive systems. The analysis covers modalities like behavioral biometrics, face, fingerprint, and voice, emphasizing their role in enhancing security and convenience while reducing fraud.
Veriff Reports 75 Percent Revenue Growth in Q4, Expands Global IDV Services
Veriff achieved 75 percent year-over-year revenue growth and a 60 percent expansion in its customer base in Q4 2024, with business volumes tripling throughout the year. Latin America saw significant growth, with volumes increasing 2.5 times as demand for secure digital identity solutions surged. Veriff enhanced its product lineup with updates like Full Auto IDV v3, leveraging advanced AI for automated identity verification, and upgraded its Biometric Authentication system to meet iBeta Level 2 liveness detection compliance. The company introduced FaceBlock for its Self-Serve platform, expanding on its Face Match technology. In 2025, Veriff plans to open a technology hub in São Paulo to strengthen its presence in Latin America.
Fingerprint Cards Licenses Iris Recognition Tech to Smart Eye in SEK 50M Automotive Deal
Fingerprint Cards AB has partnered with Smart Eye AB to license its iris recognition technology for SEK 50 million, targeting automotive and enterprise applications. The agreement involves an initial fixed license fee of SEK 23 million, payable in Smart Eye shares, with up to SEK 27 million in milestone and royalty payments linked to design wins, production starts, and sales. Smart Eye will also license its multimodal biometric solutions to Fingerprints for non-automotive markets, enabling revenue sharing. Fingerprints’ fourth-generation iris platform offers low-cost, wide field-of-view capabilities for applications like in-car biometric payment systems. The collaboration addresses growing demand for secure in-vehicle authentication and aligns with upcoming European regulations requiring Driver Monitoring Systems by 2026.
Biometric Locks Gain Prominence at CES 2025
Biometric smart locks are taking center stage at CES 2025, with companies unveiling advanced products that integrate biometrics into smart home security. Lockly showcased the Vision Prestige Duet Series, featuring facial recognition, a video doorbell, and a 190° AI-powered camera, along with the Secure Pro, which uses Ultra Wideband technology for hands-free unlocking and supports NFC and fingerprint access. BenjiLock introduced its Outdoor Fingerprint Padlock, designed for durability with IP68 weather resistance and a year-long rechargeable battery life. Philips presented its 5000 Series lock, combining palm vein recognition with HD video monitoring, and the Matter-compatible 4000 Series Smart Deadbolt for seamless integration with smart home ecosystems. These innovations reflect growing consumer demand for secure, user-friendly solutions that blend biometric technology with interoperability.
iDenfy Patents New Hybrid Address Verification System for Enhanced KYC Security
iDenfy has filed its first patent for an innovative Address Verification service, published by the World Intellectual Property Organization (WIPO) in 158 countries. The patented system integrates physical and digital verification methods, sending secure credentials via postal mail to the user’s address. Recipients use these credentials for an identity verification process that confirms both their identity and residence, addressing vulnerabilities in traditional Proof of Address (PoA) methods. The solution enhances compliance with Know Your Customer (KYC) regulations and aims to streamline onboarding processes for industries with high fraud risk, such as financial services and e-commerce.
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January 7, 2025 – by Tony Bitzionis and Alex Perala
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