In the past year there has been a number of large high profile digital data breaches at retailers such as Target and Home Depot, and consumers are growing increasingly concerned over the amount of sensitive personal information at risk when they purchase something online or via mobile.
In today’s digital world consumers’ identities are continually put at risk as fraudsters become more and more tech-savvy. Luckily for the consumer, the market is seeing a swift adoption of solutions such as verification technology, to address these growing security issues. As users demand more security, companies need to go to greater lengths to protect their customers or risk losing their business.
As we move even further into a technologically advanced world, the online identity market is set to grow exponentially. In fact, a new report from MarketsandMarkets1 predicts the global identity and access management market will be worth $18.3B by 2019. According to findings from a recent CrunchBase poll2, identity management is believed to be the industry expected to see the greatest growth in 2015, at a large margin of more than four to one over other burgeoning industries in the survey. We can’t wait to see what the future brings, but we know for sure that we’ll continue to be trailblazers and at the forefront of innovation, making online experiences as secure and streamlined as possible for the user.
Here at Jumio our aim is to help merchants reduce fraud, meet KYC (know-your-customer) requirements and vastly improve the customer experience. We do this by capturing a user’s ID with our verification technology, making it easier than ever for customers to authenticate themselves. Our solution not only stops fraud at the origin, but it also streamlines transactions. Although reducing fraud risks and meeting KYC requirements is paramount, we also make it our mission to deliver quicker, more intuitive digital experiences.
Author: David Pope, EMEA Marketing Director, Jumio
1MarketsandMarkets Research, “Identity and Access Management Market by Deployments (On-premise, Cloud IAM), by Components (Provisioning, Directory, SSO, Advanced Authentication, Password Management, Audit, Compliance & Governance), by Organization Size – Global Forecast to 2019” February 2015
2Crunchbase “In which of these markets do you expect to see the greatest growth in 2015?” January 2015