With the release of the 2024 Gartner Magic Quadrant for Identity Verification (IDV), we at Onfido, an Entrust company, are incredibly proud and excited for Entrust to be named a Leader in this report.
What began as a startup in a nascent technology market is now an acknowledged Leader in the established IDV category. We owe our gratitude to the many team members, customers, and partners who’ve supported us throughout our 10+ year journey.
At Onfido, we believe this moment is a testament to our forward-looking vision — shared by Entrust — and confirms that our IDV solution is one of the most chosen and complete in the market. We trust it reflects our long-standing commitment to solving the world’s identity challenges — not with one-off products, but solutions that stand the test of time.
Our customers’ evolving needs, challenges, and desires have always been the compass that guides us. From the very beginning, we’ve taken a customer-first approach, ensuring our products are designed with their insights, feedback, and direction at the forefront.
Indeed, we believe that Gartner’s decision to highlight this industry is a major milestone — not only for Onfido, but for the future of identity verification itself. It confirms what we’ve believed all along: IDV is essential to securing the digital world, and we’re proud to play a significant role in shaping this landscape. And while we’re honored by our recognition, we see this as just the beginning of what’s to come.
Market insight: Fraud on the rise
Fraud continues to evolve in the blink of an eye. Today’s threat actors are leveraging advanced technology, like artificial intelligence (AI), to carry out more sophisticated attacks than ever before. And, as these tools become more readily available, the barrier to entry has never been lower.
At Onfido, we’ve seen a marked rise in fraudsters attempting to bypass security with digitally altered IDs. Biometric threats have also increased, with the average biometric fraud rate higher in 2024 than at any other time in recent history.
Perhaps most alarming is the growing use of generative AI. We’ve seen a surge in AI-enabled deepfake fraud, with incidents increasing by over 3000% in recent years.
Our AI-powered ID and biometric verification solutions are designed to detect and prevent these types of attacks before they can cause harm. As the world continues to digitize and evolve in unprecedented ways, we’re continually innovating to ensure our customers are protected against the latest threats.
Market insight: Regulation and globalization
As the IDV market matures, regulations have become more stringent. Shifting legislation presents an opportunity to scale — yet it also increases the risk of non-compliance. If organizations are to increase their global presence, they’ll have to juggle complicated and often conflicting regulations.
Regional laws like Know Your Customer (KYC) and Anti-Money Laundering (AML) rules differ significantly across borders, adding complexity to IDV processes. Meanwhile, technical standards and emerging trust frameworks — such as eIDAS in the EU, or NIST 800-63 IAL2 in the U.S. — are raising the bar and establishing a new baseline for identity verification.
The result is a high-pressure, high-stakes compliance landscape that isn’t so easy to navigate. At Onfido, we feel we’ve been proactive in addressing these regulatory shifts. Our solutions are built to meet the most stringent compliance standards, whether in the U.S., the EU, or any other region. Including an off-the-shelf compliance solution that helps businesses meet local compliance needs while digitally onboarding new customers This adaptability allows our clients to scale globally while ensuring they remain compliant every step of the way.
Market insight: Identity-focused customer journeys
Customers today are more discerning and have higher standards than ever before. They demand fast, secure, and convenient interactions at every touchpoint. And, most importantly, they won’t hesitate to take their business elsewhere if their expectations aren’t met.
Consider a few key figures:
- 80% of customers are more satisfied when a service is offered through digital channels (such as an app).
- 38% of customers believe businesses could do more to protect them from fraudsters.
- 60% of customers would be more likely to spend if they had more seamless, secure authentication.
In turn, organizations are viewing IDV processes in the context of the customer journey. What used to be a cumbersome, manual process can now be a streamlined and frictionless experience.
Setting our sights on the future of IDV
Looking ahead, Onfido is more committed than ever to leading the way in identity verification. With the support of Entrust, we’re expanding Studio to offer even more flexibility and smarter integrations through a highly configurable and optimized platform.
Our vision is to build a complete identity platform that embeds high-assurance, low-friction IDV processes seamlessly at every stage of the customer journey. By leveraging AI-powered document and biometric verification, businesses can safeguard against fraud while providing a fast, automated, and secure approval process. With the addition of step-up verification, organizations benefit from adaptive identity journeys that align with both their risk management policies and their customers' real-time needs.
Moreover, we aim to offer businesses global coverage with a local regulatory fit, enabling them to meet the most stringent compliance requirements. This flexibility empowers organizations to confidently scale into new markets, knowing that their identity verification processes are aligned with standards worldwide.
How we see this in the market
The future of identity verification is continuous and adaptive. It’s about creating a seamless flow from the first interaction — what we call “day one”— to ongoing interactions, “day two,” and beyond. Our step-up authentication allows organizations to protect themselves at moments of risk, whether they’re securing a workforce or engaging with customers. And, while the identity landscape continues to evolve, our solutions are designed to adapt to use cases and industries with unique needs.
Take financial services, for example, where the ability to open new accounts securely and seamlessly is critical. With Onfido’s AI-powered IDV platform and Entrust’s market-leading issuance solutions, we enable businesses to deliver an integrated financial experience.
Over time, we see an acceleration in the adoption of digital identity. As businesses seek to offer leading experiences, our platform provides a single integration that spans multiple geographies, regulatory regimes, and digital identity schemes. This not only helps businesses stay compliant but also gives them a competitive edge, allowing them to navigate where the market is headed and stay ahead of the competition.
While we embrace what’s next for Onfido, we hope you’ll join us on this journey. Download the Gartner Magic Quadrant report to see how we were evaluated and recognized or schedule a call with our team to learn more about how our identity verification solutions can benefit your organization.
Gartner, Magic Quadrant for Identity Verification, Akif Khan, James Hoover, Nayara Sangiorgio, 21 October 2024
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