Shufti recognized as a Leading Challenger in Juniper Research’s KYC/KYB Systems Market Report 2024–2029

Identity Verification is no longer a background compliance task. Today, it determines how digital enterprises operate, grow, and defend themselves against complex financial crimes. What used to be a procedural requirement now decides onboarding efficiency, global expansion, risk exposure, and, of course, trustworthiness of digital ecosystems.

This challenging reality is reflected clearly in Juniper Research’s KYC/KYB systems Market report 2024-2029. The research forecasts that total spend on third-party KYC and KYB systems will grow from $30.8 billion in 2024 to $52.9 billion in 2029, an increase of more than 70 percent over five years. The pace of this growth shows that identity verification has now become a core part of our digital infrastructure rather than a regulatory formality.

In its latest market evaluation, Juniper Research positions Shufti as a Leading Challenger on its competitors’ Leaderboard. This recognition highlights the platform’s increasing relevance for enterprises seeking accuracy, coverage, and technology maturity in their verification system.

A Market That Is Growing Faster Than The Risks

Juniper’s research highlights how and why the IDV solutions market is expanding. Several forces are driving this expansion, including:

• Remote onboarding at scale
  Banks, fintechs, e-commerce stores, and social media marketplaces are remotely onboarding users and businesses across the globe. The requirement is a verification process that works not only in seconds instead of days, but also needs to be accurate.
• Evolving fraud patterns
  Deepfakes, synthetic identities, fake businesses, and manipulated documents need a sophisticated system that handles the threat landscape effectively. The evolution of fraud has proved that traditional checks are no longer enough.
• Rising regulatory expectations
  Regulations around AML, sanctions screening, beneficial ownership, and industry-specific rules are updated by regulators across both financial and non-financial sectors in order to combat the new fraud typologies.
• Global operating models
  Businesses are entering new markets faster. This speed is not possible without KYC and KYB solutions that work consistently across 230+ countries and territories, 150+ languages, and thousands of document types. This is exactly where Shufti operates today.

Shufti has long understood these forces and adapted its KYC and KYB solutions to mitigate the barriers enterprises face while expanding safely in new markets. This approach led to our recognition as a leading challenger in KYC and KYB systems.

How Juniper’s Leaderboard Evaluates Vendors

Juniper’s Competitor Leaderboard assesses 19 leading KYC/KYB systems vendors and recognizes them as Established Leaders, Leading Challengers, or Disruptors and Challengers, based on capacity and capability.

The assessment took the following factors into account:

• Breadth of solutions and feature depth
  
• Geographic coverage and data reach
  
• Technology maturity and innovation
  
• Operational performance and scalability

Being recognized as a Leading Challenger places Shufti among vendors that combine strong capabilities with clear growth momentum. It highlights the strength of the platform across KYC, KYB, and AML, and shows how Shufti is helping enterprises handle real-world complexity in fintech, payments, and beyond.

How Shufti Performs Across Juniper’s Core Criteria

Juniper focuses on four main areas when evaluating KYC/KYB vendors: Compliance, User Experience, Technology, and Operational Efficiency. Shufti focuses on these areas as its primary objective to ensure the provision of a trust infrastructure that businesses require.

1. Compliance: More Than Checking a Box

Compliance is the baseline for any verification system. The challenge is that the baseline keeps changing. New regulations, new reporting expectations, and new regional standards arrive regularly.

Our approach is to help enterprises stay ahead of that change, not react to it. Shufti supports global KYC, KYB, and AML screening, including verification of individuals, businesses, ownership structures, and continuous monitoring of risk patterns. 

The goal is clear: give compliance and risk teams the information they need to make confident decisions, whether they are onboarding a freelancer or a multinational corporation.

2. Technology: Built For The Threats Of Today And Tomorrow

Identity verification is now a technology problem as much as a compliance one. Fraudsters rely on AI to create synthetic identities and sophisticated document forgeries. Verification providers need to respond with technology that is just as advanced.

Shufti uses in-house AI models to power document verification, facial matching, liveness detection, and deepfake-resistant KYC. Our technology is designed to work with more than 3,000 document types and to adapt to new formats and fraud techniques as soon as they start surfacing. By owning core technology and avoiding a patchwork of third-party components, Shufti keeps firm control over security and performance. That control is a key reason the platform can keep improving speed along with accuracy, without compromising on trust.

3. User Experience: Friction Where It Matters, Speed Where It Counts

Every extra step in an onboarding workflow increases the risk of drop-off. According to the ABBY Survey 2023, 90% of companies lose customers during onboarding, with many citing the lengthy process as the main reason. At the same time, every shortcut in security increases risk. The real work is in finding the right balance.

Shufti aims to provide a solution that makes verification quick, often in under a minute in real-world scenarios. Shufti has taken recognizable steps in order to make the onboarding workflow smooth for users in order to maximize conversion and minimize dropouts. One such step includes a customizable workflow for each industry based on its own user interface and risk landscape.

For end users, it feels like a simple, guided process. For product and engineering teams, it means they can experiment and localise without rebuilding verification from scratch.

4. Operational Efficiency: Scaling Verification, Not Manual Work

When verification volumes rise, inefficiency also increases in the form of False rejection, False Acceptance and manual reviews start to surface. These false alerts, manual reviews, inconsistent data, siloed tools, and fragmented workflows all slow things down and increase cost.

Shufti is built to reduce that operational strain. Automated screening, configurable rules, and structured KYB reports help teams solve more cases earlier in the process and train our system on edge cases in order to automate those as well, eventually reducing manual reviews.

This is especially important for fintechs, social media, marketplaces, and crypto firms that are onboarding at high volumes, around the globe. They need systems that allow them to grow their business through maximum acquisition of consumers without facing bottlenecks in risk and compliance teams.

Final Thoughts 

Identity verification systems have moved from a narrow compliance task to a central part of how digital businesses operate and expand. Juniper Research’s KYC/KYB Systems Market: 2024–2029 captures that shift and highlights the vendors that are enabling these operations and expansions.

Shufti’s position as a Leading Challenger shows the strength of its technology, its global coverage, and its commitment to supporting real-world operational challenges in compliance and risk management. 

As fraud becomes more sophisticated and regulations become more demanding, enterprises require verification systems that provide accuracy, speed, and reach together. Shufti’s focus remains on supporting that requirement through technology designed for modern digital environments.