> For the complete documentation index, see [llms.txt](https://velocity-network.gitbook.io/velocity-network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://velocity-network.gitbook.io/velocity-network/the-market-opportunity/the-market.md). # The Market Verifying people's identity and qualifications remains an unsolved challenge on a global scale and misrepresentation is a common issue. Verifying a person’s identity, qualifications, or status is still largely done using century-old methods—making phone calls and manually retrieving data from siloed sources. In the job market, for example, approximately 1 billion people change jobs each year (source[^1]) and verifying workforce identity and qualifications is a regulatory compulsory practice for employers and businesses around the globe. 93% of companies rely on background screening services for hiring and workforce mobilization (source[^2]) adding significant costs and friction to these processes. Government agencies managing right-to-work permits also face significant challenges in verifying identity and qualifications. The process of verifying qualifications and credentials can be complex, often requiring collaboration with licensing bodies, educational institutions, or other third parties. Furthermore, the reliance on manual checks and siloed data sources increases the risk of errors, fraud, and delays. Another example is tenant verification which comes with its own challenges in verifying identity and qualifications. Landlords and property managers must ensure that prospective tenants are who they claim to be, often relying on documents like IDs, income statements, and employment records. Verifying these documents manually can be time-consuming, error-prone, and susceptible to fraud. Combined, personal data verification across credit, lending, insurance and employment likely exceeds $40–50B annually today — and is projected to approach or surpass $70–80B within the next decade (source)[^3].
[^1]: ILO Publications [^2]: Professional Background Screening Association [^3]: Intelligence Reports; KYC Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030) Source: Mordor Intelligence Reports, Global Employment Screening Services Market Forecast 2023-2028, The Insight Partners; Global Tennent Verification Services Market Forecast 2022-2029, Precision Business Insights