Identity Verification Market worth $21.8 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, March 12, 2024 /PRNewswire/ — Due to trends in remote work, digital transformation, and regulatory compliance, the Identity Verification Market is expected to grow in the future due to developments in biometric technology, artificial intelligence, and blockchain-based solutions. The market’s development will be shaped by cooperation, an emphasis on the user experience, and adoption by emerging markets, with an emphasis on identity verification procedures that prioritise convenience, security, and innovation.

The global Identity Verification Market is projected to grow from USD 10.9 billion in 2023 to USD 21.8 billion by 2028 at a compound annual growth rate (CAGR) of 14.9% during the forecast period, according to a new report by MarketsandMarkets™. Increasing regulatory requirements worldwide, such as KYC and AML mandates, compel businesses to adopt robust identity verification solutions, driving market growth. Compliance with stringent financial crime prevention and data protection regulations increases demand for advanced identity verification technologies across industries.

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Scope of the Report

By offering, the services segment to grow with the highest CAGR during the forecast period.

Identity verification involves various processes, such as document verification, biometric authentication, and identity proofing. Managing these processes in-house can be complex and resource-intensive for organizations. Outsourcing to service providers can streamline these processes and provide more efficient solutions. Many organizations prefer to outsource identity verification processes to specialized service providers due to their expertise and advanced technologies. This trend will likely continue, especially as regulations become more stringent, driving the demand for reliable identity verification services.

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By type, the biometrics segment holds a larger market size during the forecast period.

Biometrics is driving significant growth in identity verification due to its unmatched security features, offering difficult-to-forge identifiers like fingerprints, facial features, and iris scans. Besides security, biometrics also enhance convenience, providing touchless and rapid verification, thus improving user experience and operational efficiency. Ongoing technological advancements in sensors, algorithms, and liveness detection further enhance the accuracy and reliability of biometric solutions. Regulatory requirements, especially for KYC/AML compliance, propel the adoption of biometric verification methods. Additionally, the expanding application of biometrics across various sectors like access control, mobile payments, border security, and healthcare is broadening its market reach. While biometrics leads the way, other identity verification segments like Knowledge-Based Authentication (KBA), document verification, and passive authentication demonstrate substantial growth potential.

By region, Asia Pacific will grow at the highest CAGR during the forecast period.

Key factors driving growth in the Asia Pacific (APAC) Identity Verification Market include rapid digitalization and government initiatives promoting digital governance and eID. Countries like China, India, and Singapore are experiencing robust growth, with mobile-based verification and biometrics like facial recognition gaining significant traction. Government initiatives involve enhanced funding, regulatory guidelines to streamline the process, and eID initiatives across airports and public utilities.

Top Key Companies in Identity Verification Market:

Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales (France), GBG (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), Mitek Systems (US), IDEMIA (France), Jumio (US), HyperVerge (India), AU10TIX (Israel), Innovatrics (Slovakia), Intellicheck (US), Signicat (Norway), SecureKey Technologies (Canada), IDfy (India), IDMERIT (US), Veriff (Estonia), AuthenticID (US), TruNarrative (UK), Sumsub (UK), IDology (US), PassFort (UK), PXL Vision (Switzerland), Shufti Pro (UK), iDenfy (Lithuania), Berbix (US), Persona (US), Ekata (US), and HooYu (UK) are the key players and other players in the Identity Verification Market.

Recent Development

• In May 2023, Thales unveiled its Trusted Identity Services, a cloud-based platform designed to streamline identity verification processes across industries. This comprehensive platform encompasses a range of functionalities, such as KYC/AML compliance, document verification, and liveness detection. Thales aims to simplify identity verification for businesses operating in diverse sectors by offering these services through the cloud.
• In July 2023, LexisNexis’ ThreatMetrix Identity Insights emerged as a robust solution for real-time risk evaluation and fraud mitigation. Utilizing machine learning and advanced analytics, it delves into user conduct and device information to give businesses actionable insights, bolstering the security of their digital interactions.
• The September 2023 partnership between Experian and Jumio signals significant advancements in identity verification, particularly for KYC and AML compliance. Leveraging Experian’s expertise in data analysis and compliance alongside Jumio’s AI-powered verification solutions, the collaboration aims to streamline onboarding processes, enhance fraud detection, ensure regulatory compliance, and cater to diverse industry needs. This partnership holds promise for various sectors, including financial services, e-commerce, gaming, government services, and travel, by offering secure identity verification solutions tailored to their specific requirements.
• In June 2023. Global Identity Check offers real-time verification by leveraging diverse data sources and methods, reducing onboarding friction and wait times. With a global reach covering multiple countries and document types, it supports businesses with international operations. The solution authenticates government-issued IDs using advanced image recognition, employs various identity verification methods like facial and phone verification, and ensures compliance with KYC and AML regulations. Businesses benefit from faster onboarding, reduced costs, enhanced security, global scalability, and improved data accuracy. Use cases include financial services, e-commerce, gaming, travel, and cryptocurrency exchanges.

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Identity Verification Market Advantages:

• By confirming a user’s or customer’s identity during onboarding or transaction procedures, identity verification solutions assist businesses in reducing the risk of fraud and identity theft.
• Digital workflows can benefit from the smooth integration and streamlining of identity verification procedures, which can improve customer satisfaction by lowering friction in onboarding, account access, and transaction processes.
• Businesses can lower their risk of suffering financial losses as a result of fraudulent activity such account takeovers, unauthorised transactions, or fraudulent applications by accurately validating the identity of users or customers.
• Advanced authentication techniques and biometric technology are used by identity verification systems to thwart fraudulent attempts, including impersonation attacks, credentials theft, and synthetic identity fraud.
• Regardless of the volume of users or transactions, identity verification processes may be made efficient by identity verification systems that are scalable and adaptable to organisations of all sizes and industries.
• Global coverage is a feature of many identity verification solutions, which helps companies expand internationally and do business by allowing them to confirm the identities of users or customers in many countries or regions.
• Identity verification procedures may be implemented and automated with ease thanks to identity verification solutions’ ability to interface with current corporate systems, apps, and workflows.

Report Objectives

• To define, describe, and forecast the Identity Verification Market based on offering, type, organization size, deployment mode, application, vertical, and region.
• To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
• To analyze the subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market.
• To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Identity Verification Market.
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the Identity Verification Market.
• To profile the key players of the Identity Verification Market and comprehensively analyze their market size and core competencies.
• Track and analyze competitive developments, such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the global Identity Verification Market.

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