USD 9.90 Billion
Identity Verification Market Size, Share, Growth Analysis, By Offering (Solutions and Services), Type (Biometric and Non-Biometric), Organization Size, Deployment Mode, Application, Vertical (BFSI, Retail & eCommerce, and Gaming & Gambling), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2134 |
Region:
Global |
Published Date: November, 2024
Pages:
155
|Tables:
91
|Figures:
71
Identity Verification Market Insights
Global Identity Verification Market size was valued at USD 9.3 billion in 2022 and is poised to grow from USD 10.9 billion in 2023 to USD 238.2 billion by 2031, growing at a CAGR of 14.9% during the forecast period (2024-2031).
Identity verification services are compromised with legitimate organizations' identification of users or clients to verify their provided data in many organizations. Several factors are used by identity verification services include nationality, work or business registration, and credentials as the ground of solidifying identity. Identity verification is a comprehensive procedure that ensures safe client enrolment and reduces the probability of identity theft. In the upcoming years, there will be a greater demand for identity verification services globally due to the increasing incidence of fraud and data theft. The financial authorities, while recent years have seen them tighten up on the detection of fraudulent activity, have also called on financial institutions to adopt the necessary security measures.
With the use of modern technologies like computer vision, artificial intelligence, and machine learning, the document verification process has become automated. In addition to assisting in reducing operating costs, these digital document verification systems also aid in adhering to regulatory standards including AML, KYC, and KYB. The need for compliance and the adoption of solutions through stringent laws are two major reasons that are expected to fuel the growth of the identity verification market during the projected period. The financial frauds that impede the acceptance and expansion of digital payments are largely caused by identity theft. Businesses worldwide are increasing their investments in identity verification systems as a result.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
bank fraud
Fastest Growth
non-biometric verification
Growth Rate
16.7%
Global Identity Verification Market ($ Bn)
Country Share by North America (%)
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Identity Verification Market Segmental Analysis
Global Identity Verification Market is segmented by Offering, Type, Organization Size, Deployment Mode, Application, Vertical and region. Based on Offering, the market is segmented into Solutions, Services. Based on Type, the market is segmented into Biometrics, non-biometrics. Based on Organization Size, the market is segmented into Large Enterprises, Small and Medium-Sized Enterprises (SMEs). Based on Deployment Mode, the market is segmented into Cloud, On-Premises. Based on application, the market is segmented into Access Control and User Monitoring, KYC, KYB, and Onboarding, Identity Fraud Compliance and Forensics. Based on Vertical, the market is segmented into BFSI, Retail & eCommerce, Government & Defense, Healthcare & Life Sciences, IT & ITeS, Telecommunication, Energy & Utilities, Education, Gaming & Gambling, Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Identity Verification Market Analysis by Application
As per categorization by application, the market is classified as credit card fraud, bank fraud, phone or utility fraud and employment or tax-related fraud. The major share of it was bank fraud, which is still a driver to continue to exist in the whole market. In fact, this kind of crime has been generated due to advancement of artificial intelligence or AI as well as the use of machine learning technique so that fraud can be detected and prevented at global level. Moreover, due to emerging cyber risks plus regulatory requirements, these are among the priorities for banks. Robust verification systems are crucial to protecting financial transactions and client data as fraud strategies change.
The global identity verification market is expected to witness the fastest growth in credit card fraud due to the increasing number of online transactions and advanced fraud strategies. The increase in digital payments makes sophisticated verification methods even more necessary in the fight against fraud, guaranteeing safe and dependable financial transactions for both companies and customers.
Identity Verification Market Analysis by Verification Type
The global identity verification market is being revolutionized by biometric verification via means such as fingerprint scanning, eye detection and face identification. This is because of its higher accuracy, user-friendliness and resistance to forgery. With increasing security demands biometric systems have become a reliable and scalable alternative for strong identity management.
In view of its elasticity and cost-effectiveness, it is predicted that non-biometric verification will expand fastest in the global identity verification market. Scalable and user-friendly solutions are offered by such technologies as device-based authentication, behavioral analytics, and one-time passwords (OTPs), which can be integrated into existing security measures and meet multiple industry demands.
Global Identity Verification Market By Application (%)
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Identity Verification Market Regional Insights
The entire world’s check on personality market is influenced by North America as it possesses an advanced technical framework, heightened consciousness of cyber security issues and tough legal stipulations. Major banks and tech firms are driving huge investments in digital transformation to accelerate implementation of advanced age verification systems that are found in this region. The number of high-value online transactions and the increase in cyber threats make it necessary to implement robust security measures. The pushing force behind the new government initiatives and compliance norms for verification has further increased the need for these modern systems. A combination of technological readiness, regulatory pressures, and innovative investing solidifies North America’s dominance in identity verification market share.
Due to its dynamic regulatory framework and rapid digital change, Europe is the region with the quickest rate of growth in the global identity verification market. The strict regulations regarding data protection such as GDPR have increased the demand for advanced systems of identifying people to keep compliance and security. Also, Europe’s varied and technologically volatile surroundings encourage the development of new ways to verify. Likewise, contemporary e-commerce in the region, subsequently more use of online payments, and rising knowledge about cybercrime contribute to this market growth. On top of that, Europe has set up more systems for identifying people owing to enhanced governmental and corporate partnerships that were made possible through investments in digital infrastructure.
Global Identity Verification Market By Geography
- Largest
- Fastest
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Identity Verification Market Dynamics
Identity Verification Market Drivers
- Expanding Digitization Projects
With the help of cutting-edge technologies like automation, artificial intelligence (AI), and machine learning (ML) in identity verification systems, businesses and governments are leading the charge to embrace digitalization. It is expected that these initiatives would increase the industry's acceptance rates for identity verification and present vendors with exciting new options. Identity verification solutions are expected to become more crucial in large corporations as internet usage and eCommerce grow.
- High Biometric Device Adoption Rate
In contrast with traditional techniques such as keys or pins, fingerprints recognition, face identification and iris scanning are biometric methods that provide a more reliable and secure way of identifying people’s identities. In this regard, businesses and other organizations can install a more trustworthy identification process which minimizes cases of identity theft or unauthorized access while offering an easy flow for users.
Identity Verification Market Restraints
- Organizational Security Concerns About Data Confidentiality
It can be difficult and expensive to integrate cutting-edge identity verification technologies with current systems. Legacy systems can be incompatible with new solutions leading to disruptions and inefficiencies. The seamless integration problem faced by companies might hinder the adoption of new verification technology and limit their growth in markets.
- Time Consuming Resource Management
Identity verification technology, particularly biometric systems, may still experience problems with false positives or false negatives even with the latest improvements. Erosion of user trust in the system, annoyance or security lapses can result from inaccuracy issues. Ensuring high accuracy and reliability is still a major challenge, thereby limiting the effectiveness and use of these solutions.
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Identity Verification Market Competitive Landscape
Manufacturing locally to save operational costs is one of the main business strategies used by manufacturers in the identity verification sector to benefit customers and increase market share. Some of the biggest advantages have been offered lately by the identity verification sector. Major players in the identity verification market, including IDEMIA (France), Jumio (US), Experian (Ireland), GBG (UK), and others, are investing in research and development to increase market demand.
Identity Verification Market Top Player’s Company Profiles
- Experian (Ireland)
- LexisNexis Risk Solutions (US)
- Equifax (US)
- Thales (France)
- GBG (UK)
- TransUnion (US)
- Mastercard (US)
- Onfido (UK)
- Trulioo (Canada)
- Idology (Georgia)
- Mitek Systems (US)
- IDEMIA (France)
- Jumio (US)
- HyperVerge (India)
- AU10TIX (Israel)
- Innovatrics (Slovakia)
- Intellicheck(US)
- Signicat (Norway)
- SecureKey TechfAcuanrnologies (Canada)
- IDfy (India)
Identity Verification Market Recent Developments
- In May 2023, To make the identity verification processes in different enterprises easier, Thales came up with a Cloud-based software referred to as Trusted Identity Services. Among its numerous provisions are document verification, liveness detection and compliance with KYC/AML regulations. This is Thales’ cloud-based identity verification services aimed at simplifying procedures for various types of businesses.
- In July 2023, ThreatMetrix Identity Insights from LexisNexis has become a reliable option for fraud prevention and real-time risk assessment. It digs into user behaviour and device data using machine learning and advanced analytics to provide organisations with actionable insights that strengthen the security of their digital engagements.
- In September 2023, The partnership that has been established between Experian and Jumio marks a significant shift in the realm of identity verification, particularly in relation to KYC and AML adherence. Through this collaboration, the strengths of Jumio’s verification solutions powered by AI can be fused with Experian’s compliance and data analysis capabilities for purposes like enhanced fraud detection, guaranteed regulatory compliance, quicker onboarding processes, and fulfilling different industry requirements.
Identity Verification Key Market Trends
- Growing Adoption of AI and ML for Enhanced Fraud Detection: The global identity verification market is mirroring the way in which the fraud detection and prevention techniques are getting integrated with AI (Artificial Intelligence) soon. By detecting patterns, this smart algorithm makes the process more precise with respect to the verification activities undertaken.
- Surge in Multi-Factor Authentication Adoption Across Industries: A myriad of industries has witnessed increased use of Multi-Factor Authentication (MFA) as companies try to enhance their security standards. Users are required to provide several forms of verification (MFA) for access to systems including a password and a biometric scan or One-time Password (OTP). Since it lowers the likelihood of breaches and unwanted access, this method is the best option for protecting sensitive data.
Identity Verification Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, due to mounting regulatory pressure and an increase in fraud instances, the global identity verification market is expected to grow significantly. The demand for sophisticated verification systems that make use of AI, machine learning, and biometrics has increased due to the rise in complex fraud strategies. Enhanced security protocols are essential for safeguarding personal information and financial activities.
Europe is growing quickly due to digital transformation and strong data protection legislation, whereas North America is dominated by its technology infrastructure and severe regulations. Key trends that are reshaping the market, spurring innovation, and broadening its reach include the use of AI for fraud detection and multi-factor authentication.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.3 billion |
| Market size value in 2031 | USD 238.2 billion |
| Growth Rate | 14.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Identity Verification Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Identity Verification Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Identity Verification Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Identity Verification Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Identity Verification Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Identity Verification Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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