Global Identity Verification Market

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 News

  • 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.
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FAQs

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).

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. '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)'

Expanding Digitization Projects

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.

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.

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Global Identity Verification Market

Report ID: SQMIG45B2134

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