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

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.