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Identity Verification Market Size
Identity Verification Market size surpassed USD 5 billion in 2022 and is estimated to grow at over 20% CAGR from 2023 to 2032. The remarkable surge in incidences of cyberattacks and identity theft worldwide is set to favor the market growth.
Rapid digital transformation and the consistent growth in the usage of online services have caused a noticeable uptick in cases of identity-related fraud, prompting companies to implement stringent security measures. Digital identity verification is becoming paramount in domains where verified identity is required, such as digital services access and border controls. With government as well as private organizations globally pivoting toward digitizing their operations and workload, the demand for identity verification solutions and services will grow substantially in the foreseeable future.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 5 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 20% |
| 2032 Value Projection: | USD 55 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 464 |
| Segments covered: | Component, Deployment, Organization size, Type, Application, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Businesses with strict identity verification system requirements are susceptible to multiple breaches as they lack staff with adequate knowledge to understand the complexities of identity verification systems. Therefore, a lack of skilled professionals and technical expertise may limit the deployment of identity verification systems, which, in consequence, may hamper the identity verification market value. In contrast, initiatives undertaken by administrative authorities and corporations to accelerate digitalization and promote the adoption of cutting-edge technologies, such as AI, machine learning, and automation in identity verification systems, may create significant growth prospects for the market.
Identity Verification Market Analysis
Regarding the type, the identity verification market share from the non-biometric segment size is likely to expand at 20% CAGR through 2032, given the increasing acceptance of non-biometric identity verification systems for fraudulent ID detection, KYC/AML compliance, remote customer onboarding, and for business process automation. The integration of AI and ML technologies with identity verification solutions facilitates organizations to be more proactive and detect and remediate suspicious activity, intrusive requests for access, and unauthorized users very effectively.
Based on the application, the identity verification market value from the access management segment is predicted to reach USD 10 billion by 2032. Access management solutions help organizations verify user identities before providing them with the right level of access to business systems and information. This apart, the ability of access management services to enable businesses to protect their data from various security threats and cyber risks will further accentuate the market demand.
With respect to end-use, the BFSI segment will exhibit more than 15% CAGR during 2023 to 2032. The BFSI industry deals with sensitive and private data, including usernames, passwords, financial information, and other identifying credentials about customers. This has encouraged the BFSI sector to implement robust security measures such as identity verification to safeguard its data and resources against fraud and theft. The growing digitization of banking procedures, including digital onboarding and digital payments, intended to enhance the customer experience will boost the market revenue.
The North America identity verification market is slated to surpass USD 15 billion by 2032, owing to the early adoption of advanced technologies such as blockchain Al and ML for securing digital identities and the increasing public awareness about security measures in the region. For instance, in October 2022, Socure, the provider of fraud solutions and digital identity verification, announced its expansion in Canada. The move will help the company offer its eKYC, device ID, Case Management, Predictive DocV document verification, and behavioral biometrics in the region.
Identity Verification Market Share
Major players involved in the identity verification market are:
- Equifax, Inc.
- GB group PLC
- IBM Corporation
- IDEMIA
- iDenfyTM
- Intellicheck Inc.
- Jumio
- Keesing Technologies
- Mastercard Inc
- MicroBilt Corporation
- Microsoft Corporation
- Mitek Systems, Inc.
- Nord security
- Onfido ltd
- SEON Technologies Ltd.
- Shufti pro
- Slashdot Media
- TransUnion LLC
These companies are consistently focusing on new product launches to gain a competitive edge over others.
For instance, in December 2022, Thales launched a biometric solution, the Thales multimodal biometric pod. It is a reliable enrolment and identification solution which aids in the efficient management of border and immigration procedures for travelers. It offers a multimodal biometric capture and authentication solution, by enrolling and verifying travelers’ IDs at borders, by integrating iris and face recognition.
Impact of COVID-19 Pandemic
The COVID-19 pandemic posed new challenges for businesses as they acclimated to an operating model that defined working remotely as the new normal. Stringent restrictions imposed by several governments in response to the crisis encouraged employees to work from home, learn from home and even stay at home. As a result, technology took the front seat in both professional and personal lives. With businesses pivoting toward virtual applications and ditching traditional satire for professional meetings and discussions, the need to employ efficient data security solutions became increasingly critical. This encouraged companies to expand their digital footprints, and boost cybersecurity to deal with operational, reputational, legal, and compliance implications, thus favoring the growth of identity verification industry.
This identity verification market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Component:
- Solution
- Services
Market, By Deployment:
- On-premises
- Cloud
Market, By Organization Size:
- Large enterprise
- SME
Market, By Type:
- Biometric
- Non-biometric
Market, By Application:
- Access management
- Onboarding
- KYC & AML
- Authentication & verification
- Reusable identity
- Fraud prevention
Market, By End-Use:
- Manufacturing BFSI
- Retail & ecommerce
- Healthcare
- IT & ITeS
- Telecom
- Government & public sector
- Gaming and gambling
- Education
- Real estate & property
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Netherlands
- France
- Italy
- Belgium
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Singapore
- Latin America
- Brazil
- Mexico
- MEA
- Saudi Arabia
- UAE
- South Africa
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