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Identity Verification Market Analysis

Report ID: GMI5522
Published Date: Mar 2023
Report Format: PDF

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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.

Identity Verification Market Share, By Application

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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.

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of identity verification crossed USD 5 billion in 2022 and is predicted to expand at over 20% CAGR between 2023 and 2032, attributed to the surging incidences of data security breaches, cyberattacks, and identity theft globally.

The access management segment is anticipated to be worth over USD 10 billion by 2032, given the capability of access management solutions to help organizations verify user identities before granting them access to business systems and information.

The BFSI segment is set to depict over 15% CAGR from 2023 to 2032, owing to the deployment of robust data security solutions across the BFSI sector to safeguard private and sensitive user data from unethical sources.

North America identity verification industry is poised to garner over USD 15 billion in revenue by 2032, aided by the early adoption of advanced technologies and the increasing public awareness about security measures in the region.