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Identity Verification Market Size

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

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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.

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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.

Identity Verification Market Report Attributes
Report Attribute	Details
Base Year:	2022
Identity Verification 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:	Growing AML and KYC regulatory requirement Increasing focus on customer experience for digital onboarding Rising incidences of identity theft and cyberattacks Growing digitalization initiatives Integration of AI and ML with Identity verification
Pitfalls & Challenges:	Lack of technical expertise High installation cost

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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.

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.