Identity Verification Market size to reach $55 Bn by 2032

Identity Verification Market size is anticipated to cross USD 55 Billion by 2032, according to a new research report by Global Market Insights Inc.
 

As per the report, an increased emphasis on enhancing the customer's digital onboarding experience is likely to bolster the adoption of identity verification systems during 2023 to 2032.
 

Enterprises in the market are implementing digital identity verification technologies to facilitate digital onboarding. Since it is a legal requirement, companies cannot skip the ID verification step. On the contrary, digitization can speed up the procedure. With the digital ID verification process, customers will have quicker access to the services, enhancing their experience with the company. Identity verification methods such as Biometric identity verification, Mobile ID Verification, and Video KYC are finding widespread usage across organizations of all capacities, which will positively influence market growth through 2032.
 

Furthermore, verification services, including blockchain-based identity verification, have reduced incidences of cyberattacks and vulnerabilities across organizations, which will benefit industry growth. Nonetheless, the rising trend of Bring Your Own Devices (BYOD) in organizations, KYC and AML, and identity verification in the healthcare sector will offer growth opportunities to the identity verification market.
 

Biometric identity verification systems to become popular due to their precise verification process

Based on type, the biometric segment held more than 65% market share in 2022. Biometric identity verification offers increased assurance of a person’s identity by verifying one or more distinguishing biological traits. Since these traits are unique for each individual, biometrics offers a quick and efficient way to identify and verify them. Biometric solutions use lock-and-capture mechanisms to verify individual identities with the help of fingerprint verification, voice, iris, and facial recognition.
 

Increasing incidences of digital money thefts to foster the adoption of fraud prevention systems

The identity verification market from the fraud prevention application segment is predicted to grow at 20% CAGR between 2023 and 2032. Identity verification facilitates fraud prevention by validating the identity of the person opening an account or making a transaction they claim to be. It can also validate a user's identity if there is any suspicious login attempt or strange online behavior such as large cash withdrawals and deposits and notify to take extra authentication steps.
 

Browse key industry insights spread across 300 pages with 432 market data tables and 32 figures & charts from the report, “Identity Verification Market Size By Component (Solution, Services), By Type (Biometric, Non-Biometric), By Deployment (On-premise, Cloud), By Organization Size, By Application (Access management, Onboarding, KYC & AML, Authentication & Verification, Reusable Identity, Fraud Prevention), By End-Use & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/identity-verification-market
 

Surging data breaches across the heathcare sector to boost product demand

The identity verification market size from the healthcare end-use segment is projected to surpass USD 5 Billion by 2032, attributed to the ability of identity verification solutions to help healthcare staff manage and access patients instantly. It helps validate and correct demographic data during pre-registration and check-in by immediately accessing the exact name, address, date of birth, and phone number of an individual. It also enables healthcare professionals to remotely identify patients to gain access to their data right away with the help of a digital identity verification system, thus favoring the market expansion.
 

Emerging digitization trends across regional economies to facilitate market demand across the Asia Pacific

Asia Pacific identity verification market will record over 25% share by 2032, credited to a number of factors, such as favorable government initiatives to reinforce eKYC to verify identities and combat identity-related fraud. For instance, the income tax department of India has made it mandatory to link PAN cards with Aadhaar cards to track individuals having multiple PAN cards to evade tax and reduce the possibility of fraudulent activities. Additionally, the evolving digital landscape across several regional economies will open new growth avenues for the regional market.
 

Partnerships to redefine the market dynamics

Major players involved in identity verification market include 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 & Thales.
 

These enterprises are consistently focusing on strengthening their strategic game to safeguard their market position. For instance, in October 2022, TransUnion LLC and Strivacity teamed up to enhance the customer sign-in journey by streamlining the identity verification process. Under this partnership, TruValidate Global Fraud Solutions by TransUnion will combine with the native identity verification capabilities of Strivacity, which will help customers validate the identity of users using TransUnion’s solution. Notably, the solution provides a comprehensive view of each consumer by linking proprietary data, personal data, device identifiers, and online behaviors.