Identity Verification Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Identity Verification Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Identity Verification Market

The identity verification market size was valued at USD 10.45 billion in 2023, and the market is now projected to grow from USD 1.97 billion in 2024 to USD 39.82 billion by 2032, exhibiting a CAGR of 16.2% during the forecast period of 2023-2032.

In the situation of COVID-19 pandemic, cybercrime cases have increased due to widespread adoption of remote labor and growing digital transformation. ID verification was critical during pandemic as they provide touchless verification services that help to control the infection across the globe.

The demand for identity verification systems is increasing fueling identity verification market growth. Global regulatory bodies are tightening KYC and AML compliance requirements, which in turn propelling market expansion. Due to world’s rapid digital change, AML and KYC standards are being revised on a regular basis and have expanded to incorporate more directives. Cooperate are boosting their vigilance and investing heavily to remain compliant and legal, to comply with severe laws, hence fueling identity verification market growth.

Additionally, due to rising threat of deepfakes to drive implementation of identification verification techniques in organizations will fuel market growth. Due to intricacy of deepfakes, organizations are implementing cutting edge Artificial intelligence and machine learning technology to detect abnormalities that people would find difficult to notice.

Comprehensive Analysis of Identity Verification Market

The identity verification market is rising with an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types of deployment, by type, by enterprise and by end users. The types of Deployment Model segment include On-Premises and Cloud, and By Type segment include Biometric Identification and Non-biometric Identification (Document Verification, Knowledge-based Verification, Two-Factor Authentication, and Others) while By Enterprise Type segment include Small and Medium-sized Enterprises and Large Enterprises. However, By End-user Industry segment include BFSI, E-commerce & Retail, Government, Healthcare & Life Sciences, IT & Telecom and Others.

In the identity verification market, North America region lead the identity devices market with a market size of USD 3.37 billion in 2023 owing to robust regulatory environment and adoption of biometric authentication.

The prominent players in the market play a crucial role in the identity verification industry assuring industrial prospectus growth and setting market standards. These players include, Onfido (U.K.), Jumio (U.S.), Thales Group (France), TransUnion (U.S.), Experian (Ireland), Equifax, Inc. (U.S.), Trulioo (Canada), Shufti Pro (U.K.), Mitek Systems, Inc. (U.S.) and DocuSign, Inc. (U.S.) these prominent market players provide a level-playing competitive landscape.

In February 2024, AU10TIX, an identity service provider has released a new KYB solution that assists organization in determining who they are doing business with and reducing potential financial and reputational damages, AU10TIX connects KYB with KYC processes to meet all KYB business’s needs.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 16.2% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type; By Power Source; By Sales Channel, By Application; and By Region

Segmentation By Deployment Model

- On-Premise

- Cloud

By Type

- Biometric Identification

- Non-biometric Identification

- Document Verification

- Knowledge-based Verification

- Two-Factor Authentication

- Others (Online Verification and others)

By Enterprise Type

- Small and Medium-sized Enterprises

- Large Enterprises

By End-user Industry

- BFSI

- E-commerce & Retail

- Government

- IT & Telecom

- Healthcare & Life Sciences

- Others (Education and Gaming & Entertainment)

By Region

- North America (By Deployment Model, By Type, By Enterprise Type, By End-user Industry, and By

- Country)

- U.S. (By End-user Industry)

- Canada (By End-user Industry)

- Mexico (By End-user Industry)

- South America (By Deployment Model, By Type, By Enterprise Type, By End-user Industry, and By

- Country)

- Brazil (By End-user Industry)

- Argentina (By End-user Industry)

- Rest of South America

- Europe (By Deployment Model, By Type, By Enterprise Type, By End-user Industry, and By Country)

- U.K. (By End-user Industry)

- Germany (By End-user Industry)

- France (By End-user Industry)

- Italy (By End-user Industry)

- Spain (By End-user Industry)

- Russia (By End-user Industry)

- Benelux (By End-user Industry)

- Nordics (By End-user Industry)

- Rest of Europe

- Middle East & Africa (By Deployment Model, By Type, By Enterprise Type, By End-user Industry, and

- By Country)

- Turkey (By End-user Industry)

- Israel (By End-user Industry)

- GCC (By End-user Industry)

- North Africa (By End-user Industry)

- South Africa (By End-user Industry)

- Rest of Middle East & Africa

- Asia Pacific (By deployment, By Type, By Enterprise, By End-User Industry, and By Country)

- China (By End-User Industry)

- Japan (By End-User Industry)

- India (By End-User Industry)

- South Korea (By End-User Industry)

- ASEAN (By End-User Industry)

- Oceania (By End-User Industry)

- Rest of Asia Pacific


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