The global demand for Identity Verification Market is presumed to reach the market size of nearly USD 71.92 Billion by 2032 from USD 11.89 Billion in 2023 with a CAGR of 19.72% under the study period 2024 - 2032.
Identity verification is a process of proving that someone is whom they claim to be. Identity verification is essential for preventing identity theft and ensuring that people are who they claim when applying for government services, opening a new account, or receiving tax refunds. Without identity verification, one can open a fake account or take a loan in another person's name, assisting in committing financial fraud and destroying the victim's credit score. Set of documents that are recognized as identity proof are birth certificates, passports, official identification from the government etc.
Market Dynamics
Various organizations employ identity verification services to make sure that the data provided by users or customers is authentic. The identity verification solution ensures a high level of assurance with detailed attributes, including personal credentials, nationality & immigration status, identity document verification, and employment & business registration. The market for identity verification will expand due to the increasing number of identity-related frauds and data breaches. Financial accounts, retirement accounts & loyalty, and rewards programs, are targeted by cybercriminals. Therefore, increasing the frequency of identity thefts and data breaches would drive the market growth.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of identity verification. The growth and trends of identity verification industry provide a holistic approach to this study.
Market Segmentation
This section of the identity verification market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Component
By Type
- Biometrics
- Non- Biometrics
By Deployment Mode
By Organization Size
By Verticals
- BFSI
- Government And Defense
- Healthcare & Life Sciences
- Retail And Ecommerce
- IT & ITeS
- Energy And Utilities
- Others (Education, Travel, And Gaming)
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Identity Verification market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Identity Verification Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the identity verification market include Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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