Identity Verification Market To Reach USD 18720 Million By 2029, Witnessing a CAGR of 28.7% | Valuates Reports

Identity (ID) Verification Market is Segmented by Type (Software, Services), by Application (BFSI, Retail and E-commerce, Tele and Gaming, Healthcare and Transport, Other) : Global Opportunity Analysis and Industry Forecast 2023–2029.  It is published in Valuates Reports under the Business ServicesCategory.

The global Identity (ID) Verification market was valued at USD 4118.5 million in 2022 and is anticipated to reach USD 18720 million by 2029, witnessing a CAGR of 28.7% during the forecast period 2023-2029.

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Major factors driving the growth of the Identity (ID) Verification Market 

The Identity Verification market is being driven ahead by the rising incidence of identity fraud and cybercrime, more excellent digitization activities, and expanding use cases for data security across industries. Additionally, initiatives by organizations and governments focused on digitalization and the use of cutting-edge technology in identity verification systems, such as automation, machine learning, and artificial intelligence, would offer promising futures for providers of identity verification services.

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The theft of identities is increasing. Recent high-profile data breaches that affected millions of customers have made security a major concern for all companies that have access to private customer information. Know Your Customer (KYC) requirements are increasingly being required to include accurate ID verification. Organizations may gain from having the right KYC technology and processes in place by keeping compliant and increasing consumer and the client trusts that they are taking the necessary precautions to secure their personal information. This factor is expected to drive the growth of the Identity Verification market.

Companies that create fintech software are increasingly conscious of the critical requirement for tools and systems that completely interact with banks’ current core technology. The majority of businesses are not likely to make significant modifications to their core processors any time soon since doing so is frequently too expensive to be justified, and doing so would also be risky if the new iteration did not operate as planned. The most recent ID-verification solutions were therefore developed with the need to integrate with modern CPUs in mind. This makes sure that ID-verification technology functions properly from the moment it is implemented rather than having to spend months fixing faults brought on by incompatibility problems. This factor is expected to drive the growth of the Identity Verification market.

Employee approval of remote work Since last year, working from home has become the new standard for employees everywhere. Since everyone in the office knows one another, communicating business information is easy. However, working remotely and without knowing who is actually behind the screen is a very different experience. Because of the increased risk of cyberattacks, businesses are using employee ID verification technologies. This factor is expected to drive the growth of the Identity Verification market.

In the most recent form of Internet commerce, organizations have constantly encountered issues ranging from more straightforward ones like client turnover brought on by cumbersome onboarding procedures to more intricate ones like synthetic identity fraud and difficulty with regulatory compliance. Organizations need means to remotely confirm consumers’ identities as digital ID and ID wallets are increasingly adopted; this is where the paint point comes into play.  To safeguard clients from fraud during the COVID-19 pandemic, some organizations stepped up their identity verification procedures. As people’s relationships with technology and digital devices have developed, businesses are shifting to digital channels and services.

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Identity verification industry leaders on a global scale include Jumio, Thales, Okta, GBG Plc, Onfido, etc. Over one-third of the worldwide market was occupied by the top five.

Based on application, banks are expected to hold the largest market share. Banks increasingly rely on identification technology to maintain the security and privacy of the personal information they have gathered on clients, employees, and business partners. Because they enable the creation of effective and secure procedures for access control and identity verification, identity management technologies are crucial in the financial services sector.

The largest region in the world for identity verification is North America. APAC and Europe made for around 10% and 37%, respectively, of the worldwide market, while North America accounted for over 48%. The expansion of government programs like smart cities, smart infrastructure, and digital identification-based driver’s licenses is anticipated to fuel the need for identity verification. expanding the use of many technologies, including blockchain, AI, and ML, for digital identity security.

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Key Companies:

  • Jumio
  • Veriff
  • Onfido
  • Trulioo
  • Sumsub
  • AU10TIX
  • Persona
  • Lightico
  • Ondato
  • Passbase
  • APLYiD
  • Smile Identity
  • Berbix
  • Shufti Pro
  • IDnow
  • Thales
  • Electronic Identification
  • GBG Plc
  • Okta

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