Digital Identity Verification Market Latest Trends and Analysis, Future Growth Study by 2030

Digital Identity Verification Market was valued at US$ 27.9 Bn. in 2022. Global Identity Verification Market size is estimated to grow at a CAGR of 20.4 % from 2022-2027.

Identity verification requests are a security measure that enables businesses to safeguard user and customer information and guarantee its accuracy. The most recent technologies, including machine learning, face-based biometrics, and artificial intelligence, are used for identity verification. Various industries, including BFSI, government and defence, healthcare and life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others, use these solutions and services to verify that the information provided by online users or customers is linked to the identity of a real person. Growing digitization initiatives and rising adoption of digital IDs across sectors are the primary growth drivers for the identity verification market. It is anticipated that all industries will experience an increase in regulations and the requirement to adhere to standards, particularly financial institutions.

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Market Dynamics:
Increasing digitalization with initiatives, such as eID, and smart infrastructure
As the world became more digitalized, it exposed a large number of identity frauds and compelled companies to implement stringent security measures. Identity verification has emerged as one of the crucial elements where verified identity is required, such as border controls and digital service access, as governments and the commercial sector throughout the world see an increase in digitization. Secure identity verification has become a key component of the online security of these areas thanks to international initiatives like electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports that use video analytics and liveness detection for ID verification. Throughout the anticipated time, these elements will propel the identity verification market.

Global Digital Identity Verification Market: Major Players
• LexisNexis
• Shufti Pro
• Veriff
• Trulioo
• Logalty Prueba por Interposición, S.L.
• Jumio
• Mati
• Equifax

Global Digital Identity Verification Market: Types
• Single-factor authentication
• Multi-factor authentication

Global Digital Identity Verification Market: Applications
• Large enterprises
• Small and Medium-sized Enterprises (SMEs)

Global Digital Identity Verification Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Digital Identity Verification market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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