Identity Verification Market to Hit US$ 26.6 Billion by 2028: IMARC Group

How Big is the Identity Verification Market?

The global identity verification market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.6 Billion by 2028, exhibiting a growth rate (CAGR) of 17.1% during 2023-2028.

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What is Identity verification?

Identity verification is the process of authenticating the credentials of an individual for security purposes. It commonly uses smartphone applications, multi-factor authentication, document verification, web-based platforms, voice recognition, and biometrics systems for monitoring access requests. In addition to this, identity verification solutions also assist in confirming the nationality, immigration status, personal credentials, employment, business registration, etc. Consequently, they find extensive applications in several industries, including defense, military, information technology (IT), telecommunications, banking, financial services and insurance (BFSI), etc., across the globe.

What are the growth prospects and trends in the Identity verification?

The growing prevalence of cyber security attacks and the emerging trend of enterprise mobility are primarily driving the identity verification market. Additionally, the rising instances of fraudulent activities and identity thefts, the widespread adoption of data security, the implementation of stringent regulations by government bodies to comply with safety standards, and the inflating digitalization are further catalyzing the market growth. Besides this, the escalating demand for work-from-home (WFH) business models, on account of the sudden outbreak of the COVID-19 pandemic, is propelling the need for efficient verification solutions during the remote hiring of candidates, which is acting as another significant growth-inducing factor.

Moreover, the increasing integration of Artificial Intelligence (AI), cloud computing, Machine Learning (ML), and 360-degree Virtual Reality (VR) solutions with identity verification platforms is positively influencing the global market. Apart from this, they are also utilized by organizations to verify the identity of individuals when they are not physically present. Furthermore, banks and other financial institutions use anti-money laundering (AML) solutions to monitor customer risk and prevent new account frauds, which is expected to fuel the identity verification market over the forecasted period.

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Who are the key players operating in the industry?

The report covers the major market players including: 

Acuant Inc.
AuthenticID Inc.
Equifax Inc.
Experian PLC
Intellicheck Inc.
Jumio Corporation
Mastercard Inc.
Mitek Systems Inc.
Onfido
Thales Group
TransUnion and Trulioo.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

Biometrics
Non-Biometrics

Breakup by Component:

Solutions
Services

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Vertical:

BFSI
Government and Defense
Healthcare and Life Sciences
Retail and E-Commerce
IT and Telecommunication
Energy and Utilities
Others

Breakup by Region:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Key Highlights of the Report:       

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

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This release was published on openPR.