Identity Verification And Authentication Market Forecast 2024-2033: Projected CAGR And Key Trends

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Identity Verification And Authentication Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $24.46 billion In 2028 At A CAGR Of 15.9% :

The identity verification and authentication market size has grown rapidly in recent years. It will grow from $11.63 billion in 2023 to $13.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to rising cybersecurity threats, globalization of businesses, consumer awareness, integration with mobile devices, regulatory compliance.

The identity verification and authentication market size is expected to see rapid growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to evolution of biometrics, AI and machine learning integration, rise in remote transactions, increased threat landscape, user experience enhancement. Major trends in the forecast period include blockchain technology integration, increasing digital transactions, technological advancements, behavioral analytics for continuous authentication, biometric authentication advancements.

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Identity Verification And Authentication Market Major Segments
The identity verification and authentication market covered in this report is segmented -

1) By Type: Non-Biometrics, Biometrics
2) By Component: Solutions, Services
3) By Deployment Type: On-Premise, Cloud
4) By Application: Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud
5) By Vertical: Banking Financial Services And Insurance (BFSI), Government And Defense, Energy And Utilities, Retail And Ecommerce, IT And Telecom, Healthcare, Gaming, Other Verticals

Key Driver - Role of Identity Verification and Authentication in Addressing Rising Cyber Threats

The rapid rise in identity theft cases and cyber attacks is expected to propel the growth of the identity verification and authentication market going forward. Identity theft cases and cyber attacks refer to incidents involving the unauthorized acquisition and misuse of personal information, as well as malicious activities targeting computer systems and networks. Identity verification and authentication are used to prevent identity theft and cyberattacks by verifying user identities before granting access to accounts or financial systems and can prevent unauthorized individuals from stealing personal data and committing fraud. For instance, in October 2022, according to Experian PLC, an Ireland-based business services company, the number of consumer identity theft complaints increased by 3.3% to 1.43 million, and financial losses from fraud increased by 77% from the previous year, totaling more than $6.1 billion. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber crime reports received were 76,000, up from 13% from the previous year. Therefore, the rapid rise in identity theft cases and cyber attacks is driving the growth of the identity verification and authentication market.

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Prominent Trend - Next-Generation SaaS-Based Platform for Identity Verification and Authentication

Major companies operating in the identity verification and authentication market are focusing on developing innovative solutions, such as SaaS-based platforms, for identity proofing and authentication. A SaaS-based platform is a software delivery model where a third-party provider hosts applications and makes them available to customers over the internet. In the context of identity verification and authentication. For instance, in April 2023, Daon, Inc., a US-based biometrics and identity assurance software company, launched TrustX, a SaaS-based platform for identity proofing and authentication. It is designed to support market-leading organizations worldwide in easily and accurately proofing, verifying, and authenticating customer identities across the entire customer lifecycle. Additionally, key features and benefits of TrustX include seamless identity continuity, artificial intelligence and machine learning optimization, no-code, drag-and-drop orchestration, customizable workflows, real-time testing and an optimized rules engine, fast deployment and global compliance, continuous improvements, integration, and open APIs.

Identity Verification And Authentication Market Players
Major companies operating in the identity verification and authentication market report are IDEMIA, Nuance Communications Inc., Okta Inc., Ping Identity Corporation, OneSpan Inc., ForgeRock Inc., Mitek Systems Inc., Onfido Limited, HYPR Corp., IDnow GmbH, Saviynt Inc., Trulioo, Plurilock Security Inc., Signicat AS, Callsign Inc, BioCatch Ltd., SecuredTouch, BehavioSec Inc., FacePhi, Socure Inc., Acuant Inc., Daon Inc., Averon, Veridium Ltd., ImageWare Systems Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the identity verification and authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the identity verification and authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Identity Verification And Authentication Market Report Structure
3. Identity Verification And Authentication Market Trends And Strategies
4. Identity Verification And Authentication Market - Macro Economic Scenario
5. Identity Verification And Authentication Market Size And Growth
…..
27. Identity Verification And Authentication Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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