Meticulous Research® Releases Comprehensive Report on the Global Identity Verification Market, Anticipating Growth to $30.6 Billion by 2031

Meticulous Research®, a prominent global leader in market intelligence, has published an extensive research report titled "Identity Verification Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (KYC, KYB), Sector (BFSI, Retail & E-commerce, Healthcare, Government, Education), and Geography - Global Forecast to 2031." This report provides an in-depth analysis of the rapidly evolving identity verification market and its future trajectory.

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According to the latest findings by Meticulous Research®, the global identity verification market is expected to surge to $30.6 billion by 2031, achieving a compound annual growth rate (CAGR) of 14.7% from 2024 to 2031. The market's robust expansion is primarily driven by the escalating occurrences of identity fraud and cybercrime, alongside the growing adoption of identity verification solutions within the BFSI (Banking, Financial Services, and Insurance) sector. However, the market faces challenges, including concerns over privacy and data breaches, which may hinder growth.

The report also highlights the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) into identity verification processes. This integration, coupled with the increasing need to secure business operations and ensure regulatory compliance, is expected to create substantial growth opportunities for market participants. Despite these opportunities, the high costs associated with implementing and maintaining identity verification solutions pose significant challenges to market growth. Additionally, the rising adoption of electronic Know Your Customer (e-KYC) processes is identified as a key trend influencing the market.

Key Industry Players
Key players operating in the identity verification market include GB Group plc (U.K.), Equifax Inc. (U.S.), LexisNexis Risk Solutions Inc. (A Subsidiary of RELX Group plc) (U.S.), Experian plc (Ireland), TransUnion LLC (A Subsidiary of TransUnion) (U.S.), Intellicheck, Inc. (U.S.), IDEMIA France SAS (France), Mitek Systems, Inc. (U.S.), HyperVerge Technologies Private Limited (India), AuthenticID Inc. (U.S.), Nuance Communications, Inc. (A Subsidiary of Microsoft Corporation) (U.S.), iDenfy (Lithuania), Securekey Group (Mauritius), Onfido (U.K.), and PXL Vision AG (Switzerland).

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Market Segmentation and Insights
• By Offering: The identity verification market is categorized into solutions and services. In 2024, the solutions segment is anticipated to dominate the market, accounting for 82.0% of the global market share. This dominance is attributed to the widespread adoption of identity verification solutions designed to minimize fraudulent activities, enhance customer experiences by streamlining and securing onboarding processes, and reduce the need for manual verification. The integration of AI and ML in biometric verification methods and the incorporation of identity verification with external data sources such as government databases and financial institutions further bolster the reliability and effectiveness of these solutions.

• By Deployment Mode: The market is segmented into on-premise and cloud-based deployments. The cloud-based deployments segment is projected to hold the largest market share in 2024, driven by the increasing adoption of cloud-based identity verification solutions for high-volume identity checks, subscription-based pricing models that reduce upfront costs, and the ability to authenticate identities across multiple locations. Additionally, the reliance on APIs for seamless integration with other business systems and platforms and the need to ensure compliance and mitigate risks further contribute to the segment's growth. This segment is expected to exhibit a higher CAGR of 19.0% during the forecast period.

• By Organization Size: The market is divided into large enterprises and small & medium-sized enterprises (SMEs). In 2024, large enterprises are expected to dominate the market, accounting for 67.0% of the global share. The adoption of identity verification solutions among large enterprises is driven by the need to mitigate risks associated with unauthorized access, insider threats, and data breaches. The integration of these solutions with access control systems to facilitate secure resource access and the utilization of identity verification for tracking employee attendance, monitoring remote work, and managing timekeeping systems are key factors contributing to this segment's growth. However, the SMEs segment is projected to grow at a faster pace, driven by the increasing need for robust security measures that do not require substantial capital investments.

• By Application: The identity verification market is segmented into Know Your Customer (KYC), Know Your Business (KYB), access control & user monitoring, fraud management & regulatory compliance, and other applications. The KYC segment is expected to lead the market in 2024, driven by the necessity for financial institutions to comply with KYC guidelines to combat fraud, money laundering, and terrorist financing. The increasing use of identity verification to streamline customer onboarding processes, enhance customer experiences, and reduce manual processes and administrative costs also contributes to this segment's growth. Meanwhile, the fraud management & regulatory compliance segment is anticipated to register the highest CAGR during the forecast period, fueled by the adoption of identity verification solutions in the BFSI sector to ensure regulatory compliance and mitigate fraud.

• By Sector: The market is segmented into BFSI, retail & e-commerce, healthcare, government, education, IT & telecom, aerospace & defense, energy & utilities, and other sectors. In 2024, the BFSI sector is expected to hold the largest market share of 29.0%, driven by the sector's need for real-time customer identification, streamlined KYC processes, and enhanced customer satisfaction through reduced wait times and automated AML processes. However, the retail & e-commerce sector is projected to experience the highest growth, driven by the need for secure digital identity management, prevention of theft, and improved hiring practices.

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Geographical Insights
The report provides a comprehensive geographical analysis, covering North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, the Asia-Pacific region is expected to dominate the global identity verification market, accounting for 36.0% of the market share. This dominance is attributed to the region's rapid digitalization, stringent regulatory frameworks in the BFSI sector, and the increasing adoption of identity verification solutions in the public sector. The Asia-Pacific market is also projected to register the highest CAGR of 16.0% during the forecast period.

Related Reports:
Digital Identity Management Solutions Market - https://www.meticulousresearch.com/product/digital-identity-management-solutions-market-5443
Industrial Control Systems Security Market - https://www.meticulousresearch.com/product/industrial-control-systems-security-market-5339
Access Control Market - https://www.meticulousresearch.com/product/access-control-market-5097
Cybersecurity Market - https://www.meticulousresearch.com/product/cybersecurity-market-5069
Cybersecurity Services Market - https://www.meticulousresearch.com/product/cybersecurity-services-market-5455

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This release was published on openPR.