Global Identity Verification And Authentication Market Projected to Surpass $28.4 Billion by 2029 with 15.9% Annual Growth

What industry-specific factors are fueling the growth of the identity verification and authentication market?
The escalating instances of identity theft and cyber attacks are anticipated to be a catalyst for the growth of the identity verification and authentication market in the future. This surge corresponds to scenarios where personal information is illegitimately acquired and misused, and where computer systems and networks are targeted by harmful activities. The use of identity verification and authentication is a method to thwart identity theft and cyber violations by confirming user identities before enabling access to their accounts or financial systems, thereby barring unauthorized personnel from purloining personal data and engaging in fraudulent activities. For example, as reported by Experian PLC, an Irish business services organization, in October 2022, consumer identity theft complaints escalated by 3.3% to 1.43 million, and financial damage due to fraud shot up by 77% compared to the previous year, accumulating to over $6.1 billion. Moreover, data from the Australian Cyber Security Centre, an Australian cybersecurity institution, revealed that in 2022, they received 76,000 reports of cybercrime-an increase of 13% from the previous year. As such, the quickening pace of identity theft and cyber attacks is fueling the growth of the identity verification and authentication market.

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What Is the projected market size and growth rate for the identity verification and authentication market?
The market for identity verification and authentication has seen a swift expansion in recent years. It is expected to escalate from $13.52 billion in 2024 to $15.72 billion in 2025, recording a compound annual growth rate (CAGR) of 16.2%. The growth observed in the historic phase can be linked to factors such as increased cybersecurity threats, business globalization, consumer consciousness, incorporation with mobile devices, and regulatory compliance.

The market for identity verification and authentication is projected to experience a swift surge in the coming years, reaching a total value of $28.4 billion in 2029, with a compound annual growth rate (CAGR) of 15.9%. This vigorous growth in the forecast period is largely due to developments in biometrics, the incorporation of AI and machine learning, a surge in remote transactions, an amplified threat terrain and improvements in user experience. Key trends during this forecasted period comprise integration of blockchain technology, a rise in digital transactions, technological progress, the use of behavioural analytics for continuous authentication, and advancements in biometric authentication.

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What new trends are reshaping the identity verification and authentication market and its opportunities?
Leading companies within the identity verification and authentication market are concentrating their efforts on creating cutting-edge services like SaaS-based platforms for authenticating and confirming identities. This kind of platform falls under the software delivery model, wherein a third party provider hosts applications, which are then offered to clients via the internet. Notably, Doan Inc., a reputable American company renowned for its biometrics and identity assurance software, unveiled a SaaS-based platform known as Trust in April 2023. This tool was crafted to assist top-tier organizations globally in proficiently and precisely verifying and authenticating their customer's identities throughout their customer journey. Key features and advantages of Trust include smooth identity continuity, AI and machine learning enhancements, no-code orchestration with easy drag-and-drop features, modifiable workflows, real-time testing with an efficient rules engine, swift deployment meeting global standards, continuous updates, seamless integration, and available open APIs.

What major market segments define the scope and growth of the identity verification and authentication market?
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

Subsegments:
1) By Non-Biometrics: Password-Based Authentication, PIN-Based Authentication, Security Questions, One-Time Passwords (OTPs), Smart Cards And Tokens
2) By Biometrics: Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Palm Recognition, DNA-Based Authentication

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Which region dominates the identity verification and authentication market?
North America was the largest region in the identity verification and authentication market in 2024. 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.

Which key market leaders are driving the identity verification and authentication industry growth?
Major companies operating in the identity verification and authentication market report are IDEMIA, Nuance Communications Inc., Okta Inc., Ping Identity Corporation, One Span Inc., ForgeRock Inc., MiTek Systems Inc., Onida Limited, HYPR Corp., Window GmbH, Saviynt Inc., Tulio, Spurlock Security Inc., Signiant AS, Callsign Inc, Bio Catch Ltd., Secured Touch, Behaviors Inc., Face Phi, Secure Inc., Actant Inc., Doan Inc., Averno, Peridium Ltd., Image Ware Systems Inc.

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What Is Covered In The Identity Verification And Authentication Global Market Report?

•Market Size Forecast: Examine the identity verification and authentication market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the identity verification and authentication market for a structured understanding.
•Key Players Overview: Analyze major players in the identity verification and authentication market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the identity verification and authentication market.
•Segment Contributions: Evaluate how different segments drive overall growth in the identity verification and authentication market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the identity verification and authentication market.
•Industry Challenges: Identify potential risks and obstacles affecting the identity verification and authentication market.
•Competitive Landscape: Review strategic developments in the identity verification and authentication market, including expansions, agreements, and new product launches.

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