Press release
Identity Verification Software Market Set to Reach $10.16 Billion by 2029 with 26.5% Yearly Growth
Identity Verification Software
The expansion of digital transactions is anticipated to accelerate the identity verification software market's growth. Digital transactions encompass any electronically conducted transactions, exchanging data or money without utilizing physical cash or paper. The proliferation of digital transactions is credited to the ever-increasing smartphone use, e-commerce expansion, advancements in payment technologies, and the burgeoning adoption of contactless and mobile payment solutions. By authenticating user identities in real time, identity verification software bolsters the safety and credibility of digital transactions, minimizes fraudulent activity, guarantees regulatory adherence, and simplifies the authentication process. For example, UK Finance Limited, a UK-based trade group, reported in July 2024 that 42% of adults were registered for mobile payments in 2023, marking a rise from 30% in 2022. Moreover, 34% of the general populace utilized mobile contactless payments on a monthly basis. Consequently, the surge in digital transactions fosters the growth of the identity verification software market.
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What growth opportunities are expected to drive the identity verification software market's CAGR through 2034?
The market size for identity verification software has seen a rapid surge in recent years. The forecast suggests an upswing from $12.70 billion in 2024 to $14.85 billion in 2025, marking a compound annual growth rate (CAGR) of 16.9%. The historical growth can be traced back to factors such as a spike in identity theft incidents, escalated regulatory mandates, an increase in digital transactions, proliferation of online payment systems, and a rise in cybercrime activities.
The market size for identity verification software is anticipated to burgeon over the next few years, reaching an impressive $27.34 billion by 2029 with a compound annual growth rate of 16.5%. Factors fueling this projected surge in the period of forecast include the expanding need for remote identity verification solutions, the surging growth of e-commerce platforms, increased embracing of smart city programs, a growing focus on user privacy rights, and the rise in mobile banking and payment apps. Future trend predictions in the forecast period are centered around progress in document verification technology, advancements in remote identity verification technology, the amalgamation of identity verification with internet of things devices, the advent of AI-driven fraud detection, and the incorporation of artificial intelligence and machine learning.
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What are the emerging trends shaping the future of the identity verification software market?
Leading firms in the identity confirmation software industry are concentrating on the creation of innovative systems like cutting-edge cloud-based platforms to ensure advanced safety, scalability, and immediate identification validation. The term next-generation cloud-based platform is applied to sophisticated digital infrastructures that utilize cloud computing, AI, and automation to improve scalability, security, and business and app performance. For example, in April 2023, Daon Inc., a Biometric firm from the US, introduced TrustX, an innovative cloud-based platform for confirming and authenticating identities. This SaaS solution facilitates the crafting and implementation of user journeys across the digital identity spectrum. Fueled by artificial intelligence (AI) and machine learning (ML), TrustX boosts fraud detection and reduces hurdles in user interactions, paving the way for more effective and precise identity confirmation.
Which growth-oriented segments of the identity verification software market are leading the industry's development?
The identity verification software market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare And Life Science, Government And Defense, Retail And Ecommerce, Information Technology, Energies And Utilities, Other Industry Verticals
Subsegments:
1) By Software: Biometric Identity Verification Software, Document Verification Software, Identity Authentication Software, AI-Powered Identity Verification Software, Blockchain-Based Identity Verification Software
2) By Services: Consulting Services, Integration And Deployment Services, Managed Services, Support And Maintenance Services, Compliance And Risk Management Services
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What regions are leading the charge in the identity verification software market?
North America was the largest region in the identity verification software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the identity verification software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the identity verification software market?
Major companies operating in the identity verification software market are International Business Machines Corporation (IBM), Oracle Corporation, Mastercard Incorporated, Thales Group, Experian Limited, Equifax Inc., TransUnion LLC, IDEMIA Group, Okta Inc., Clear Secure Inc., GB Group plc, ID.me Inc., Jumio Corporation, Mitek Systems Inc., Socure Inc., IDnow GmbH, Trulioo Technology Inc., Veriff, Shufti Pro Ltd., Evident ID Inc.
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What Is Covered In The Identity Verification Software Global Market Report?
•Market Size Forecast: Examine the identity verification software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the identity verification software market for a structured understanding.
•Key Players Overview: Analyze major players in the identity verification software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the identity verification software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the identity verification software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the identity verification software market.
•Industry Challenges: Identify potential risks and obstacles affecting the identity verification software market.
•Competitive Landscape: Review strategic developments in the identity verification software market, including expansions, agreements, and new product launches.
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