Identity Verification And Authentication Market Size Projected To Reach $28.4 Billion By 2034 With A Cagr Of 15.9%

The Identity Verification And Authentication Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Identity Verification And Authentication Market?
The market for identity verification and authentication has witnessed swift growth in the past few years. It's forecasted to experience an increase from $13.52 billion in 2024 to $15.72 billion in 2025, maintaining a Compound Annual Growth Rate (CAGR) of 16.2%. The expansion during the historical timeline can be credited to factors such as the surge in cybersecurity threats, the worldwide reach of businesses, increased customer awareness, integration with smartphones, and regulatory compliance.

It is anticipated that the market size for identity verification and authentication will undergo swift expansion in the coming years. The market is projected to reach a value of $28.4 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.9%. This growth during the predicted period can be credited to advancements in biometrics, the integration of AI and machine learning, a rise in remote transactions, an expanded threat landscape, and enhancements in user experience. The forecast period is likely to see trends such as the integration of blockchain technology, a surge in digital transactions, technological progression, use of behavioral analytics for ongoing authentication, and advancements in biometric authentication.

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What Are the Different Identity Verification And Authentication Market 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

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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What Are the Primary Drivers Shaping the Identity Verification And Authentication Market?
The swift escalation in cases of identity theft and cyber threats is predicted to stimulate the expansion of the identity verification and authentication market in future. Incidents of unauthorized access and misuse of confidential personal information, as well as potential harms targeted at computer systems and networks are what constitute identity theft and cyber assaults. To ward off these cyber crimes, identity verification and authentication systems are deployed to confirm user identities prior to allowing access to their accounts or financial apparatus. This assists in blocking unauthorized parties from pilfering personal data and perpetrating fraud. For instance, Experian PLC, an Irish enterprise services firm, stated in October 2022 that the frequency of consumer identity theft complaints grew by 3.3% to 1.43 million, and that fraudulent financial losses rose by 77% over the last year, equaling more than $6.1 billion. Moreover, the Australian Cyber Security Centre, a cyber protection agency based in Australia, reported in February 2023 that cyber crime complaints in 2022 had swelled by 13% from the previous year to 76,000. Hence, the swift increase in identity theft incidences and cyber assaults is accelerating the expansion of the identity verification and authentication market.

Which Companies Are Leading in the Identity Verification And Authentication Market?
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.

What Trends Are Expected to Dominate the Identity Verification And Authentication Market in the Next 5 Years?
Significant players in the identity verification and authentication sector are prioritizing the development of pioneering solutions like SaaS-based platforms for identity affirmation and validation. This type of platform is a software provision model which involves a third-party service provider facilitating applications via the internet for clientele. In terms of identity authentication and verification, for instance, Doan, Inc., an American biometrics and identity assurance software firm, unveiled Trust, a SaaS-based platform targeted at identity proofing and verification in April 2023. This platform is designed to empower leading organizations globally to confirm, validate and certify customer identities throughout their entire journey effortlessly and precisely. Moreover, Trust offers a slew of unique features such as seamless identity continuity, optimization through AI and machine learning, a user-friendly and customizable interface with no coding required, real-time testing and an enhanced rules engine, swift deployment and adherence to global regulations, consistent improvement, integration, and accessible APIs.

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What Are the Top Revenue-Generating Geographies in 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Identity Verification And Authentication Market?
2. What is the CAGR expected in the Identity Verification And Authentication Market?
3. What Are the Key Innovations Transforming the Identity Verification And Authentication Industry?
4. Which Region Is Leading the Identity Verification And Authentication Market?

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