2025 Identity Verification And Authentication Market Outlook: Key Indicators Shaping Growth Through 2034

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What Will the Identity Verification And Authentication Industry Market Size Be by 2025?
The market for identity verification and authentication has experienced significant expansion recently. The market is forecasted to increase from $13.52 billion in 2024 to $15.72 billion in 2025, marking a compound annual growth rate (CAGR) of 16.2%. Several factors have contributed to the growth throughout the historic period, such as escalating cybersecurity threats, the worldwide expansion of corporations, heightened consumer consciousness, mobile device integration, and regulatory adherence.

What's the Long-Term Growth Forecast for the Identity Verification And Authentication Market Size Through 2029?
The market for identity verification and authentication is forecasted to expand significantly in the coming years, reaching a size of $28.4 billion by 2029 with a compound annual growth rate (CAGR) of 15.9%. This projected upturn during the forecast period can be attributed to developments in biometrics, the incorporation of AI and machine learning, the proliferation of remote transactions, an escalated threat landscape, and improvements in user experience. Noteworthy trends in the forecast period encompass the incorporation of blockchain technology, a surge in digital transactions, technological progression, the use of behavioural analytics for continuous authentication, and advancements in biometric authentication.

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What Are the Key Growth Drivers Fueling the Identity Verification And Authentication Market Expansion?
The identity verification and authentication market is predicted to grow due to the recent surge in identity theft and cyber attacks. Incidents of identity theft and cyber attacks entail unauthorized acquisition and misuse of individual data and harmful acts directed towards digital systems and networks. These security measures authenticate user identities before providing access to accounts or financial systems, helping to deter illegal access and the resulting data theft and fraud. As an example, in October 2022, Experian PLC, a business services firm based in Ireland, reported a 3.3% increase in consumer identity theft complaints, elevating the total to 1.43 million. Additionally, there was a 77% increase in financial losses due to fraud from the previous year, amounting to over $6.1 billion. Moreover, the Australian Cyber Security Centre, a cybersecurity agency from Australia, noted that cybercrime reports increased by 13% from the previous year in 2022, reaching a total of 76,000 cases by February 2023. Consequently, the escalating instances of identity theft and cyber attacks are propelling the expansion of the identity verification and authentication market.

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What Are the Key Trends Driving Identity Verification And Authentication Market Growth?
Leading firms in the identity verification and authentication market are shifting their focus towards the creation of novel solutions such as SaaS-based platforms for identity confirmation and verification. SaaS, a software delivery structure where a third-party supplier hosts applications accessible to customers via the internet, is being increasingly implemented in identity verification and authentication. For instance, in April 2023, Doan, Inc., an American firm specializing in biometrics and identity assurance software, unveiled Trust, a SaaS-based platform designed to support top-tier organizations around the globe in accurately and efficiently verifying and authenticating customer identities throughout the customer's journey. Trust boasts features like smooth identity continuity, optimization through artificial intelligence and machine learning, customizable workflows and no-code, drag and-drop orchestration, real-time testing and an optimised rules engine, fast deployment, adherence to global compliance, continuous updates, and open APIs.

How Is the Identity Verification And Authentication Market Segmented?
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 Companies Are Leading the Charge in Identity Verification And Authentication Market Innovation?
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.

Which Regions Are Leading the Global Identity Verification And Authentication Market in Revenue?
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.

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