Emerging Trends to Drive Identity Verification Software Market Growth at 16.3% CAGR Through 2029

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How Large Will the Identity Verification Software Market Size By 2025?
The market size of identity verification software has seen a swift expansion in the last few years. Its growth is projected to amplify from $12.7 billion in 2024 to $14.78 billion in 2025, with a compound annual growth rate (CAGR) of 16.4%. The historic growth of this market can be traced back to factors such as an escalated number of identity theft incidents, mounting regulatory obligations, an increase in digital transactions, wider acceptance of online payment systems, and a rise in cybercrime.

How Big Is the Identity Verification Software Market Size Expected to Grow by 2029?
The market for identity verification software is forecasted to experience a significant increase in size over the next few years, potentially reaching $27.08 billion by 2029 with a compound annual growth rate (CAGR) of 16.3%. This expected growth during the forecast period could be due to a surge in the need for remote identity verification solutions, expansion of e-commerce platforms, adoption of smart city initiatives, a greater focus on user privacy rights, and an increase in mobile banking and payment apps. Key trends predicted for this period include progression in document verification technology, development in remote identity verification technology, the fusion of identity verification with internet of things devices, blending of AI-powered fraud detection, as well as the amalgamation of AI and machine learning.

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Which Key Market Drivers Powering Identity Verification Software Market Expansion and Growth?
The rise in digital transactions is poised to boost the identity verification software market development in the future. Digital transactions, which involve the digital exchange of money or data without physical currency or paper, are growing due to increased smartphone usage, expansion of e-commerce, advancements in payment technologies, and the escalating embrace of mobile and contactless payment methods. The security and trustworthiness of these transactions are enhanced by identity verification software that validates user identities in real-time, mitigates the risk of fraud, ensures regulatory compliance, and simplifies authentication processes. For example, as per UK Finance Limited, a UK trade association, in July 2024, the share of adults registered for mobile payments rose significantly to 42% in 2023 from 30% in 2022. Furthermore, 34% of the population regularly used mobile contactless payments every month. Consequently, the swell in digital transactions is fueling the growth of the identity verification software market.

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Which Fast-Growing Trends Are Poised to Disrupt the Identity Verification Software Market?
Major players in the identity verification software market are focusing on the production of innovative platforms like the next-generation cloud-based platform to amplify security, scalability, and immediate identity authentication. A next-generation cloud-based platform is a highly advanced digital infrastructure that utilizes cloud computing, artificial intelligence, and automation to improve scalability, security, and business and application performance. For example, in April 2023, a Biometric company based in the US named Daon Inc., unveiled TrustX, a next-generation cloud-based platform, purposed for identity verification and authentication. This Software-as-a-Service (SaaS) solution facilitates the production and launch of user journeys throughout the digital identity lifecycle. TrustX, driven by artificial intelligence (AI) and machine learning (ML), boosts fraud protection and reduces user experience friction, enabling a more effective and precise identity verification.

What Are the Emerging Segments in the Identity Verification Software Market?
The identity verification softwaremarket 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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Identity Verification Software Industry?
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.

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