The Expansion Of Digital Banking Fueling The Growth Of The Market Due To Increasing Need For Secure And Seamless Transactions: Strategic Insights Driving Digital Identity Verification Market Momentum in 2025

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How Large Will the Digital Identity Verification Market Size By 2025?_x000D_
The market size of digital identity verification has seen a quick expansion in the past few years. The growth is expected to move from $12.64 billion in 2024 to $14.78 billion in 2025, with a compound annual growth rate (CAGR) of 16.9%. Factors such as regulatory compliance demands, the rise of online banking, a surge in identity theft cases, digital progression in businesses, and initial uptake by financial institutions can explain the growth during the historical period._x000D_
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How Big Is the Digital Identity Verification Market Size Expected to Grow by 2029?_x000D_
The anticipated expansion of the digital identity verification market is poised to be swift and significant in the approaching years, with projections putting it at $27.82 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.1%. Factors contributing to this growth during the forecast period include the amplifying need for remote onboarding, the broadening of e-government services, an increased need to prevent fraud, the escalating spread of smartphones, and evolving regulations globally. Key trends forecasted for this period are advancements in biometric authentication, the growth of blockchain-based identity systems, breakthroughs in liveness detection, ongoing research and development, and the integration with devices related to the Internet of Things._x000D_
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Which Key Market Drivers Powering Digital Identity Verification Market Expansion and Growth?_x000D_
The proliferation of online banking is set to fuel the boom of the digital identity verification market in the future. Digital banking is the offering of financial services on digital platforms, which enables clients to address their banking necessities at any time and place. The surge in digital banking arises from an increasing demand for convenience, where customers can control their accounts, conduct transactions, and utilize services whenever and wherever they like, enhancing accessibility and user interaction. Digital identity verification bolsters security in the realm of digital banking through the implementation of biometrics, passwords, or authentication applications to verify the user's identity. This aids in averting fraud, ensuring regulatory compliance, and facilitating secure, smooth transactions, thereby building customer confidence. For example, in January 2024, the European Central Bank, a central bank based in Germany of the European Union nations, reported a 24.3% rise in the number of contactless card payments in the first half of 2023 from 20.9 billion in the same period the previous year. The consequent total value escalated by 25.9% to €0.5 trillion ($545.27 billion). Hence, the proliferation of digital banking is contributing to the expansion of the digital identity verification market._x000D_
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Which Fast-Growing Trends Are Poised to Disrupt the Digital Identity Verification Market?_x000D_
Significant players in the digital identity authentication market are concentrating on creating improved technologies like biometric verification to boost safety and simplify user identification procedures. This verification process, based on specific biological features such as fingerprints, face recognition, or iris scans, provides a potent and efficient method to confirm identity allowing only authorized individuals to access certain systems or services. To illustrate, Jumio, a US-based identity verification firm, introduced Jumio Liveness, an advanced liveness detection technology, in October 2024. This technology aims to fight sophisticated fraud activities like deepfakes and injection attacks while delivering a smooth user experience. Utilizing AI, the solution incorporates innovative biometric and anti-spoofing techniques, including real-time behavior analysis and compliance to ISO 30107-3, ensuring the physical presence and authenticity of users during the identity verification process. This improvement is particularly suited for industries needing stringent security measures, as it boosts fraud prevention without adding complexity._x000D_
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What Are the Emerging Segments in the Digital Identity Verification Market?_x000D_
The digital identity verificationmarket covered in this report is segmented - _x000D_
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1) By Component: Solutions, Services_x000D_
2) By Technology: Biometric Verification, Biometric Authentication, Document Verification, Video Verification, Artificial Intelligence (AI) And Machine Learning (ML) Integration, Other Technologies_x000D_
3) By Deployment Mode: Cloud-Based, On-Premises_x000D_
4) By Application: Identity Management, Access Control, Fraud Prevention, Customer Onboarding, Compliance And Regulatory Requirements, Remote User Verification_x000D_
5) By End-User: Banking, Financial Services, And Insurance (BFSI), Government And Defense, Healthcare, Retail And E-commerce, Information Technology And Telecommunications, Other End-Users_x000D_
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Subsegments:_x000D_
1) By Solutions: Identity Authentication, Identity Verification, Identity Document Verification, Biometrics, Liveness Detection, Risk And Compliance Solutions, Identity Proofing, Fraud Detection And Prevention_x000D_
2) By Services: Consulting, Integration And Implementation, Training And Education, Identity Monitoring, Technical Support, Outsourced Verification Services_x000D_
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Who Are the Global Leaders in the Digital Identity Verification Market?_x000D_
Major companies operating in the digital identity verification market are Oracle Corporation, SAP SE, Mastercard Inc., Thales Group S.A., LexisNexis Risk Solutions Group, Experian PLC, Equifax Inc., IDEMIA LLC, Ping Identity Corporation, Jumio Inc., OneSpan Inc., Mitek Systems Inc., Trulioo, Verrif, Shufti Pro, Socure, Sumsub, AU10TIX, Aware Inc., Idology Inc. _x000D_
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Which are the Top Profitable Regional Markets for the Digital Identity Verification Industry?_x000D_
North America was the largest region in the digital identity verification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital identity verification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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