Home > Media & Technology > Security and Surveillance > IT Security > Identity Verification Market

Identity Verification Market Size By Component (Solution, Services), By Type (Biometric, Non-Biometric), By Deployment (On-premise, Cloud), Organization Size, Application, End-Use & Global Forecast, 2023 - 2032

  • Report ID: GMI5522
  • Published Date: Mar 2023
  • Report Format: PDF

Identity Verification Market Size

Identity Verification Market size surpassed USD 5 billion in 2022 and is estimated to grow at over 20% CAGR from 2023 to 2032. The remarkable surge in incidences of cyberattacks and identity theft worldwide is set to favor the market growth.

Identity Verification Market

Rapid digital transformation and the consistent growth in the usage of online services have caused a noticeable uptick in cases of identity-related fraud, prompting companies to implement stringent security measures. Digital identity verification is becoming paramount in domains where verified identity is required, such as digital services access and border controls. With government as well as private organizations globally pivoting toward digitizing their operations and workload, the demand for identity verification solutions and services will grow substantially in the foreseeable future.

Businesses with strict identity verification system requirements are susceptible to multiple breaches as they lack staff with adequate knowledge to understand the complexities of identity verification systems. Therefore, a lack of skilled professionals and technical expertise may limit the deployment of identity verification systems, which, in consequence, may hamper the identity verification market value. In contrast, initiatives undertaken by administrative authorities and corporations to accelerate digitalization and promote the adoption of cutting-edge technologies, such as AI, machine learning, and automation in identity verification systems, may create significant growth prospects for the market.

Identity Verification Market Analysis

Regarding the type, the identity verification market share from the non-biometric segment size is likely to expand at 20% CAGR through 2032, given the increasing acceptance of non-biometric identity verification systems for fraudulent ID detection, KYC/AML compliance, remote customer onboarding, and for business process automation. The integration of AI and ML technologies with identity verification solutions facilitates organizations to be more proactive and detect and remediate suspicious activity, intrusive requests for access, and unauthorized users very effectively.

Identity Verification Market Share, By Application

Based on the application, the identity verification market value from the access management segment is predicted to reach USD 10 billion by 2032. Access management solutions help organizations verify user identities before providing them with the right level of access to business systems and information. This apart, the ability of access management services to enable businesses to protect their data from various security threats and cyber risks will further accentuate the market demand.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of identity verification crossed USD 5 billion in 2022 and is predicted to expand at over 20% CAGR between 2023 and 2032, attributed to the surging incidences of data security breaches, cyberattacks, and identity theft globally.

The access management segment is anticipated to be worth over USD 10 billion by 2032, given the capability of access management solutions to help organizations verify user identities before granting them access to business systems and information.

The BFSI segment is set to depict over 15% CAGR from 2023 to 2032, owing to the deployment of robust data security solutions across the BFSI sector to safeguard private and sensitive user data from unethical sources.

North America identity verification industry is poised to garner over USD 15 billion in revenue by 2032, aided by the early adoption of advanced technologies and the increasing public awareness about security measures in the region.

Identity Verification Market Scope

Buy Now

Premium Report Details

  • Base Year: 2022
  • Companies covered: 19
  • Tables & Figures: 464
  • Countries covered: 20
  • Pages: 300
 Download Free Sample