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Identity Verification Market Analysis
- Report ID: GMI5522
- Published Date: Mar 2023
- Report Format: PDF
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.
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.
With respect to end-use, the BFSI segment will exhibit more than 15% CAGR during 2023 to 2032. The BFSI industry deals with sensitive and private data, including usernames, passwords, financial information, and other identifying credentials about customers. This has encouraged the BFSI sector to implement robust security measures such as identity verification to safeguard its data and resources against fraud and theft. The growing digitization of banking procedures, including digital onboarding and digital payments, intended to enhance the customer experience will boost the market revenue.
The North America identity verification market is slated to surpass USD 15 billion by 2032, owing to the early adoption of advanced technologies such as blockchain Al and ML for securing digital identities and the increasing public awareness about security measures in the region. For instance, in October 2022, Socure, the provider of fraud solutions and digital identity verification, announced its expansion in Canada. The move will help the company offer its eKYC, device ID, Case Management, Predictive DocV document verification, and behavioral biometrics in the region.
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Identity Verification Market Scope
