Identity Verification Market Size & Share 2023 to 2032
Market Size by Component (Solution, Services), by Type (Biometric, Non-Biometric), by Deployment (On-premise, Cloud), Organization Size, Application, End Use & Global Forecast.Download Free PDF
Report Content
Chapter 1 Methodology and Scope
1.1 Scope & definitions
1.2 Base estimates and calculations
1.3 Forecast calculations
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Identity verification industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment trends
2.6 Organization size trends
2.7 Type trends
2.8 Application trends
2.9 End-use trends
Chapter 3 Identity Verification Market Industry Insights
3.1 Impact of COVID-19 pandemic
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Patent analysis
3.5 Key initiative & news
3.5.1 New product launch
3.5.2 Partnership/collaboration
3.5.3 Merger/acqusition
3.5.4 Business expansion
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing AML and KYC regulatory requirement
3.8.1.2 Increasing focus on customer experience for digital onboarding
3.8.1.3 Rising incidences of identity theft and cyberattacks
3.8.1.4 Growing digitalization initiatives
3.8.1.5 Integration of AI and ML with Identity verification
3.8.2 Industry pitfalls & challenges
3.8.2.1 Lack of technical expertise
3.8.2.2 High installation cost
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape
4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Microsoft Corporation
4.3.2 Thales
4.3.3 IBM Corporation
4.3.4 TransUnion LLC
4.3.5 IDEMIA
4.4 Competitive analysis of innovation leaders, 2022
4.4.1 Shufti pro
4.4.2 Mitek Systems, Inc.
4.4.3 Intellicheck Inc.
4.5 Competitive positioning matrix
4.6 Strategic outlook matrix
Chapter 5 Identity Verification Market, By Component
5.1 Key trends, by component
5.2 Solution
5.2.1 Market estimates and forecast, 2018 – 2032
5.3 Service
5.3.1 Market estimates and forecast, 2018 – 2032
Chapter 6 Identity Verification Market, By Deployment
6.1 Key trends, by deployment
6.2 On-premise
6.2.1 Market estimates and forecast, 2018 – 2032
6.3 Cloud
6.3.1 Market estimates and forecast, 2018 – 2032
Chapter 7 Identity Verification Market, By Organization Size
7.1 Key trends, by organization size
7.2 Large enterprise
7.2.1 Market estimates and forecast, 2018 – 2032
7.3 SME
7.3.1 Market estimates and forecast, 2018 – 2032
Chapter 8 Identity Verification Market, By Type
8.1 Key trends, by type
8.2 Biometric
8.2.1 Market estimates and forecast, 2018 – 2032
8.3 Non-biometric
8.3.1 Market estimates and forecast, 2018 – 2032
Chapter 9 Identity Verification Market, By Application
9.1 Key trends, by application
9.2 Access management
9.2.1 Market estimates and forecast, 2018 – 2032
9.3 Onboarding
9.3.1 Market estimates and forecast, 2018 – 2032
9.4 KYC & AML
9.4.1 Market estimates and forecast, 2018 – 2032
9.5 Authentication & verification
9.5.1 Market estimates and forecast, 2018 – 2032
9.6 Reusable identity
9.6.1 Market estimates and forecast, 2018 – 2032
9.7 Fraud prevention
9.7.1 Market estimates and forecast, 2018 – 2032
Chapter 10 Identity Verification Market, By End- Use
10.1 Key trends, by end-use
10.2 BFSI
10.2.1 Market estimates and forecast, 2018 – 2032
10.3 Retail & ecommerce
10.3.1 Market estimates and forecast, 2018 – 2032
10.4 Healthcare
10.4.1 Market estimates and forecast, 2018 – 2032
10.5 IT & ITes
10.5.1 Market estimates and forecast, 2018 – 2032
10.6 Telecom
10.6.1 Market estimates and forecast, 2018 – 2032
10.7 Government & public sector
10.7.1 Market estimates and forecast, 2018 – 2032
10.8 Education
10.8.1 Market estimates and forecast, 2018 – 2032
10.9 Real estate & property
10.9.1 Market estimates and forecast, 2018 – 2032
10.10 Others
10.10.1 Market estimates and forecast, 2018 – 2032
Chapter 11 Identity Verification Market, By Region
11.1 Key trends, by region
11.2 North America
11.2.1 Market estimates and forecast, 2018-2032
11.2.2 Market estimates and forecast, by component, 2018 – 2032
11.2.3 Market estimates and forecast, by deployment, 2018 – 2032
11.2.4 Market estimates and forecast, by organization size, 2018 – 2032
11.2.5 Market estimates and forecast, by type, 2018 – 2032
11.2.6 Market estimates and forecast, by application, 2018 – 2032
11.2.7 Market estimates and forecast, by end-use, 2018 – 2032
11.2.8 U.S.
11.2.8.1 Market estimates and forecast, 2018-2032
11.2.8.2 Market estimates and forecast, by component, 2018 – 2032
11.2.8.3 Market estimates and forecast, by deployment, 2018 – 2032
11.2.8.4 Market estimates and forecast, by organization size, 2018 – 2032
11.2.8.5 Market estimates and forecast, by type, 2018 – 2032
11.2.8.6 Market estimates and forecast, by application, 2018 – 2032
11.2.8.7 Market estimates and forecast, by end-use, 2018 – 2032
11.2.9 Canada
11.2.9.1 Market estimates and forecast, 2018-2032
11.2.9.2 Market estimates and forecast, by component, 2018 – 2032
11.2.9.3 Market estimates and forecast, by deployment, 2018 – 2032
11.2.9.4 Market estimates and forecast, by organization size, 2018 – 2032
11.2.9.5 Market estimates and forecast, by type, 2018 – 2032
11.2.9.6 Market estimates and forecast, by application, 2018 – 2032
11.2.9.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3 Europe
11.3.1 Market estimates and forecast, 2018-2032
11.3.2 Market estimates and forecast, by component, 2018 – 2032
11.3.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.5 Market estimates and forecast, by type, 2018 – 2032
11.3.6 Market estimates and forecast, by application, 2018 – 2032
11.3.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.8 UK
11.3.8.1 Market estimates and forecast, 2018-2032
11.3.8.2 Market estimates and forecast, by component, 2018 – 2032
11.3.8.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.8.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.8.5 Market estimates and forecast, by type, 2018 – 2032
11.3.8.6 Market estimates and forecast, by application, 2018 – 2032
11.3.8.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.9 Germany
11.3.9.1 Market estimates and forecast, 2018-2032
11.3.9.2 Market estimates and forecast, by component, 2018 – 2032
11.3.9.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.9.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.9.5 Market estimates and forecast, by type, 2018 – 2032
11.3.9.6 Market estimates and forecast, by application, 2018 – 2032
11.3.9.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.10 Netherlands
11.3.10.1 Market estimates and forecast, 2018-2032
11.3.10.2 Market estimates and forecast, by component, 2018 – 2032
11.3.10.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.10.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.10.5 Market estimates and forecast, by type, 2018 – 2032
11.3.10.6 Market estimates and forecast, by application, 2018 – 2032
11.3.10.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.11 France
11.3.11.1 Market estimates and forecast, 2018-2032
11.3.11.2 Market estimates and forecast, by component, 2018 – 2032
11.3.11.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.11.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.11.5 Market estimates and forecast, by type, 2018 – 2032
11.3.11.6 Market estimates and forecast, by application, 2018 – 2032
11.3.11.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.12 Italy
11.3.12.1 Market estimates and forecast, 2018-2032
11.3.12.2 Market estimates and forecast, by component, 2018 – 2032
11.3.12.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.12.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.12.5 Market estimates and forecast, by type, 2018 – 2032
11.3.12.6 Market estimates and forecast, by application, 2018 – 2032
11.3.12.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.13 Belgium
11.3.13.1 Market estimates and forecast, 2018-2032
11.3.13.2 Market estimates and forecast, by component, 2018 – 2032
11.3.13.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.13.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.13.5 Market estimates and forecast, by type, 2018 – 2032
11.3.13.6 Market estimates and forecast, by application, 2018 – 2032
11.3.13.7 Market estimates and forecast, by end-use, 2018 – 2032
11.3.14 Spain
11.3.14.1 Market estimates and forecast, 2018-2032
11.3.14.2 Market estimates and forecast, by component, 2018 – 2032
11.3.14.3 Market estimates and forecast, by deployment, 2018 – 2032
11.3.14.4 Market estimates and forecast, by organization size, 2018 – 2032
11.3.14.5 Market estimates and forecast, by type, 2018 – 2032
11.3.14.6 Market estimates and forecast, by application, 2018 – 2032
11.3.14.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4 Asia Pacific
11.4.1 Market estimates and forecast, 2018-2032
11.4.2 Market estimates and forecast, by component, 2018 – 2032
11.4.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.5 Market estimates and forecast, by type, 2018 – 2032
11.4.6 Market estimates and forecast, by application, 2018 – 2032
11.4.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4.8 China
11.4.8.1 Market estimates and forecast, 2018-2032
11.4.8.2 Market estimates and forecast, by component, 2018 – 2032
11.4.8.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.8.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.8.5 Market estimates and forecast, by type, 2018 – 2032
11.4.8.6 Market estimates and forecast, by application, 2018 – 2032
11.4.8.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4.9 India
11.4.9.1 Market estimates and forecast, 2018-2032
11.4.9.2 Market estimates and forecast, by component, 2018 – 2032
11.4.9.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.9.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.9.5 Market estimates and forecast, by type, 2018 – 2032
11.4.9.6 Market estimates and forecast, by application, 2018 – 2032
11.4.9.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4.10 Japan
11.4.10.1 Market estimates and forecast, 2018-2032
11.4.10.2 Market estimates and forecast, by component, 2018 – 2032
11.4.10.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.10.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.10.5 Market estimates and forecast, by type, 2018 – 2032
11.4.10.6 Market estimates and forecast, by application, 2018 – 2032
11.4.10.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4.11 South Korea
11.4.11.1 Market estimates and forecast, 2018-2032
11.4.11.2 Market estimates and forecast, by component, 2018 – 2032
11.4.11.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.11.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.11.5 Market estimates and forecast, by type, 2018 – 2032
11.4.11.6 Market estimates and forecast, by application, 2018 – 2032
11.4.11.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4.12 ANZ
11.4.12.1 Market estimates and forecast, 2018-2032
11.4.12.2 Market estimates and forecast, by component, 2018 – 2032
11.4.12.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.12.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.12.5 Market estimates and forecast, by type, 2018 – 2032
11.4.12.6 Market estimates and forecast, by application, 2018 – 2032
11.4.12.7 Market estimates and forecast, by end-use, 2018 – 2032
11.4.13 Singapore
11.4.13.1 Market estimates and forecast, 2018-2032
11.4.13.2 Market estimates and forecast, by component, 2018 – 2032
11.4.13.3 Market estimates and forecast, by deployment, 2018 – 2032
11.4.13.4 Market estimates and forecast, by organization size, 2018 – 2032
11.4.13.5 Market estimates and forecast, by type, 2018 – 2032
11.4.13.6 Market estimates and forecast, by application, 2018 – 2032
11.4.13.7 Market estimates and forecast, by end-use, 2018 – 2032
11.5 Latin America
11.5.1 Market estimates and forecast, 2018-2032
11.5.2 Market estimates and forecast, by component, 2018 – 2032
11.5.3 Market estimates and forecast, by deployment, 2018 – 2032
11.5.4 Market estimates and forecast, by organization size, 2018 – 2032
11.5.5 Market estimates and forecast, by type, 2018 – 2032
11.5.6 Market estimates and forecast, by application, 2018 – 2032
11.5.7 Market estimates and forecast, by end-use, 2018 – 2032
11.5.8 Brazil
11.5.8.1 Market estimates and forecast, 2018-2032
11.5.8.2 Market estimates and forecast, by component, 2018 – 2032
11.5.8.3 Market estimates and forecast, by deployment, 2018 – 2032
11.5.8.4 Market estimates and forecast, by organization size, 2018 – 2032
11.5.8.5 Market estimates and forecast, by type, 2018 – 2032
11.5.8.6 Market estimates and forecast, by application, 2018 – 2032
11.5.8.7 Market estimates and forecast, by end-use, 2018 – 2032
11.5.9 Mexico
11.5.9.1 Market estimates and forecast, 2018-2032
11.5.9.2 Market estimates and forecast, by component, 2018 – 2032
11.5.9.3 Market estimates and forecast, by deployment, 2018 – 2032
11.5.9.4 Market estimates and forecast, by organization size, 2018 – 2032
11.5.9.5 Market estimates and forecast, by type, 2018 – 2032
11.5.9.6 Market estimates and forecast, by application, 2018 – 2032
11.5.9.7 Market estimates and forecast, by end-use, 2018 – 2032
11.6 MEA
11.6.1 Market estimates and forecast, 2018-2032
11.6.2 Market estimates and forecast, by component, 2018 – 2032
11.6.3 Market estimates and forecast, by deployment, 2018 – 2032
11.6.4 Market estimates and forecast, by organization size, 2018 – 2032
11.6.5 Market estimates and forecast, by type, 2018 – 2032
11.6.6 Market estimates and forecast, by application, 2018 – 2032
11.6.7 Market estimates and forecast, by end-use, 2018 – 2032
11.6.8 Saudi Arabia
11.6.8.1 Market estimates and forecast, 2018-2032
11.6.8.2 Market estimates and forecast, by component, 2018 – 2032
11.6.8.3 Market estimates and forecast, by deployment, 2018 – 2032
11.6.8.4 Market estimates and forecast, by organization size, 2018 – 2032
11.6.8.5 Market estimates and forecast, by type, 2018 – 2032
11.6.8.6 Market estimates and forecast, by application, 2018 – 2032
11.6.8.7 Market estimates and forecast, by end-use, 2018 – 2032
11.6.9 UAE
11.6.9.1 Market estimates and forecast, 2018-2032
11.6.9.2 Market estimates and forecast, by component, 2018 – 2032
11.6.9.3 Market estimates and forecast, by deployment, 2018 – 2032
11.6.9.4 Market estimates and forecast, by organization size, 2018 – 2032
11.6.9.5 Market estimates and forecast, by type, 2018 – 2032
11.6.9.6 Market estimates and forecast, by application, 2018 – 2032
11.6.9.7 Market estimates and forecast, by end-use, 2018 – 2032
11.6.10 South Africa
11.6.10.1 Market estimates and forecast, 2018-2032
11.6.10.2 Market estimates and forecast, by component, 2018 – 2032
11.6.10.3 Market estimates and forecast, by deployment, 2018 – 2032
11.6.10.4 Market estimates and forecast, by organization size, 2018 – 2032
11.6.10.5 Market estimates and forecast, by type, 2018 – 2032
11.6.10.6 Market estimates and forecast, by application, 2018 – 2032
11.6.10.7 Market estimates and forecast, by end-use, 2018 – 2032
Chapter 12 Company Profiles
12.1 Equifax, Inc.
12.1.1 Business Overview
12.1.2 Financial Data
12.1.3 Product Landscape
12.1.4 Strategic Outlook
12.1.5 SWOT Analysis
12.2 GB group PLC
12.2.1 Business Overview
12.2.2 Financial Data
12.2.3 Product Landscape
12.2.4 Strategic Outlook
12.2.5 SWOT Analysis
12.3 IBM Corporation
12.3.1 Business Overview
12.3.2 Financial Data
12.3.3 Product Landscape
12.3.4 Strategic Outlook
12.3.5 SWOT Analysis
12.4 IDEMIA
12.4.1 Business Overview
12.4.2 Financial Data
12.4.3 Product Landscape
12.4.4 Strategic Outlook
12.4.5 SWOT Analysis
12.5 iDenfyTM
12.5.1 Business Overview
12.5.2 Financial Data
12.5.3 Product Landscape
12.5.4 Strategic Outlook
12.5.5 SWOT Analysis
12.6 Intellicheck Inc.
12.6.1 Business Overview
12.6.2 Financial Data
12.6.3 Product Landscape
12.6.4 Strategic Outlook
12.6.5 SWOT Analysis
12.7 Jumio
12.7.1 Business Overview
12.7.2 Financial Data
12.7.3 Product Landscape
12.7.4 Strategic Outlook
12.7.5 SWOT Analysis
12.8 Keesing Technologies
12.8.1 Business Overview
12.8.2 Financial Data
12.8.3 Product Landscape
12.8.4 Strategic Outlook
12.8.5 SWOT Analysis
12.9 Mastercard Inc
12.9.1 Business Overview
12.9.2 Financial Data
12.9.3 Product Landscape
12.9.4 Strategic Outlook
12.9.5 SWOT Analysis
12.10 MicroBilt Corporation
12.10.1 Business Overview
12.10.2 Financial Data
12.10.3 Product Landscape
12.10.4 Strategic Outlook
12.10.5 SWOT Analysis
12.11 Microsoft Corporation
12.11.1 Business Overview
12.11.2 Financial Data
12.11.3 Product Landscape
12.11.4 Strategic Outlook
12.11.5 SWOT Analysis
12.12 Mitek Systems, Inc.
12.12.1 Business Overview
12.12.2 Financial Data
12.12.3 Product Landscape
12.12.4 Strategic Outlook
12.12.5 SWOT Analysis
12.13 Nord Security
12.13.1 Business Overview
12.13.2 Financial Data
12.13.3 Product Landscape
12.13.4 Strategic Outlook
12.13.5 SWOT Analysis
12.14 Onfido ltd
12.14.1 Business Overview
12.14.2 Financial Data
12.14.3 Product Landscape
12.14.4 Strategic Outlook
12.14.5 SWOT Analysis
12.15 SEON Technologies Ltd.
12.15.1 Business Overview
12.15.2 Financial Data
12.15.3 Product Landscape
12.15.4 Strategic Outlook
12.15.5 SWOT Analysis
12.16 Shufti pro
12.16.1 Business Overview
12.16.2 Financial Data
12.16.3 Product Landscape
12.16.4 Strategic Outlook
12.16.5 SWOT Analysis
12.17 Slashdot Media
12.17.1 Business Overview
12.17.2 Financial Data
12.17.3 Product Landscape
12.17.4 Strategic Outlook
12.17.5 SWOT Analysis
12.18 TransUnion LLC
12.18.1 Business Overview
12.18.2 Financial Data
12.18.3 Product Landscape
12.18.4 Strategic Outlook
12.18.5 SWOT Analysis
12.19 Thales Group
12.19.1 Business Overview
12.19.2 Financial Data
12.19.3 Product Landscape
12.19.4 Strategic Outlook
12.19.5 SWOT Analysis
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Starting at: $2,450
Base Year: 2022
Companies Profiled: 19
Tables and Figures: 464
Countries covered: 20
Pages: 300
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Base Year: 2022
Companies Profiled: 19
Tables and Figures: 464
Countries covered: 20
Pages: 300
Download Free PDF
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Preeti Wadhwani. 2023, March. 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). Global Market Insights Inc. Retrieved September 2, 2026, from https://www.gminsights.com/toc/details/identity-verification-market
Identity Verification Market
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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.
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.
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.
Identity Verification Market Share
Major players involved in the identity verification market are:
These companies are consistently focusing on new product launches to gain a competitive edge over others.
For instance, in December 2022, Thales launched a biometric solution, the Thales multimodal biometric pod. It is a reliable enrolment and identification solution which aids in the efficient management of border and immigration procedures for travelers. It offers a multimodal biometric capture and authentication solution, by enrolling and verifying travelers’ IDs at borders, by integrating iris and face recognition.
Impact of COVID-19 Pandemic
The COVID-19 pandemic posed new challenges for businesses as they acclimated to an operating model that defined working remotely as the new normal. Stringent restrictions imposed by several governments in response to the crisis encouraged employees to work from home, learn from home and even stay at home. As a result, technology took the front seat in both professional and personal lives. With businesses pivoting toward virtual applications and ditching traditional satire for professional meetings and discussions, the need to employ efficient data security solutions became increasingly critical. This encouraged companies to expand their digital footprints, and boost cybersecurity to deal with operational, reputational, legal, and compliance implications, thus favoring the growth of identity verification industry.
This identity verification market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
Market, By Component:
Market, By Deployment:
Market, By Organization Size:
Market, By Type:
Market, By Application:
Market, By End-Use:
The above information has been provided for the following regions and countries: