Identity Verification Market Size & Share, by Component Type (Solutions, Services); Verification Type (Knowledge-Based Authentication, SMS-Based Two Factor Authentication, IC Chip-Based Authentication, Database Solutions, AL/ML-Based Authentication, Biometric Authentication); Deployment Type (Cloud, On-Premise); Organization (SMEs, Large Enterprises) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

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Report ID: 3713
Published Date: Dec 24, 2024
Report Format: PDF, PPT

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Global Identity Verification Market TOC

Market Definition
1. Definition
2. Market Segmentation
Assumptions and Acronyms
Research Methodology
1. Research Process
2. Primary Research
3. Secondary Research
Executive Summary – Global Identity Verification Market
Market Dynamics
1. Market Drivers
2. Market Trends
Key Market Opportunities
Major Roadblocks for the Market Growth
Regulatory and Standards Landscape
Industry Risk Analysis
Impact of COVID-19 on the Identity Verification Market
Assessment on the Demand of Identity Verification
Competitive Landscape
1. Market Share Analysis, 2020
2. Competitive Benchmarking
3. Company Profiles
  1. Experian plc
  2. Mastercard International Incorporated
  3. Equifax, Inc.
  4. Mitek Systems, Inc.
  5. LexisNexis Risk Solutions Group
  6. Acuant, Inc.
  7. Onfido, Liquid Inc.
  8. Intellicheck, Inc.
  9. IDEMIA
Product Feature Analysis
Competitive Positioning
Global Identity Verification Market 2020-2030
1. Market Overview
2. By Value (USD Million)
Global Identity Verification Market – Segmentation Analysis 2020-2030
1. Component Type
  1. Solutions, 2020-2030F (USD Million)
    1. Document Verification, 2020-2030F (USD Million)
    2. Identity Authentication, 2020-2030F (USD Million)
    3. Digital Identity Verification, 2020-2030F (USD Million)
    4. AML Screening and Monitoring, 2020-2030F (USD Million)
    5. Business Verification, 2020-2030F (USD Million)
    6. Others, 2020-2030F (USD Million)
  2. Services, 2020-2030F (USD Million)
    1. Professional Services, 2020-2030F (USD Million)
    2. Managed Services, 2020-2030F (USD Million)
2. Verification Type
  1. Knowledge-Based Authentication, 2020-2030F (USD Million)
  2. SMS-Based Two Factor Authentication, 2020-2030F (USD Million)
  3. IC Chip-Based Authentication, 2020-2030F (USD Million)
  4. Database Solutions, 2020-2030F (USD Million)
  5. AL/ML-Based Authentication, 2020-2030F (USD Million)
  6. Biometric Authentication, 2020-2030F (USD Million)
  7. Others, 2020-2030F (USD Million)
3. Deployment Type
  1. Cloud, 2020-2030F (USD Million)
  2. On-Premise, 2020-2030F (USD Million)
4. Organization Size Type
  1. Small & Medium Enterprises, 2020-2030F (USD Million)
  2. Large Enterprises, 2020-2030F (USD Million)
5. End-User Industry Type
  1. BFSI, 2020-2030F (USD Million)
  2. Government & Defense, 2020-2030F (USD Million)
  3. Retail, 2020-2030F (USD Million)
  4. Healthcare, 2020-2030F (USD Million)
  5. IT & Telecom, 2020-2030F (USD Million)
  6. Entertaining & Gaming, 2020-2030F (USD Million)
  7. Transportation, Logistics, & Mobility, 2020-2030F (USD Million)
  8. Energy & Utility, 2020-2030F (USD Million)
  9. Hospitality, 2020-2030F (USD Million)
  10. Others, 2020-2030F (USD Million)
6. Region
  1. North America, 2020-2030F (USD Million)
  2. Europe, 2020-2030F (USD Million)
  3. Asia Pacific, 2020-2030F (USD Million)
  4. Latin America, 2020-2030F (USD Million)
  5. Middle East & Africa, 2020-2030F (USD Million)
7. Cross Analysis of Identity Verification End-User Industry w.r.t. Verification Type, 2020
North America Identity Verification Market
1. Market Overview
2. Market Value (USD Million)
3. Market Segmentation by:
  1. Component Type
    1. Solutions, 2020-2030F (USD Million)
      1. Document Verification, 2020-2030F (USD Million)
      2. Identity Authentication, 2020-2030F (USD Million)
      3. Digital Identity Verification, 2020-2030F (USD Million)
      4. AML Screening and Monitoring, 2020-2030F (USD Million)
      5. Business Verification, 2020-2030F (USD Million)
      6. Others, 2020-2030F (USD Million)
    2. Services, 2020-2030F (USD Million)
      1. Professional Services, 2020-2030F (USD Million)
      2. Managed Services, 2020-2030F (USD Million)
  2. Verification Type
    1. Knowledge-Based Authentication, 2020-2030F (USD Million)
    2. SMS-Based Two Factor Authentication, 2020-2030F (USD Million)
    3. IC Chip-Based Authentication, 2020-2030F (USD Million)
    4. Database Solutions, 2020-2030F (USD Million)
    5. AL/ML-Based Authentication, 2020-2030F (USD Million)
    6. Biometric Authentication, 2020-2030F (USD Million)
    7. Others, 2020-2030F (USD Million)
  3. Deployment Type
    1. Cloud, 2020-2030F (USD Million)
    2. On-Premise, 2020-2030F (USD Million)
  4. Organization Size Type
    1. Small & Medium Enterprises, 2020-2030F (USD Million)
    2. Large Enterprises, 2020-2030F (USD Million)
  5. End-User Industry Type
    1. BFSI, 2020-2030F (USD Million)
    2. Government & Defense, 2020-2030F (USD Million)
    3. Retail, 2020-2030F (USD Million)
    4. Healthcare, 2020-2030F (USD Million)
    5. IT & Telecom, 2020-2030F (USD Million)
    6. Entertaining & Gaming, 2020-2030F (USD Million)
    7. Transportation, Logistics, & Mobility, 2020-2030F (USD Million)
    8. Energy & Utility, 2020-2030F (USD Million)
    9. Hospitality, 2020-2030F (USD Million)
    10. Others, 2020-2030F (USD Million)
  6. Country
    1. United States
    2. Canada
Europe Identity Verification Market
1. Market Overview
2. Market Value (USD Million)
3. Market Segmentation by:
  1. Component Type
  2. Verification Type
  3. Deployment Type
  4. Organization Size Type
  5. End-User Industry Type
  6. Country
    1. United Kingdom
    2. Germany
    3. Italy
    4. France
    5. Spain
    6. Russia
    7. Netherlands
    8. Rest of Europe
Asia Pacific Identity Verification Market
1. Market Overview
2. Market Value (USD Million)
3. Market Segmentation by:
  1. Component Type
  2. Verification Type
  3. Deployment Type
  4. Organization Size Type
  5. End-User Industry Type
  6. Country
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Australia
    6. Rest of Asia Pacific
Latin America Identity Verification Market
1. Market Overview
2. Market Value (USD Million)
3. Market Segmentation by:
  1. Component Type
  2. Verification Type
  3. Deployment Type
  4. Organization Size Type
  5. End-User Industry Type
  6. Country
    1. Brazil
    2. Argentina
    3. Mexico
    4. Rest of Latin America
Middle East & Africa Identity Verification Market
1. Market Overview
2. Market Value (USD Million)
3. Market Segmentation by:
  1. Component Type
  2. Verification Type
  3. Deployment Type
  4. Organization Size Type
  5. End-User Industry Type
  6. Country
    1. GCC
    2. Israel
    3. South Africa
    4. Rest of Middle East & Africa
Analyst Review

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

Identity Verification Market size was valued at USD 13.23 billion in 2024 and is expected to reach USD 96.34 billion by 2037, registering around 16.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of identity verification is assessed at USD 15.09 billion.

The growth of the market can be attributed to the growing number of fraudulent activities, such as identity theft & cyberattack worldwide, and the rising awareness amongst businesses as well as governmental institutions for the adoption of identity theft protection services to avoid such fraudulent activities. According to the statistics by the Consumer Sentinel Network of the Federal Trade Commission (FTC) of the United States, the total number of identity theft cases recorded in the United States in the year 2020 was 1387615 cases, registering the highest share of 29.39% amongst all other categories. Besides this, with the surge in internet use globally, and the rise in the number of users using online banking services, there is a growing need amongst individuals to safeguard their personal data, which also includes loads of financial information. The identity verification systems provide cyber security by helping businesses safeguard their customer’s personal data, such as names, addresses, email IDs, passwords, and others from cyber criminals and also help in fraud detection and prevention. Such factors are therefore anticipated to drive the growth of the global identity verification market in the coming years.

The market is also anticipated to grow on account of the growing initiatives of the government of countries worldwide to form stringent policies and address the rising prevalence of online security. Several nations around the globe are increasingly opting for solutions, such as know your customer (KYC) and anti-money laundering (AML). Moreover, with the increasing trends of bring your own device (BYOD), organizations are working on formulating policies and standards to adopt zero trust security features.

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Identity Verification Sector: Growth Drivers and Challenges

Growth Drivers

Rising Incidences of Identity Theft and Cyberattack
Increasing Initiatives by the Government to Promote Cyber Security

Challenges

High Cost of Deployment

Identity Verification Market: Key Insights

Base Year	2024
Forecast Year	2025-2037
CAGR	16.5%
Base Year Market Size (2024)	USD 13.23 billion
Forecast Year Market Size (2037)	USD 96.34 billion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Identity Verification Segmentation

The global identity verification market is segmented by component type into solutions, and services, out of which, the services segment is anticipated to grow with the highest CAGR of 16.80% during the forecast period. Further, by verification type, the market is segmented into knowledge-based authentication, SMS-based two factor authentication, IC chip-based authentication, database solutions, AL/ML-based authentication, biometric authentication, and others. Out of these, the biometric authentication segment is anticipated to garner the largest revenue of USD 11702.06 Million by the end of 2030, up from a revenue of USD 2634.46 Million in the year 2020. By deployment type, the market is segmented into cloud, and on-premise, out of which, the cloud segment is anticipated to grow with the highest CAGR of 17.08% during the forecast period. By organization size, the market is segmented into small & medium enterprises, and large enterprises. Out of these, the small & medium enterprises segment is anticipated to grow with the highest CAGR during the forecast period. The market is also segmented on the basis of end-user industry into BFSI, government & defense, retail, healthcare, IT & telecom, entertainment & gaming, transportation, logistics, & mobility, energy & utility, hospitality, and others. Out of these, the BFSI segment is anticipated to register the largest revenue of USD 9852.40 Million by the end of 2030, up from a revenue of USD 2180.38 Million in the year 2020.

Our in-depth analysis of the global market includes the following segments:

Component Type	Solutions Services
Verification Type	Knowledge-Based Authentication SMS-Based Two Factor Authentication IC Chip-Based Authentication Database Solutions AL/ML-Based Authentication Biometric Authentication
Deployment Type	Cloud On-Premise
Organization	SMEs Large Enterprises

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Regionally, the global identity verification market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is poised to account for largest revenue share of 38% by 2037, attributed to availability of stringent government norms and policies to reduce cybercrime activities, as well growing prevalence of identity thefts in the region can primarily be attributed to the availability of stringent government norms and policies to reduce cybercrime activities, as well the growing prevalence of identity thefts in the region. In the other statistics by the Consumer Sentinel Network of the FTC, the total number of frauds, identity theft and other reports recorded in the United States grew from 325519 cases in the year 2001 to 4720743 cases in the year 2020.

On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 17.44% during the forecast period. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of these, the market in China is expected to generate the largest revenue of USD 3550.32 Million by the end of 2030, up from a revenue of USD 677.93 Million in the year 2020.

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Companies Dominating the Identity Verification Landscape

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global identity verification market that are included in our report are

Experian plc,
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Mastercard International Incorporated,
Equifax, Inc.,
Mitek Systems, Inc.,
LexisNexis Risk Solutions Group,
Acuant, Inc.,
Onfido, Liquid Inc., I
ntellicheck, Inc.,
IDEMIA, and others.

In the News

June 1^st, 2021: Mitek Systems, Inc. announced that it has acquired ID R&D, a company that provides AI-based voice and face biometrics and liveness detection. The acquisition would help Mitek to increase its capabilities for identity theft and other dangerous fraud techniques.
August 25^th, 2021: One of the subsidiaries of RELX, LexisNexis Risk Solutions UK Limited, announced that it has acquired TruNarrative. The acquisition would help LexisNexis to expand its services for the prevention of financial crime and fraud.

Author Credits: Abhishek Verma

Report ID: 3713
Published Date: Dec 24, 2024
Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of identity verification is assessed at USD 15.09 billion.

Identity Verification Market size was valued at USD 13.23 billion in 2024 and is expected to reach USD 96.34 billion by 2037, registering around 16.5% CAGR during the forecast period i.e., between 2025-2037.

North America industry is poised to account for largest revenue share of 38% by 2037, attributed to availability of stringent government norms and policies to reduce cybercrime activities, as well growing prevalence of identity thefts in the region.

The major players in the market are Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, and others.