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Global Identity Verification Market TOC
Identity Verification Market size was valued at USD 11.36 billion in 2023 and is set to cross USD 82.72 billion by 2036, registering more than 16.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of identity verification is evaluated at USD 12.86 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
16.5% |
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Base Year Market Size (2023) |
USD 11.36 billion |
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Forecast Year Market Size (2036) |
USD 82.72 billion |
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Regional Scope |
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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:
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Component Type |
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Verification Type |
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Deployment Type |
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Organization |
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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. The market in North America industry is anticipated to garner the largest revenue share of 38% by 2036, 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.
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
June 1st, 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 25th, 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
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