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.
Author Credits: Abhishek Verma
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