Identity Verification Market Trends
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
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 region is anticipated to register the largest revenue of USD 12661.67 Million by the end of 2030, up from a revenue of USD 2855.35 Million in the year 2020. The growth of the market 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.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
|
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 |
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