Global Identity Verification Market to Reach US$ 43.9 Billion by 2032, Impelled by Increasing Instances of Identity Thefts

October 19, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Identity Verification Market Report by Type (Biometrics, Non-Biometrics), Component (Solutions, Services), Deployment Mode (On-premises, Cloud-based), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Vertical (BFSI, Government and Defense, Healthcare and Life Sciences, Retail and E-Commerce, IT and Telecommunication, Energy and Utilities, and Others), and Region 2024-2032," the global identity verification market reached a value of US$ 12.0 Billion in 2023. Identity verification is a security solution that permits companies to secure and protect user and customer information while ensuring its accuracy. It uses the latest technologies, such as machine learning, face-based biometrics, and artificial intelligence, to verify a person's identity. It is used by various industry verticals, such as BFSI, government and defense, healthcare, life sciences, retail, e-commerce, IT & ITeS, and energy and utilities, to ensure whether the information provided by online users or customers is associated with the identity of a real person. While identity authentication is an important security measure against new account fraud, Identity verification also plays a role in the Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions that monitor customer risk.

Global Identity Verification Market Trends:

The global market is primarily driven by the increasing number of cyber security attacks. In line with this, the rising complexity of security information platforms and IT-based tools and solutions is positively influencing the market. Furthermore, the growing frequency of identity fraud and the widespread use of data security across various verticals are catalyzing the market. Apart from this, numerous measures by various governments and companies focusing on digitalization, along with the use of emerging technologies in identity verification systems, such as AI, machine learning, and automation, are offering numerous growth opportunities for the market players. Moreover, the growing trend of BYOD and enterprise mobility is favoring the market growth. Besides, increased regulations and the obligation to comply with standards across all industries, particularly in the financial sector, are strengthening the market. Additionally, multiple companies in the identity verification market are investing in extensive research and development activities for launching innovative products to fight cyber-attacks and security concerns. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 43.9 Billion by 2032, exhibiting a CAGR of 15% during 2024-2032. 

Market Summary:

  • On the basis of the type, the market has been segmented into biometrics and non-biometrics.
  • Based on the component, the market has been categorized into solutions and services.
  • On the basis of the deployment mode, the market has been classified into on-premises and cloud-based.
  • On the basis of the organization size, the market has been segmented into small and medium-sized enterprises and large enterprises.
  • On the basis of the vertical, the market has been classified into BFSI, government and defense, healthcare and life sciences, retail and e-commerce, IT and telecommunication, energy and utilities, and others.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Acuant Inc., AuthenticID Inc., Equifax Inc., Experian PLC, Intellicheck Inc., Jumio Corporation, Mastercard Inc., Mitek Systems Inc., Onfido, Thales Group, TransUnion and Trulioo.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Component, Deployment Mode, Organization Size, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Acuant Inc., AuthenticID Inc., Equifax Inc., Experian PLC, Intellicheck Inc., Jumio Corporation, Mastercard Inc., Mitek Systems Inc., Onfido, Thales Group, TransUnion and Trulioo
Customization Scope 10% Free Customization
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Global Identity Verification Market to Reach US$ 43.9 Billion by 2032, Impelled by Increasing Instances of Identity Thefts
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