IMARC Group, a leading market research company, has recently released a report 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 study provides a detailed analysis of the industry, including the global identity verification market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global identity verification market size reached US$ 12.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.9 Billion by 2032, exhibiting a growth rate (CAGR) of 15% during 2024-2032.
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Factors Affecting the Growth of the Identity Verification Industry:
- Rapid Technological Advancements in Identity Verification Solutions:
The rapid innovations in artificial intelligence (AI), machine learning (ML), and biometric technologies that revolutionize how identity verification processes are conducted are some of the major factors boosting the market growth. Along with this, the rising capability of AI and ML algorithms to analyze vast amounts of data with high accuracy, enabling real-time identity verification, is catalyzing the market growth. Moreover, the introduction of biometric systems, including fingerprint recognition, facial recognition, and iris scanning, to provide an additional layer of security by using unique biological traits is fueling the market growth. Furthermore, the burgeoning integration of blockchain technology to ensure the immutability and security of verified identities while reducing the risk of identity theft and fraud is enhancing the market growth.
- Increasing Regulatory Compliance Requirements:
The imposition of various regulations by governments and regulatory bodies to combat identity fraud, money laundering, and terrorist financing is acting as a growth-inducing factor. These regulations mandate businesses operating in finance, healthcare, telecommunications, and other sensitive industries to adopt robust identity verification processes to ensure that entities can verify the identities of their customers accurately and securely. Moreover, the rising need to comply with these regulations, as failure can result in severe penalties and reputational damage, is anticipated to drive the market growth. In line with this, the increasing investment by businesses in advanced identity verification solutions to meet regulatory demands is driving the market growth.
- Growing Incidences of Identity Theft and Fraud:
The rising incidences of identity theft and fraud are a major driver catalyzing the market growth. Moreover, the introduction of new methods by cybercriminals to exploit vulnerabilities in traditional identity verification systems, leading to significant financial losses and data breaches is providing a thrust to the market growth. Besides this, the increasing digitalization of services in banking, e-commerce, and online sectors, amplifying the risk of identity-related crimes, is anticipated to drive the market growth. Along with this, the heightened demand among consumers and businesses for more reliable and secure methods to protect sensitive information and verify identities is fueling the market growth.
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Identity Verification Market Report Segmentation:
By Type:
- Biometrics
- Non-Biometrics
Biometrics represented the largest segment due to its high accuracy and security in identity verification processes.
By Component:
- Solutions
- Services
Solutions accounted for the largest market share as comprehensive identity verification systems are in high demand due to their ability to integrate various verification methods.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises represented the largest segment as it offers enhanced control and security over sensitive identity data.
By Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises constituted the largest segment as they require robust and scalable identity verification systems to manage large volumes of user data and comply with stringent regulatory requirements.
By Vertical:
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Retail and E-Commerce
- IT and Telecommunication
- Energy and Utilities
- Others
BFSI represented the largest segment due to the critical need for secure and reliable identity verification in financial transactions and regulatory compliance.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America's dominance in the identity verification market is attributed to its advanced technological infrastructure and high adoption rate of innovative identity verification solutions.
Global Identity Verification Market Trends:
The increasing adoption of digital identities which allow individuals to store and manage their identity information electronically as they offer greater convenience and security, is fueling the market growth. Moreover, the introduction of decentralized identity solutions that leverage blockchain technology to provide users with control over their personal data, enhancing privacy and reducing dependency on centralized authorities is favoring the market growth. Apart from this, the burgeoning integration of identity verification with the Internet of Things (IoT) devices to enhance security in smart homes, connected vehicles, and other IoT ecosystems is fostering the market growth.
Top Companies Operated in Identity Verification Industry:
- Acuant Inc.
- AuthenticID Inc.
- Equifax Inc.
- Experian PLC
- Intellicheck Inc.
- Jumio Corporation
- Mastercard Inc.
- Mitek Systems Inc.
- Onfido
- Thales Group
- TransUnion
- Trulioo
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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