Identity Verification Market worth USD 35.25 Billion, growing at a 14.30% CAGR by 2030 – Report by Market Research Future (MRFR)
Mar 27, 2023
Market Research Future Highlights
The global identity verification market was valued is projected to reach USD 35.25 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.30% during the forecast period. The growth of the identity verification market is primarily driven by factors such as the increasing use of digital identities, the growing adoption of identity verification solutions by various industries, and the increasing need for compliance with regulatory standards.
The identity verification market is a rapidly growing industry that provides secure and efficient digital identity verification solutions. Identity verification solutions are used by businesses to verify the identity of their customers, employees, or users to prevent fraud, money laundering, identity theft, and other criminal activities.
The identity verification market is highly competitive and comprises several key players. Some of the leading players in the market are:
Experian Information Solutions, Inc., Equifax Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Jumio Corp., Onfido Ltd., Acuant, Inc., Trulioo Information Services, Inc., Thales Group, GBG Plc.
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Market Report Scope:
Revenue Forecast in 2030:
USD 35.25 Billion
CAGR of 14.30% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
The identity verification market can be segmented based on different criteria, including type, component, organization size, deployment type, industry vertical, and region. Here’s an overview of each segment:
Based on Type: The identity verification market can be segmented into non-biometric and biometric authentication. Non-biometric authentication includes methods such as knowledge-based authentication and two-factor authentication, while biometric authentication includes methods such as facial recognition, iris recognition, and fingerprint recognition.
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Based on Component: The market can be segmented into software and services. The software segment includes different types of identity verification software, such as facial recognition software, biometric verification software, and digital identity verification software. The services segment includes professional services and managed services.
Based on Organization Size: The market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises. The adoption of identity verification solutions in SMEs is growing, owing to the increasing need for secure and efficient identity verification solutions in small businesses.
Based on Deployment Type: The market can be segmented into cloud-based and on-premises. Cloud-based identity verification solutions are increasingly popular, owing to the flexibility, scalability, and cost-effectiveness they offer.
Based on Industry Vertical: The market can be segmented into BFSI, healthcare, government, retail and e-commerce, energy and utilities, and others. The BFSI segment is expected to hold the largest market share, owing to the increasing adoption of identity verification solutions by financial institutions and the need for compliance with regulatory standards.
Based on Region: The market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is the largest market for identity verification solutions, while the Asia Pacific region is expected to witness significant growth during the forecast period.
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The identity verification market can be analyzed based on different regions, including North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America is the largest market for identity verification solutions, owing to the presence of several key players and the high adoption of digital technologies in the region. The U.S. is the major contributor to the growth of the identity verification market in North America. The increasing adoption of digital identity solutions by various industries, such as healthcare and financial services, is driving the growth of the market in the region.
Europe is another significant market for identity verification solutions, owing to the increasing use of digital identity solutions by various businesses in the region. The growing need for compliance with regulatory standards, such as the General Data Protection Regulation (GDPR), is driving the growth of the market in Europe.
The Asia Pacific region is expected to witness significant growth in the identity verification market, driven by the increasing adoption of digital technologies in various industries and the growing trend of digital transformation in the region. Countries such as China, Japan, and India are major contributors to the growth of the market in the region.
The Rest of the World (RoW) region, which includes Latin America and the Middle East and Africa, is also expected to witness significant growth in the identity verification market, driven by the increasing adoption of digital technologies and the growing trend of digital transformation in the region.
Overall, the identity verification market is expected to witness significant growth across all regions, driven by the increasing need for secure and efficient identity verification solutions in various industries.
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