The global Identity Verification Market size was valued at USD 9.56 billion in 2022, and is projected to reach USD 18.57 billion by 2032 at a CAGR of 14.5% from 2022 to 2032.
Identity verification is a process of verifying the identity of an individual or entity to ensure that they are who they claim to be. The process involves verifying personal information, such as name, address, date of birth, social security number, and other identifying details. Identity verification is used in various industries, such as finance, healthcare, e-commerce, and government, to prevent fraud, money laundering, and other illegal activities. The identity verification market is growing rapidly, driven by the increasing adoption of digital technologies, the rise in online fraud and identity theft, and the growing need for secure and compliant identity verification processes. Identity Verification Market is expected to continue to grow in the coming years, with the increasing demand for digital identity verification solutions and the rise in mobile and online transactions.
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Market Segmentation:
By Type of Solution:
- Biometric verification
- Document verification
- Two-factor authentication
- Others
By Deployment:
- Cloud-based
- On-premises
By Industry Vertical:
- BFSI
- Healthcare
- Retail and e-commerce
- Government
- IT and Telecommunications
- Others
Key Players:
- Acuant
- Authenteq
- BioID
- CyberInt
- Experian
- Gemalto
- Idemia
- Jumio
- Mitek
- Onfido
- RSA Security
- Sift Science
- Sumsub
- Trulioo
- Veriff
Regional Analysis:
North America dominated the identity verification market due to the increasing demand for digital identity verification solutions in various industries such as banking, financial services, and e-commerce. The region also has well-established regulatory frameworks and advanced technological infrastructure, which further drives the growth of Identity Verification Market. However, Identity Verification Market is expected to witness significant growth in the Asia Pacific region in the coming years, owing to the increasing adoption of digitalization, government initiatives for digital identity verification, and the growing number of startups in the region offering identity verification solutions.
Impact of COVID-19 on the global Identity Verification Market:
The COVID-19 pandemic has had a significant impact on the identity verification market. With the increasing need for remote verification solutions due to the restrictions on physical interactions and the shift towards online transactions, the demand for digital identity verification solutions has seen a significant surge. This has led to the accelerated adoption of identity verification technologies across various industries, including banking, financial services, e-commerce, and healthcare. The pandemic has also increased the need for secure and reliable identity verification solutions to prevent fraud and identity theft in online transactions. As a result, businesses are investing more in advanced identity verification technologies, such as biometric verification and document verification, to enhance the security and accuracy of their verification processes. Moreover, the pandemic has highlighted the importance of digital identity verification solutions in ensuring business continuity and providing seamless customer experiences in the new normal. As a result, many businesses are expected to continue investing in identity verification technologies in the post-pandemic era.
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