Overview and Scope
Identity verification and authentication are two essential processes used to confirm the identity of individuals accessing a system, platform, or service. It is used to ensure the security and integrity of systems and protect against unauthorized access or identity fraud.
Sizing and Forecast
The identity verification and authentication market size has grown rapidly in recent years. It will grow from $11.63 billion in 2023 to $13.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to rising cybersecurity threats, globalization of businesses, consumer awareness, integration with mobile devices, regulatory compliance.
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Segmentation & Regional Insights
The identity verification and authentication market covered in this report is segmented –
1) By Type: Non-Biometrics, Biometrics
2) By Component: Solutions, Services
3) By Deployment Type: On-Premise, Cloud
4) By Application: Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud
5) By Vertical: Banking Financial Services And Insurance (BFSI), Government And Defense, Energy And Utilities, Retail And Ecommerce, IT And Telecom, Healthcare, Gaming, Other Verticals
North America was the largest region in the identity verification and authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the identity verification and authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rapid rise in identity theft cases and cyber-attacks is expected to propel the growth of the identity verification and authentication market going forward. Identity theft cases and cyber-attacks refer to incidents involving the unauthorized acquisition and misuse of personal information, as well as malicious activities targeting computer systems and networks. Identity verification and authentication are used to prevent identity theft and cyberattacks by verifying user identities before granting access to accounts or financial systems and can prevent unauthorized individuals from stealing personal data and committing fraud. For instance, in October 2022, according to Experian PLC, an Ireland-based business services company, the number of consumer identity theft complaints increased by 3.3% to 1.43 million, and financial losses from fraud increased by 77% from the previous year, totaling more than $6.1 billion. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber-crime reports received were 76,000, up from 13% from the previous year. Therefore, the rapid rise in identity theft cases and cyber-attacks is driving the growth of the identity verification and authentication market.
Key Industry Players
Major companies operating in the identity verification and authentication market report are IDEMIA, Nuance Communications Inc., Okta Inc., Ping Identity Corporation, OneSpan Inc., ForgeRock Inc., Mitek Systems Inc., Onfido Limited, HYPR Corp., IDnow GmbH, Saviynt Inc., Trulioo, Plurilock Security Inc., Signicat AS, Callsign Inc, BioCatch Ltd., SecuredTouch, BehavioSec Inc., FacePhi, Socure Inc., Acuant Inc., Daon Inc., Averon, Veridium Ltd., ImageWare Systems Inc.
The identity verification and authentication market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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