According to MarkNtel Advisors study the Global Identity Verification Market size is estimated to be around USD 19.1 billion by 2029 and is estimated to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024-29.
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Key Findings of the Study: Identity Verification market
Global Identity Verification Market Driver:
Surging Adoption of Digitalization Augmenting the Market Growth – The rapid shift toward digital services and online interactions across end-user industries has spurred the demand for efficient secure identity verification solutions. The global market is witnessing a profound transformation fueled by the need to combat identity theft, fraud, and stringent regulatory requirements. As businesses increasingly adopt digital platforms for customer interactions, from e-commerce to financial services telehealth, the importance of robust identity verification has been growing in recent years.
Also, witnessing the increasing demand, key market players such as DocuSign, iDenfy, etc., are increasingly working to develop cutting-edge identity verification technologies, including Biometric, document authentication, and Blockchain-based solutions, to ensure seamless and frictionless user experiences while ensuring the highest level of security. This rising development in the Identity Verification Market would increase the adoption of technology enhance the growth in the forecast years.
Global Identity Verification Market Challenge:
Cybersecurity Concern Hampering the Market Growth – Cybersecurity threats represent a critical challenge in the Identity Verification Market, posing significant risks to individuals organizations alike. As various economic verticals, like banking, manufacturing, healthcare, etc., are increasingly transitioning towards digitalization, the threat landscape is evolving, with malicious actors seeking to exploit vulnerabilities in identification authentication systems.
These threats encompass a wide range of tactics, including identity theft, data breaches, phishing attacks, ransomware, and advanced persistent threats. Moreover, compliance with data protection regulations adds another layer of complexity, as organizations must ensure to safeguard personal information while delivering efficient user-friendly identification experiences.
The challenge, therefore, lies in not only developing robust security measures but also in staying vigilant adaptable in the face of an ever-changing cybersecurity landscape, thereby posing a restraint for identity verification software companies globally.
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Scope of the Report and Identity Verification Market Segmentation:
By Component
- Solution- Market Size Forecast 2019-2029F, (USD Million)
- Service- Market Size Forecast 2019-2029F, USD Million
By Type
- Biometric- Market Size Forecast 2019-2029F, USD Million
- Non-Biometric- Market Size Forecast 2019-2029F, USD Million
By Mode of Deployment
- Cloud - Market Size Forecast 2019-2029F, USD Million
- On-Premises - Market Size Forecast 2019-2029F, USD Million
By Organization Size
- Large Enterprises - Market Size Forecast 2019-2029F, USD Million
- Small Medium Enterprises - Market Size Forecast 2019-2029F, USD Million
By Application
- Access Control and User Monitoring - Market Size Forecast 2019-2029F, USD Million
- Know your Customer and Business, Onboarding - Market Size Forecast 2019-2029F, USD Million
- Identity Fraud and Compliance and Forensic- Market Size Forecast 2019-2029F, USD Million
By End-User
- BFSI - Market Size Forecast 2019-2029F, USD Million
- E-commerce Retail - Market Size Forecast 2019-2029F, USD Million
- Defense- Market Size Forecast 2019-2029F, USD Million
- Healthcare- Market Size Forecast 2019-2029F, USD Million
- IT Services- Market Size Forecast 2019-2029F, USD Million
- Others (Telecom, Gaming, etc.) - Market Size Forecast 2019-2029F, USD Million
The BFSI segment dominated the Identity Verification Market during the historical years and this trend is predicted to be followed in the forecast years as well.
Identity Verification Market Development:
- 2023: Thales announced a partnership with Kyndryl to provide French businesses and institutions with better protection for their computer systems, technology, and operational equipment.
- 2023: Equifax announced a strategic partnership with Mitek Systems Inc., to add Mitek’s biometric-based identity verification and liveness detection technology to Equifax’s digital identity software, and strengthen Equifax’s portfolio offering for identity verification globally.
Geographical Analysis:
By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
North America dominated the Global Identity Verification Market in 2023.
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