1. Home
  2. Internet Telecom
  3. Identity Verification Market

Identity Verification Market

Identity Verification Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment Mode (On-Premises, Cloud), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Vertical (BFSI, Government & Defense, Retail, Healthcare, IT & Telecom, Energy & Utilities, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Code: INT00759
Report Format: PDF + PPT + Excel
Download PDF Buy Now
Report Description

Market Overview

“The global Identity Verification market size was valued at USD XX billion in 2023 and is projected to grow at a CAGR of 16.2% during the forecast period, reaching USD YY billion by 2031.”

North America accounted for the largest market share of YY% in 2023, followed by Europe and Asia-Pacific. Key factors driving the market growth include increasing fraudulent activities, stringent government regulations, and the growing adoption of digital services across various industries.

Identity verification has become an essential component of many enterprises, particularly in the digital age, when online transactions and remote access to services are prevalent. The market is rapidly expanding due to the increased demand for secure and reliable identity verification solutions to avoid identity theft, financial crime, and unauthorized access to sensitive data.

 

Identity Verification Market Dynamics

Rising adoption of digital services and online transactions

The expanding digitisation of businesses including banking, healthcare, and e-commerce has increased the need for strong identity verification systems. As more businesses offer their services online, the importance of adequately authenticating user identities grows.

According to a McKinsey & Company analysis, the COVID-19 pandemic has advanced the use of digital technologies by many years, bolstering the identity verification industry.

Increasing regulatory compliance requirements

Governments worldwide are tightening restrictions to prevent money laundering, terrorism financing, and other financial crimes. Regulations such as Know Your Customer (KYC), Anti-Money Laundering (AML), and the General Data Protection Regulation (GDPR) compel businesses to authenticate their customers' identity and protect their personal information. Noncompliance with these rules may result in significant fines and reputational harm, hastening the use of identity verification technologies.

High cost of deploying and maintaining identity verification systems

Implementing and maintaining current identity verification solutions can be costly, particularly for small and medium-sized enterprises (SMEs). The expense of the equipment, software, and qualified individuals necessary to operate these systems may be a considerable obstacle to implementation. Furthermore, the necessity for ongoing upgrades and changes to keep up with evolving fraud methods raises the total cost of ownership.

 

Solutions Segment Overview

The solutions category leads the identity verification sector, accounting for more than YY% of the global market by 2023. This topic covers a wide variety of identity verification methods, including biometric verification, document verification, and digital identity verification. The growing demand for secure and seamless user onboarding processes across a variety of businesses is propelling the industry ahead.

IDEMIA, a global pioneer in identification technology, will introduce its new identification Verification Suite in March 2022. This suite brings together powerful biometric and AI capabilities to give a comprehensive identity verification solution. The package contains features like facial recognition, liveness detection, and document verification, which are intended to satisfy the changing needs of organizations in the digital age.

 

Regional Outlook

North America has the biggest market for identity verification solutions. In 2023, North America had the highest market share for Identity Verification, accounting for 37%. The region's supremacy is due to the presence of significant enterprises, widespread usage of new technology, and severe regulatory compliance requirements. The United States is the primary driver of market growth in North America, with numerous companies implementing identity verification systems to combat fraud and ensure secure digital transactions.

The rising frequency of data breaches and identity thefts in the region has increased the requirement for strong identity verification solutions. In 2021, the Federal Trade Commission (FTC) received over 2.8 million fraud reports, resulting in consumer losses of more than $5.8 billion. These dismal numbers underline the importance of businesses investing in advanced identity verification systems to protect their clients and keep them trusting their services.

 

Competitive Intelligence

The identity verification industry is highly competitive, with established organisations and young startups fighting for market dominance. Experian PLC, IDEMIA, Jumio Corporation, LexisNexis Risk Solutions, and Onfido are among the market leaders. To strengthen their market position and global reach, these businesses focus product innovation, strategic collaborations, and mergers and acquisitions.

Experian PLC purchased BrScan, Brazil's biggest provider of document verification and facial recognition technology, in January 2022. The acquisition intends to strengthen Experian's identity verification capabilities in Latin America while also improving fraud protection solutions for its clients.

The market is also seeing the emergence of innovative startups that use AI, machine learning, and blockchain technology to provide more secure and effective identification verification. Shufti Pro, a UK-based firm, leverages AI-powered ID verification and face recognition technologies to create seamless and secure user onboarding experiences for organisations of all sizes.

The future of the Identity Verification sector looks promising, thanks to rising R&D spending, expanding acceptance of cloud-based solutions, and a global demand for secure digital transactions.

 

Analyst Opinion

The identity verification market is expected to grow substantially in the coming years, because of increased usage of digital services, stringent regulatory compliance requirements, and the growing threat of fraudulent activity. As more organizations go online, the demand for dependable and secure identity verification solutions will only grow.

Biometric identification, AI-powered fraud detection, and blockchain-based identity management are all projected to make substantial gains in the marketplace. These technologies will greatly increase the accuracy, speed, and scalability of identity verification processes, allowing businesses to deliver seamless and secure customer experiences.

North America and Europe are projected to maintain their market dominance due to stringent data protection legislation and widespread use of new technologies. However, the Asia-Pacific area is likely to grow the fastest during the forecast period, thanks to increased economic digitalisation, rising smartphone penetration, and a robust e-commerce sector.

 

Major Players

  • Experian PLC

  • IDEMIA

  • Jumio Corporation

  • LexisNexis Risk Solutions

  • Onfido

  • Acuant, Inc.

  • Mitek Systems, Inc.

  • Thales Group

  • Shufti Pro

  • AU10TIX

 

Key Developments

  • In February 2023, Jumio Corporation announced that it would acquire 4Stop, a major provider of KYC, compliance, and anti-fraud solutions. The acquisition aims to boost Jumio's position in the worldwide identity verification market and broaden its product offerings.

  • In November 2022, Onfido collaborated with Microsoft to provide identity verification services for Microsoft's Azure Active Directory (Azure AD) verifiable credentials. The collaboration allows Microsoft clients to securely and seamlessly authenticate their users' identities.

Table of Content

1. INTRODUCTION

   1.1. Market Definitions & Study Assumptions

   1.2. Market Research Scope & Segment

   1.3. Research Methodology

 

2. EXECUTIVE SUMMARY

   2.1. Market Overview & Insights

   2.2. Segment Outlook

   2.3. Region Outlook

 

3. COMPETITIVE INTELLIGENCE

   3.1. Companies Financial Position

   3.2. Company Benchmarking -- Key Players

   3.3. Market Share Analysis -- Key Companies

   3.4. Recent Companies Key Activities

   3.5. Pricing Analysis

   3.6. SWOT Analysis

 

4. COMPANY PROFILES (Key Companies list by Country) (Premium) *

 

5. COMPANY PROFILES

   5.1. Experian PLC

   5.2. IDEMIA

   5.3. Jumio Corporation

   5.4. LexisNexis Risk Solutions

   5.5. Onfido

   5.6. Acuant, Inc.

   5.7. Mitek Systems, Inc.

   5.8. Thales Group

   5.9. Shufti Pro

   5.10. AU10TIX (*LIST NOT EXHAUSTIVE)

 

6. MARKET DYNAMICS

   6.1. Market Trends

        6.1.1. Rising adoption of digital services and online transactions

        6.1.2. Growing demand for biometric authentication solutions

        6.1.3. Increasing use of AI and machine learning for fraud detection

   6.2. Market Drivers

        6.2.1. Increasing regulatory compliance requirements

        6.2.2. Growing incidents of identity theft and financial fraud

        6.2.3. Expanding adoption of cloud-based identity verification solutions

   6.3. Market Restraints

        6.3.1. High cost of deploying and maintaining identity verification systems

        6.3.2. Lack of awareness about advanced identity verification technologies

   6.4. Market Opportunities

   6.5. Porter's Five Forces Analysis

        6.5.1. Threat of New Entrants

        6.5.2. Bargaining Power of Buyers/Consumers

        6.5.3. Bargaining Power of Suppliers

        6.5.4. Threat of Substitute Products

        6.5.5. Intensity of Competitive Rivalry

   6.6. Supply Chain Analysis

   6.7. Value Chain Analysis

   6.8. Trade Analysis

   6.9. Pricing Analysis

   6.10. Regulatory Analysis

   6.11. Patent Analysis 

   6.12. SWOT Analysis

   6.13. PESTLE Analysis

 

7. BY COMPONENT (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

   7.1. Solutions

        7.1.1. Biometric Verification

               7.1.1.1. Face Recognition

               7.1.1.2. Fingerprint Recognition

               7.1.1.3. Iris Recognition

               7.1.1.4. Others

        7.1.2. Document Verification

               7.1.2.1. ID Card Verification

               7.1.2.2. Passport Verification

               7.1.2.3. Driving License Verification

               7.1.2.4. Others

        7.1.3. Digital Identity Verification

               7.1.3.1. Email Verification

               7.1.3.2. Phone Verification

               7.1.3.3. Social Media Verification

               7.1.3.4. Others

   7.2. Services

        7.2.1. Professional Services

               7.2.1.1. Consulting

               7.2.1.2. Integration & Deployment

               7.2.1.3. Support & Maintenance

        7.2.2. Managed Services

 

8. BY DEPLOYMENT MODE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

   8.1. On-Premises

   8.2. Cloud

 

9. BY ORGANIZATION SIZE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

   9.1. Large Enterprises

   9.2. Small & Medium Enterprises

 

10. BY VERTICAL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

    10.1. BFSI

          10.1.1. Banks

          10.1.2. Insurance Companies

          10.1.3. Financial Institutions

    10.2. Government & Defense

          10.2.1. Federal Government

          10.2.2. State & Local Government

          10.2.3. Defense & Intelligence Agencies

    10.3. Retail

          10.3.1. E-commerce

          10.3.2. Brick & Mortar Stores

    10.4. Healthcare

          10.4.1. Hospitals & Clinics

          10.4.2. Pharmaceutical Companies

          10.4.3. Health Insurance Providers

    10.5. IT & Telecom

          10.5.1. Software & IT Services

          10.5.2. Telecom Service Providers

    10.6. Energy & Utilities

          10.6.1. Oil & Gas

          10.6.2. Electricity

          10.6.3. Water & Waste Management

    10.7. Others

          10.7.1. Education

          10.7.2. Travel & Hospitality

          10.7.3. Media & Entertainment

 

11. BY REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)*

    11.1. North America

          11.1.1. United States

          11.1.2. Canada

          11.1.3. Mexico

    11.2. Europe

          11.2.1. United Kingdom

          11.2.2. Germany

          11.2.3. France

          11.2.4. Italy

          11.2.5. Spain  

          11.2.6. Rest of Europe

    11.3. Asia-Pacific

          11.3.1. China

          11.3.2. Japan

          11.3.3. India

          11.3.4. Australia

          11.3.5. South Korea

          11.3.6. Rest of Asia-Pacific

    11.4. Latin America

          11.4.1. Brazil

          11.4.2. Argentina 

          11.4.3. Rest of Latin America

    11.5. Middle East & Africa

          11.5.1. Saudi Arabia

          11.5.2. United Arab Emirates

          11.5.3. South Africa

          11.5.4. Rest of Middle East & Africa

 

*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)

Scope of the Report

Identity Verification Market Segmentation

By Component:

  • Solutions

    • Biometric Verification

      • Face Recognition

      • Fingerprint Recognition

      • Iris Recognition

      • Others

    • Document Verification

      • ID Card Verification

      • Passport Verification

      • Driving License Verification

      • Others

    • Digital Identity Verification

      • Email Verification

      • Phone Verification

      • Social Media Verification

      • Others

  • Services

    • Professional Services

      • Consulting

      • Integration & Deployment

      • Support & Maintenance

    • Managed Services

By Deployment Mode:

  • On-Premises

  • Cloud

By Organization Size:

  • Large Enterprises

  • Small & Medium Enterprises

By Vertical:

  • BFSI

    • Banks

    • Insurance Companies

    • Financial Institutions

  • Government & Defense

    • Federal Government

    • State & Local Government

    • Defense & Intelligence Agencies

  • Retail

    • E-commerce

    • Brick & Mortar Stores

  • Healthcare

    • Hospitals & Clinics

    • Pharmaceutical Companies

    • Health Insurance Providers

  • IT & Telecom

    • Software & IT Services

    • Telecom Service Providers

  • Energy & Utilities

    • Oil & Gas

    • Electricity

    • Water & Waste Management

  • Others

    • Education

    • Travel & Hospitality

    • Media & Entertainment

By Region:

  • North Americ

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa

Frequently Asked Questions

We at Aurorawave Intellects Market Report gives total market analysis that suit our customer business need and permit decision maker to run organizations without any problem. We have accomplished greatness in giving start to finish market research arrangements. Our detachment of industry specialists accumulate key data and get ready substance that lines up with our customer's business/specialty.

At aurorawaveintellects.com, we believe that every industry is important to us. Our extensive team of analysts give equal focus to various industries in order to cater to our client needs, some of them being – Healthcare & Pharma, Medical, Automotive, Electric, Chemical, Manufacturing, Energy & Power, Consumer Goods etc.
Our core expertise lies in gaining deeper insights from reliable and trusted voices in the market. We always analyse market trends over the course of multiple years and examine which topics are most relevant to our clients. We pay a great deal of attention to emerging trends, niche technologies, and the latest innovations and research to bring out the best that we can offer.
We understand that every client is different and so is their requirement. While we try to gauge our clients’ needs, we are unable to cover every possible angle of a market in an off-the-shelf report. Hence, we also provide customization options to our reports to suit your needs. If you would like to know what information we can provide about a particular topic, please get in touch with us at info@aurorawaveintellects.com.
Our Research Reports give insights into a gamut of qualitative and quantitative topics. Every Research Report contains the following: • Market landscape • Market size • Market segmentation • Market drivers, challenges, and trends • Vendor landscape For more detail on what a specific report contains, click on report details to know more. If you would like to know what information we can provide about a particular topic, please get in touch with us at info@aurorawaveintellects.com
Our Research Reports are frequently updated with new data and predictions. We also have reports from previous years for specific topics. If you need help, contact us at info@aurorawaveintellects.com and we will be happy to assist you for your query.

We at aurorawaveintellects.com offer mainly 3 types of licenses:

• Single User: Research Report copy can be distributed to a single user only

• Multi User: Research Report distribution is restricted up to 5 users.

• Corporate License :Research Report can be distributed across the company.

Based on the nature of the topic or research, the formats vary. The different formats of the report are as following:

• PDF

• Word Document

• PPT

To purchase a research report, you can browse through various categories, industries or topics and choose a particular report. Next, choose a license type and add the report to your cart. Then simply check out and complete the payment transaction and your report will be delivered to your inbox via email..

Following modes are available for making the payment:

• Online Payment (Visa Card, Master Card, Stripe)

• Razorpay

• Net Banking

• Bank Wire Transfer

At Research Reports Inc., we believe in providing the best value and offering competitive pricing to our customers to reflect that value. However, if you would still like to find out about discounts and offers, please get in touch with us at info@aurorawaveintellects.com.
Yes, you can purchase individual sections of the report. Please get in touch with us at info@aurorawaveintellects.com with your specific request, and we will support you accordingly.
As soon as the purchase process is over and the payment transaction is complete, you will receive the receipt via email.
The purchased Research Report is delivered to your registered email address within 48 hours of receipt of payment. If in case you did not, please check your spam folder. If you still haven’t received it, please get in touch with us at info@aurorawaveintellects.com
If you would like to receive a hard copy of the report, please get in touch with us at info@aurorawaveintellects.com with details about your purchase and we will process the same.
At aurorawaveintellects.com, we offer strong after-sales support with every purchase. Feel free to call us or email us with your queries and we will ensure they are addressed appropriately.
The Research Reports we provide are designed to cater to all market participants across the value chain. However, we do understand that every report may or may not meet the exact client requirement. For any specific change or customization in the report, please get in touch with us at info@aurorawaveintellects.com with your specific request, and we will support you accordingly.

Our customer service and research specialist team are available by phone and by email. Customer service hours are 24X7 Indian Standard Time (IST). You may reach us at:

• Email: info@aurorawaveintellects.com

• United Kingdom: ++91 7382742511