Identity Verification Market Is Anticipated To Reach USD 27.2 Billion in 2032 | GBG, Equifax, Mitek Systems

Identity verification is the process of confirming that someone is who they say they are. This can be done in a number of ways, but typically involves comparing information provided by the individual to other data sources, such as a government-issued ID or a credit report.

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In many cases, identity verification is simply a matter of verifying that the information provided matches what is on file. However, in some cases, it may also involve more sophisticated methods, such as biometric data or knowledge-based authentication.

The goal of identity verification is to ensure that the person is who they claim to be, and to prevent fraud or other malicious activity. It is an important security measure for both individuals and businesses.

The Identity Verification Market size was USD 9.5 Billion in 2022 and is anticipated to reach USD 27.2 Billion in 2032, growing at a rate of 10.8% from 2023 to 2032.

Key Trends

There are three key trends in Identity Verification technology:

The move towards biometric-based authentication: This trend is being driven by the increasing availability of biometric devices (such as fingerprint scanners and iris scanners) and the need for more secure authentication methods.

The increasing use of artificial intelligence: AI is being used to verify identities more accurately and efficiently.

The rise of mobile ID verification: With the increasing use of smartphones, more businesses are offering mobile ID verification solutions.

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Key Drivers

There are a few key drivers of the identity verification market. The first is the increasing need for organizations to verify the identities of their customers and employees. This is driven by the need to comply with regulations and to protect against fraud.

The second driver is the increasing availability of data and technology that can be used for identity verification. This includes data from social media, government databases, and private companies.

The third driver is the increasing awareness of the importance of identity verification. This is driven by the media coverage of identity theft and fraud, as well as the increasing number of data breaches.

Market Segmentation

The global identity verification market is segmented by type, verticals, component, deployment mode, organization size, and region. By type, the market is divided into biometric, and non-biometric. By verticals, the market is bifurcated into BFSI, government, defense, healthcare & life Science, retail & eCommerce, IT & ITeS, and energy & utilities. By component, the market is classified into solutions, and services. By deployment mode, the market is bifurcated into cloud and on-premises. By organizational size, the market is bifurcated into SEMs, and large enterprises. By region, the market is classified into North America, Europe, Asia-Pacific, and the rest of the world.

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Key Players

The global identity verification market includes players such as Experian, GBG, Equifax, Mitek Systems, Thales Group, LexisNexis Risk Solutions, Onfido, Trulioo, Acuant, and IDEMIA.

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This release was published on openPR.