Identity Verification Market: Key Players, Applications, Outlook, SWOT Analysis And Forecasts By 2030

The Identity Verification Market size is expected to grow from US$ 9.16 billion in 2022 to US$ 31.95 billion by 2030; it is estimated to record a CAGR of 16.9% from 2022 to 2030.

North America and Europe are expected to hold a major identity verification market share during the forecast period. The stringent regulations such as Anti-Money Laundering (AML), Know Your Customer (KYC), and digital fraud prevention are driving the North America and Europe identity verification market share. Asia Pacific is expected to record a high CAGR in the identity verification market during the forecast period due to digitalization in various sectors and the increasing adoption of artificial intelligence (AI), fraud analytics, and other advanced technologies.

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Analysis of the Top Market Players:

1. Trulioo
2. Onfido
3. Mitek Systems, Inc
4. IDology
5. Authenteq
6. Experian Plc
7. Thales SA
8. IDEMIA
9. Jumio Corporation
10. LexisNexis Risk Solutions Group

In this report, the market has been segmented on the basis of:

Component
• Solution
• Services

Deployment
• On-Premise
• Cloud

Enterprise Size
• Large Enterprises
• SMEs

Type
• Biometric Verification
• Online Verification
• Knowledge-Based Authentication

Industry Vertical
• BFSI
• Government & Defense
• Healthcare
• IT & Telecom
• Retail

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The rise in security threats in the coming years is expected to raise its demand for solutions that hastily analyze a large amount of data with the help of technologies like Artificial Intelligence. The ability of artificial intelligence to provide quick mathematical calculations in order to augment the vital abilities of human intelligence is anticipated to generate the greatest growth opportunity to broaden identity verification market size in the near future.

AI has proven to be extensively worthy of threat detection as it can detect anomalies, patterns, and outliers more effortlessly and even with a less skilled workforce. Several identity verification market players have already integrated their existing solutions with AI techniques to improve their analytical and incident response abilities. For example, in July 2023, DocuSign launched its enhanced identity verification offering, Liveness Detection for ID Verification. This solution uses artificial intelligence (AI)-enabled biometric checks to verify signers. In addition, in July 2023, Checkout.com unveiled Identity Verification, its first product focused on improving the customer onboarding and identity verification process. It uses proprietary artificial intelligence and is trained on billions of identity and facial recognition documents.

In the coming years, as the expectations of end users regarding user behavior and threat detection capabilities will increase, the collaboration of existing identity verification solutions with advanced analytical technologies is expected to drive the identity verification market growth.

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