Identity verification holds immense importance in today's digital landscape. It ensures the authenticity of individuals, prevents fraud, and protects sensitive data. The applications of identity verification span across industries such as finance, e-commerce, healthcare, and government, enabling secure customer onboarding, regulatory compliance, and fraud prevention. Features include biometric authentication, document verification, and AI-driven algorithms for fraud detection. Identity verification enhances security, builds trust, and improves user experience by providing seamless and reliable verification processes, protecting individuals' identities, and mitigating risks associated with identity theft and fraudulent activities.
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Data Bridge Market Research analyses that the Global Identity Verification Market is valued at USD 8.41 billion in 2021 and is expected to reach USD 26.34 billion by 2029, registering a CAGR of 15.34% during the forecast period of 2022 to 2029. The rise in identity fraud cases across various industries and sectors has created a need for robust identity verification solutions. Businesses and organizations are adopting advanced identity verification technologies to prevent fraudulent activities and protect sensitive information.
Key Findings of the Study
Growing digital transformation is expected to drive the market's growth rate
The rapid digitization of services and increasing reliance on digital platforms have led to a growing need for seamless and secure identity verification processes. Companies are embracing identity verification technologies to simplify customer onboarding, improve user experience, and protect against unauthorized access. Through advanced identity verification methods, such as biometrics and AI-driven solutions, businesses can authenticate user identities quickly and accurately, ensuring a smooth and secure digital experience. These technologies not only enhance security but also help build trust with customers, fostering stronger relationships and loyalty in the digital realm.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud), Component (Solution and Services), Type (Non-Biometrics and Biometrics), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and SME’S), Vertical (BFSI, Government and Defense, Energy and Utilities, Retail and Ecommerce, IT and Telecom, Healthcare, Gaming and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Experian Information Solutions, Inc. (Ireland), G.B. Group plc (‘GBG’) (U.K.), Equifax, Inc. (U.S.), Mitek Systems, Inc. (U.S.), Thales (France), LexisNexis Risk Solutions Group. (U.S.), Onfido (U.K.), Trulioo. (Canada), Acuant, Inc. (US), IDEMIA (France), Jumio (US), TransUnion LLC. (U.S.), AU10TIX (Israel), IDology. (U.S.), Innovatrics (Slovakia), Applied Recognition Corp. (Canada), Signicat (Norway), SecureKey Technologies Inc. (Canada), IDfy (India) among many others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The identity verification market is segmented on the basis of application, component, type, deployment mode, organization size, and vertical.
- On the basis of type, the global identity verification market is segmented into non-biometrics and biometrics. In 2022, the biometrics segment is expected to dominate the global identity verification market growing with the highest CAGR of 14.3% in the forecast period of 2022 to 2029 as it offers a high level of security and accuracy, making it a preferred choice for identity verification.
In 2022, the biometrics segment is dominating the type segment of the global identity verification market
In 2022, the biometrics segment is dominating the market with the highest CAGR of 14.3% in the forecast period of 2022 to 2029 as biometrics technology utilizes unique physical or behavioral traits such as fingerprints, facial features, iris patterns, or voice recognition to verify and authenticate individuals' identities. The dominance of the biometrics segment is driven by several factors. Biometric solutions offer a high level of security and accuracy, making them highly reliable for identity verification purposes.
- On the basis of application, the identity verification market is segmented into credit card fraud, bank fraud, phone or utility fraud, employment or tax-related fraud. In 2022, the credit card fraud segment is expected to dominate the market in the forecast period of 2022 to 2029 due to the widespread adoption of verification solutions by financial institutions and merchants to authenticate cardholders and ensure secure transactions.
- On the basis of component, the global identity verification market is segmented into solution and services. In 2022, the services segment is expected to dominate the global identity verification market growing with the highest CAGR of 13.8% in the forecast period of 2022 to 2029 due to increasing demand for comprehensive and scalable identity verification solutions across industries.
- On the basis of deployment mode, the identity verification market is segmented into on-premise and cloud. In 2022, the cloud segment is expected to dominate the global identity verification market growing with the highest CAGR of 14.1% in the forecast period of 2022 to 2029 as they provide a higher level of customization, and integration with existing systems.
- On the basis of organization size, the identity verification market is segmented into large enterprises and SME’S. In 2022, SME’S segment is expected to dominate the global identity verification market growing with the highest CAGR of 13.5% in the forecast period of 2022 to 2029 as they need robust and scalable solutions to verify the identities of a large user base.
- On the basis of vertical, the identity verification market is segmented into bfsi, government & defense, energy and utilities, retail and ecommerce, IT and telecom, healthcare, gaming, and others. In 2022, the BFSI segment is expected to dominate the global identity verification market growing with the highest CAGR of 14.1% in the forecast period of 2022 to 2029 as the BFSI industry handles sensitive financial and personal information, making identity verification crucial to mitigate fraud and comply with regulatory requirements.
In 2022, the BFSI is dominating the vertical of the global identity verification market
In 2022, the BFSI segment is dominating the application segment of the global identity verification market growing with the highest CAGR of 14.1% in the forecast period of 2022 to 2029 as financial institutions and insurance companies face significant risks related to identity theft, money laundering, and fraudulent transactions. Robust identity verification solutions help mitigate these risks and enhance security. Additionally, the BFSI sector deals with a large volume of customer onboarding and transactions, necessitating efficient and scalable identity verification processes. Thus, the BFSI segment remains at the forefront of adopting and driving innovation in identity verification technologies and solutions.
Major Players
Data Bridge Market Research recognizes the following companies as the major identity verification market players in identity verification market are Experian Information Solutions, Inc. (Ireland), G.B. Group plc (‘GBG’) (U.K.), Equifax, Inc. (U.S.), Mitek Systems, Inc. (U.S.), Thales (France), LexisNexis Risk Solutions Group. (U.S.)
Market Development
- In August 2022, ID-Pal and Melissa have joined forces to unveil Melissa ID, an innovative Software-as-a-Service (SaaS) solution that revolutionizes automated identity verification. Combining biometrics, facial matching, liveness testing, address verification, and document checks, Melissa ID offers a fully customizable and comprehensive approach to identity verification.
- In June 2022, Onfido has partnered with The Investing and Saving Alliance (TISA) to support the advancement of its Digital ID program, which promotes the adoption of reusable identities. Onfido joins the growing list of TISA members, which includes prominent organizations such as Barclays, Signicat, OneSpan, and Daon.
- In June 2020, CredoLab and GBG have partnered to leverage GBG's digital and AI-driven risk management solutions for fast and accurate creditworthiness assessment of individuals in Indonesia. This collaboration enables the evaluation of creditworthiness for both banked and unbanked individuals.
- In December 2019, GBG and What3words formed a partnership aimed at enhancing location data accuracy for merchants and logistics organizations. The collaboration enables these businesses to effectively target niche customers by leveraging more precise location information.
Regional Analysis
Geographically, the countries covered in the identity verification market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the identity verification market during the forecast period 2022 - 2029
In 2022, North America dominated the identity verification market due to significant investments in cutting-edge technologies and the substantial presence of technologically advanced industry leaders. The prevalence of advanced infrastructure further solidifies the region's position of dominance. These factors collectively contribute to the region's leadership, as it becomes a hub for innovation, attracting major investments and fostering the development of advanced technologies. Additionally, the presence of advanced infrastructure provides a strong foundation for growth and supports the region's overall dominance in the market.
Asia-Pacific is estimated to be the fastest-growing region in the identity verification market for the forecast period 2022 - 2029
Asia-Pacific is expected to grow during the forecast period the rising adoption of identity verifications and bring-your-own device (BYOD) practices has boosted the demand for secure access solutions. Additionally, the expansion of IT infrastructure provides a strong backbone for digital transformation initiatives. The growing presence of major industry players further contributes to the region's dominance, as their expertise, resources, and innovation drive market growth. These combined elements have positioned the region as a leader in identity verification, technology adoption, and overall market development.
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