- In February 2024, AU10TIX, a provider of identification services, launched a new Know Your Business (KYB) solution designed to help businesses identify their partners and mitigate potential financial and reputational risks. This new offering integrates KYB with Know Your Customer (KYC) processes to address all KYB-related business needs
- In January 2024, Onfido, a technology company, introduced its all-in-one ID verification solution, enabling enterprises to expand into new markets while addressing local regulatory requirements for customer onboarding
- In December 2023, HireRight, LLC, an employment background screening firm, unveiled "Global ID," a new ID verification solution that allows for verifying a candidate’s identity through the optional digital liveness and biometric face match feature of Global ID
- In October 2023, Veriff announced the launch of two new fraud mitigation tools to enhance its Identity Verification (IDV) protection portfolio. These newly released packages utilize advanced machine learning models, behavioral insights, and Veriff's in-house fraud detection expertise to strengthen organizations' ability to combat evolving fraud tactics. The platform analyzes user documents, facial biometrics, device data, network details, and previous fraud patterns during the IDV process, providing leading fraud prevention capabilities
- In October 2023, IDology, a GBG company, announced an expanded range of gaming solutions aimed at optimizing player acquisition, enhancing revenue, and fostering loyalty, while also protecting operators against fraud and money laundering through strategic automation. This ensures compliance with both state and federal regulations
Frequently Asked Questions
The market is segmented based on Segmentation, By Application (Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, and 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 & Defense, Energy & Utilities, Retail & Ecommerce, IT & Telecom, Healthcare, Gaming, and Others) – Industry Trends and Forecast to 2031
.
The Global Identity Verification Market size was valued at USD 11.18 USD Billion in 2023.
The Global Identity Verification Market is projected to grow at a CAGR of 15.34% during the forecast period of 2024 to 2031.
The market report covers data from the 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.
