- The identity verification market is seeing rapid growth due to increased digitization and the need for secure authentication across sectors such as banking, healthcare, and e-commerce
- Companies are investing in advanced biometric and AI-driven technologies to improve verification speed, accuracy, and user experience
- North America dominated the identity verification market with the largest revenue share of 42.1% in 2024, driven by the presence of advanced digital infrastructure, stringent regulatory frameworks such as KYC and AML, and a high incidence of identity-related fraud
- The Asia-Pacific region is expected to witness the highest growth rate in the global identity verification market, driven by increasing digital transformation across emerging economies, rising adoption of e-KYC processes, and supportive government initiatives promoting digital identification
- The credit card fraud segment accounted for the largest market revenue share in 2024, driven by increasing online transactions and the rise in card-not-present frauds. Financial institutions are increasingly adopting multi-layered verification technologies to curb fraudulent card activities and improve customer trust
