Identity Verification Market Set to Soar to $29.7 Billion by 2030, Driven by Increasing Demand for Security

The global identity verification market is poised for remarkable growth, with projections indicating a substantial increase from $9.8 billion in 2022 to a staggering $29.7 billion by 2030, reflecting a robust CAGR of 17.2%. These insights are gleaned from Fairfield's latest report, which sheds light on the major factors fueling this industry expansion.

Rising Threats and Awareness Fuel Market Growth The surge in identity theft and cyberattacks has underscored the critical need for identity theft protection services. Businesses and governmental organizations are increasingly aware of the necessity to employ identity verification solutions to combat fraudulent activities effectively.

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Internet Use and Online Banking Drive Demand

With the proliferation of internet usage and the growing popularity of online banking services worldwide, individuals are seeking ways to safeguard their personal and financial data. This surge in digital interactions has led to a substantial increase in the demand for identity verification services.

Biometrics Takes Center Stage

In 2022, the biometrics category dominated the market due to its widespread use in confirming individuals' identities. Biometrics relies on biological traits to establish the authenticity of subjects, making it a preferred choice in identity verification.

BFSI Vertical Leads the Way

The Banking, Financial Services, and Insurance (BFSI) vertical is poised to have the most significant market share. The digitization of banking processes, such as digital onboarding and digital payments, is driving the need for identity verification on a global scale.

Cloud Solutions Drive Efficiency

The cloud segment led the market growth in 2022, offering cost-effective identity verification solutions while enhancing corporate awareness.

Solution Category Commands Revenue

In 2022, the solution category emerged as the market leader, comprising digital identity verification, identity authentication, and ID verification.

Large Enterprises Prioritize Security

Large enterprises played a pivotal role in driving the market in 2022, opting for identity verification systems to reduce manual processes, combat fraud, and ensure compliance with regulations.

North America and Asia-Pacific Spearhead Market Growth

North America is expected to dominate the global identity verification market, driven by government initiatives and the adoption of advanced technologies. Meanwhile, the Asia-Pacific region is witnessing rapid growth, supported by government efforts to combat identity-related fraud and enhance digital identity authentication.

Key Growth Determinants

• Increasing Internet Access and Digital Literacy: The rise in online transactions and the demand for corporate identity verification are driven by the expansion of smart services globally.

• Rising Digitalization: The need for verified ownership in digital environments, such as smart cities and smart airports, is boosting the importance of identity verification.

• Rising Adoption of Biometric Devices: Mobile devices with advanced capabilities are enabling self-service identity verification, with biometrics playing a significant role in ensuring secure digital identities.

Major Growth Barriers

• Prohibitive Costs: High deployment and maintenance costs may impede market growth.

• Lack of Technological Expertise: A shortage of technical skills and experienced professionals could hinder market expansion.

Regional Frontrunners

• North America: North America, particularly the US, leads the market due to its advanced technology infrastructure and government initiatives.

• Asia-Pacific: The Asia-Pacific region is experiencing the fastest growth, driven by government efforts to combat identity-related fraud and cyberattacks.

Fairfield's Competitive Landscape Analysis

The global identity verification market is highly fragmented, with numerous regional and international competitors. Software companies are expanding into the identity verification space, securing contracts with institutions requiring identity verification solutions at scale.

Leaders in Global Identity Verification Space

1. Experian (Ireland)

2. GBG (UK)

3. Equifax (US)

4. Mitek Systems (US)

5. Thales Group (France)

6. LexisNexis Risk Solutions (US)

7. Onfido (UK)

8. Trulioo (Canada)

9. Acuant (US)

10. IDEMIA (France)

11. Jumio (US)

12. TransUnion (US)

13. IDology (US)

14. Innovatrics (Slovakia)

15. Applied Recognition (Canada)

Browse Global Identity Verification Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2030 - (By Type Coverage, By Vertical Coverage, By Deployment Coverage, By Component Coverage, By Organisation Size Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/identity-verification-market