Identity Verification Market to Reach USD 39.73 Billion by 2031

Westford, USA, Oct. 16, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Identity Verification Market will reach a value of USD 39.73 Billion by 2031, with a CAGR of 16.7% during the forecast period (2024-2031). The increasing identity-related fraud and cybercrime have given rise to initiatives in digitization. The increase in use cases of data security across sectors fuels the business of identity verification. Moreover, policies initiated by organizations and governments toward digitization and the implementation of advanced technologies such as automation, machine learning, and AI in identity verification systems would give them ample opportunity to introduce their identity verification solutions.

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Browse in-depth TOC on the “Identity Verification Market”

• Pages – 155
• Tables – 62
• Figures – 75

Identity Verification Market Overview:

E-Commerce & Retail’s Role in Identity Verification Market

The e-commerce and retail segment held the highest market share during the projection period. Online sellers are upscaling their game rapidly to ensure that transactions are safe and that the consumers are genuine due to the rise in identity frauds. Online sellers are using ID verification systems extensively to avoid illicit transactions, protect their current customers from account takeovers, and bring on new consumers with ultra-stringent data standards.

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Biometric Identification is Safest Path to Secure Identity Verification

Since biometric identity verification is highly accepted across the world because it has been proved to be secure and reliable, this market is headed to take the top position in terms of growth rate for the forecast period. Biometric technology is increasingly being applied globally unlocking phones to law enforcement. Advances in artificial intelligence, cloud computing, and Internet of Things are driving the biometrics companies to develop an identity authentication system that is both more precise and secure.

How North America Shapes Identity Verification Landscape

Technologically advanced infrastructure, increased awareness regarding cyber security threats, and heavy governmental regulations would make North America the hub for check-on personality markets across the globe. It is observed that major banks and technology houses are undertaking huge digital transformation programs to speed up the inculcation of sophisticated age verification technologies in this region. The rise in high-value online transactions along with the growing menace of cybercrimes has created the need for more robust security. Since the factors driving recent government efforts and compliance standards for verification have further increased the demand for these modern technologies, the requirement for those increased even more. North America’s strong hold on the identity verification market is firmly established through a blend of technological readiness, regulatory demands, and innovative investments.

Identity Verification Market Insights

Drivers

• Rising Cyber Security Threats
• Rise in Mobile Device Usage
• Growing Digital Transaction

Restraints

• High Implementation Costs
• Privacy Concerns
• Technical Limitations

Key Players Operating in the Identity Verification Market

The following are the Top Identity Verification Companies

• Onfido
• Jumio
• Idology
• Mastercard
• Experian
• Thales
• Equifax
• GBG
• TransUnion
• Mitek Systems

Key Questions Covered in the Identity Verification Market Report

• What are the factors restricting the growth of the global identity verification market?
• Which is the dominant region within the market?
• What are the major players operating within the market?

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This report provides the following insights:

• Analysis of key drivers (growing digital transaction, rising cyber security threats), restraints (high implementation costs, privacy concerns), opportunities (enhanced user experience, emerging markets), and challenges (evolving fraud tactics, dependence on technology) influencing the growth of the identity verification market.
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the identity verification market.
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the identity verification market.
• Market Development: Comprehensive information on lucrative emerging regions.
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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