Through the forecast period, the worldwide identity verification market is anticipated to grow at a CAGR of 14.8%. The valuation of the verification market is anticipated to increase from US$ 10 Bn in 2022 to US$ 40 Bn by 2032.
The identity verification industry is being driven by expanding digital identification use cases across verticals, rising digitalization goals, and an increase in fraud and identity theft over the past ten years.
The application of emerging technologies in identity verification systems, such as AI, machine learning, and automation, as well as government and corporate initiatives focused on digitalization would also offer attractive opportunities for providers of identity verification services.
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Growing digitization initiatives, identity theft, an increase in fraudulent activities over the last decade, and an increase in the adoption of digital IDs among verticals are all pushing the global identity verification industry.
Moreover, governments and businesses have taken a number of steps to focus on digitalization and the adoption of new technologies such as machine learning, artificial intelligence, and automation in identity verification solutions, which are projected to provide lucrative opportunities for identity verification vendors and lead the identity verification market adoption trends.
As per the market study by Future Market Insights, the major hurdle impeding the growth of the identity verification market are financial constraints during the deployment of identity verification systems.
According to Jumio Corporation, the total cost of ownership for online identity verification is roughly USD 853,750 per year, based on specific estimates. Identity verification solutions are easier to obtain for large businesses. However, for SMEs, it becomes a problem owing to a lack of budgetary resources.
The high initial expenditures and ongoing upkeep of identity verification make it difficult for startups to get off the ground. SMBs usually have limited access to bank-grade technology and security solutions due to budget constraints, making them an easy target for cybercriminals and thus also hindering the growth of the global market.
Price per verification, languages, data storage, and technical support are all elements that go into determining the cost of identity verification solutions and services. The majority of organizations charge per verification, as well as per month and year, with a limited number of ID verification checks provided. In some circumstances of a yearly package, some providers additionally offer variable pricing per verification. The issue is the disparity in prices charged by ID verification suppliers.
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Key Takeaways
- The US identity verification market is expected to advance at a CAGR of 14.2% during the forecast period.
- The market is divided into BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication, and Others, based on the end user. During the forecasted period, the BFSI sector is anticipated to have the greatest identity verification market size. As it becomes technologically prepared through the early adoption of new technologies, Asia Pacific is predicted to contribute to the fastest-growing region with the greatest CAGR during the forecast period.
- The China identity verification market size is projected to reach a valuation of US$ 2.9 Bn by 2032.
- Due to the increasing intrinsic demand from consumers for seamless onboarding, compliance management, and fraud prevention, the biometric solutions industry is expected to expand rapidly.
- The application of identity verification technologies in major organizations is likely to expand as internet penetration, and eCommerce operations grow.
Competitive Landscape
With several competitors and competing technologies, the identity verification market is highly fragmented, resulting in fierce competition among the participants. Large firms are likely to make purchases and collaborate with startups that are focused on innovation in the future.
Acuant, Applied Recognition, Au10Tix, Authenteq, Equifax, Experian, GB Group plc (GBG), Idemia, and Idfy are some of the major players in the global identity verification market.
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Recent Developments
SimpleNexus, a homeownership platform for loan officers, borrowers, real estate agents, and settlement agents, announced a partnership with Finicity’s Mortgage Verification Service on June 20, 2021. (MVS). Using a single embedded service, lenders would likely be likely to expedite the verification of applicants’ assets, income, and employment.
May 2021 – Acuant and Airside teamed up to prioritize privacy in the processing of biometrics and personal data for mobile identity verification processes, enabling the convenient and cost-effective reopening of travel and public areas.
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