According to FMI’s estimate, the worldwide identity verification market would grow at a CAGR of 13.2% during the forecast period. The industry’s market value is expected to rise from US$ 11.1 billion in 2023 to US$ 38.5 billion by the end of 2033.
The identity verification industry is benefiting from increased laws and the obligation to comply with industry standards across all sectors. The financial industry, in particular, is projected to provide market participants with lucrative expansion opportunities. Furthermore, the increasing trend of Bring Your Own Devices (BYOD) and enterprise mobility are likely to accelerate market development even further.
Use of advanced identity verification systems, such as incredibly powerful mobile devices with sophisticated cameras, GPS capabilities, and microphones, has increased self-service identity verification to offer multi-factor authentication in many forms. Because of its distinguishing characteristics, the inclusion of biometrics in digital identification provides enhanced attribution to a person. As a result, because the means of acquisition are strictly regulated, it is less vulnerable to imitation.
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To capitalise on this thriving market, key organisations are building mobile applications and Software Development Kits (SDKs). Document verification tests, such as nodding and blinking, allow driving licences and passports to be recognised and verified. Furthermore, leading players in the identity verification sector are constantly investing in R&D projects and releasing new technologies to combat security and cyber-attacks.
Key Highlights of the Identity Verification Industry:
- The United States is projected to be a significant identity verification market over the projected period as well. The market is estimated to attain US$ 12.4 billion by 2033, expanding at a CAGR of 13% over the coming years.
- Within Asia Pacific, China is expected to be a dominant market. The China market is assessed to reach US$ 3.1 billion by 2033, registering a CAGR of 12.6%. Rising governmental efforts to avoid identity fraud and invigoration of e-KYC are pushing market expansion.
- In the Europe region, Germany is projected to drive significant market growth. Germany’s identity verification industry is projected to attain US$ 2.7 billion by 2033. The market is expected to exhibit a CAGR of 11.7% in the next 10 years. The demand for identity verification services is projected to surge due to the establishment of smart infrastructure, smart cities, and digital driver’s licenses in the region.
- Based on organization size, large enterprises are projected to dominate the marketplace over the forecast period. The segment is expected to display a 12.6% CAGR in the forecast period, rising from the 9.8% CAGR observed in the historical period.
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Latest Market Developments in the Market:
- In November 2020, LexisNexis Risk Solutions introduced LexisNexis Fraud Intelligence. This tool assists businesses to mitigate the risk associated with account opening. This solution helps enterprises in reducing the new account fraud risk by clubbing identity events and consumer application activity to develop a robust and comprehensive score that delivers a broad picture of identity proof.
- Financial Action Task Force (FATA) increased the scope of reporting entities in 2021, and motivated member countries to compel virtual asset dealers, legal professionals, and art dealers to perform anti-money laundering screening on their clients.
- In November 2021, Experian Information Solutions, Inc. introduced Work Report, which is an automated verification solution that permits users to consent to reveal their payment details to another organization digitally. The solution links to an employer’s payroll information in a matter of seconds to check a consumer’s gross and net income, status, and job tenure.
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Key Segments Covered in the Identity Verification Industry Analysis
By Component:
- Solutions
- Services
By Deployment Mode:
- On-premises
- Cloud
By Type:
- Biometrics
- Non-biometrics
By Organization Size:
- SMEs
- Large Enterprises
By Vertical:
- BFSI
- Government and Defense
- Healthcare & Life Sciences
- Retail and eCommerce
- IT & ITeS
- Energy and Utilities
- Education
- Travel
- Gaming
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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