MarketsandMarkets forecasts the global identity verification market size to be estimated at USD 10.9 billion in 2023 and is projected to reach USD 21.8 billion by 2028, at a CAGR of 14.9% during the forecast period. The increasing prevalence of online transactions and digital services heightens the demand for secure and efficient identity verification solutions within the market, driven by the need to combat fraud, ensure regulatory compliance, and enhance user trust and safety.
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What is Identity Verification?
Identity verification is the process of confirming that a person’s identity matches the credentials they claim to possess. It is commonly used in various contexts, including online transactions, financial services, government procedures, and access control systems. Identity verification ensures that the person presenting the identity information is who they claim to be, preventing identity theft, fraud, and unauthorized access.
By offering, the services segment to grow with the highest CAGR during the forecast period.
Identity verification involves various processes, such as document verification, biometric authentication, and identity proofing. Managing these processes in-house can be complex and resource-intensive for organizations. Outsourcing to service providers can streamline these processes and provide more efficient solutions. Many organizations prefer to outsource identity verification processes to specialized service providers due to their expertise and advanced technologies. This trend will likely continue, especially as regulations become more stringent, driving the demand for reliable identity verification services.
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By type, the biometrics segment holds a larger market size during the forecast period.
Biometrics is driving significant growth in identity verification due to its unmatched security features, offering difficult-to-forge identifiers like fingerprints, facial features, and iris scans. Besides security, biometrics also enhance convenience, providing touchless and rapid verification, thus improving user experience and operational efficiency. Ongoing technological advancements in sensors, algorithms, and liveness detection further enhance the accuracy and reliability of biometric solutions. Regulatory requirements, especially for KYC/AML compliance, propel the adoption of biometric verification methods. Additionally, the expanding application of biometrics across various sectors like access control, mobile payments, border security, and healthcare is broadening its market reach. While biometrics leads the way, other identity verification segments like Knowledge-Based Authentication (KBA), document verification, and passive authentication demonstrate substantial growth potential.
Unique Features in the Identity Verification Market
Identity verification solutions provide multi-layered authentication procedures that provide strong identity validation by combining a number of variables, including biometrics, document verification, knowledge-based authentication, and device recognition.
Real-time verification capabilities are provided by providers, enabling quick user identity authentication, smooth onboarding procedures, and decreased friction for users.
Global coverage is offered by identity verification solutions, which enable the verification of identities from many nations and areas, guarantee adherence to international laws, and serve a variety of user bases.
Providers enable businesses to expand their identity verification procedures in line with business expansion by providing adaptable and scalable solutions that can handle different verification volumes and specifications.
Identity verification solutions comprise fraud detection and prevention methods that use artificial intelligence (AI) and machine learning algorithms to instantly identify counterfeit documents, suspicious activity, and identity theft efforts.
Major Highlights of the Identity Verification Market
Innovation and specialisation in the market are being driven by the increasing demand for industry-specific identity verification solutions that are suited to the particular needs and compliance norms of industries including banking, healthcare, gambling, and telecommunications.
By providing fluid, frictionless identity verification procedures that strike a balance between security and usability and facilitate easy user onboarding and transaction experiences, providers concentrate on improving the client experience.
Intense competition and market consolidation are observed, as major businesses extend their market position, improve their product offerings, and seize growth opportunities through mergers, acquisitions, and partnerships.
Providers place a high priority on the prevention and detection of fraud. They do this by utilising machine learning algorithms, biometric identification, and advanced analytics to quickly identify and stop fraudulent actions, account takeovers, and identity theft.
In order to improve user experience and lessen friction in customer interactions, identity verification solutions link with digital platforms, mobile applications, and online services. They also streamline user onboarding, authentication, and transaction procedures.
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Competitive Overview:
The key vendors profiled in the global identity verification market include Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales (France), GBG (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), IDology (Georgia), Mitek Systems (US), IDEMIA (France), and Jumio (US). These players have captured a significant market share % by incorporating a high product footprint and efficient business strategy excellence.
LexisNexis Risk Solutions is a leading provider of identity verification solutions tailored to meet the needs of businesses across various industries. LexisNexis Risk Solutions’ identity verification solutions are designed to streamline operations, mitigate risk, and build customer trust. Their comprehensive offerings empower businesses to authenticate identity documents, analyze identity data for suspicious patterns, and comply with regulatory requirements related to identity verification and customer due diligence. By leveraging innovative technologies such as biometric authentication and machine learning, LexisNexis enables businesses to enhance security, prevent fraud, and maintain compliance while delivering seamless and frictionless customer experiences. Overall, LexisNexis Risk Solutions’ identity verification solutions are crucial in helping businesses navigate the complex landscape of identity verification and risk management.
Equifax’s identity verification solutions encompass various offerings, including identity authentication, fraud detection, compliance solutions, and consumer identity management. Through a combination of traditional identity verification methods and advanced technologies such as biometric authentication and machine learning, Equifax enables businesses to verify the identities of individuals with confidence and efficiency. Their solutions help organizations streamline customer onboarding processes, prevent identity fraud, and ensure compliance with regulatory requirements such as KYC and AML regulations.
Equifax’s identity verification solutions cater to various industries, including financial services, insurance, healthcare, retail, and government. These solutions empower businesses to make informed decisions, mitigate risk, and enhance customer trust and satisfaction. Equifax’s comprehensive approach to identity verification encompasses not only the verification of identity documents and biometric traits but also the analysis of vast data sets to detect fraudulent activities and suspicious patterns. By leveraging Equifax’s expertise and resources, organizations can strengthen their security posture, improve operational efficiency, and drive sustainable growth in an increasingly digital and interconnected world.
According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. The identity verification sector is thriving, projected to reach USD 21.9 billion by 2028 with a 14.9% CAGR. Several factors propel this expansion. Rising cybercrime urges a focus on secure verification, while regulatory mandates like KYC and AML drive demand. Businesses seek seamless online onboarding and identity checks, leveraging biometrics and AI for accuracy and convenience. Remote work and digital transactions fuel the need for secure verification. Biometrics, especially facial recognition and voice verification, are gaining popularity for their security and ease. Companies prioritize user experience, omnichannel solutions, and decentralized identity technology while navigating privacy concerns and regulatory requirements amidst intense competition and consolidation.
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