Global Identity Verification Market

Identity Verification Market Size, Share, Growth Analysis, By Application (Credit Card Fraud, Bank Fraud), By Verification Type (Biometrics, Non-Biometrics), By Vertical (Government & Defense, Healthcare & Life Sciences), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45B2134 | Region: Global | Published Date: August, 2024
Pages: 155 | Tables: 91 | Figures: 71

Identity Verification Market Dynamics

Drivers

  • Expanding Digitization Projects

With the help of cutting-edge technologies like automation, artificial intelligence (AI), and machine learning (ML) in identity verification systems, businesses and governments are leading the charge to embrace digitalization. It is expected that these initiatives would increase the industry's acceptance rates for identity verification and present vendors with exciting new options. Identity verification solutions are expected to become more crucial in large corporations as internet usage and eCommerce grow.

  • High Biometric Device Adoption Rate

In contrast with traditional techniques such as keys or pins, fingerprints recognition, face identification and iris scanning are biometric methods that provide a more reliable and secure way of identifying people’s identities. In this regard, businesses and other organizations can install a more trustworthy identification process which minimizes cases of identity theft or unauthorized access while offering an easy flow for users.

Restraints

  • Organizational Security Concerns About Data Confidentiality

It can be difficult and expensive to integrate cutting-edge identity verification technologies with current systems. Legacy systems can be incompatible with new solutions leading to disruptions and inefficiencies. The seamless integration problem faced by companies might hinder the adoption of new verification technology and limit their growth in markets.

  • Time Consuming Resource Management

Identity verification technology, particularly biometric systems, may still experience problems with false positives or false negatives even with the latest improvements. Erosion of user trust in the system, annoyance or security lapses can result from inaccuracy issues. Ensuring high accuracy and reliability is still a major challenge, thereby limiting the effectiveness and use of these solutions.

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FAQs

Global Identity Verification Market size was valued at USD 9.90 Billion in 2022 poised to grow from USD 11.55 Billion in 2023 to USD 39.73 Billion by 2031, growing at a CAGR of 16.7% in the forecast period (2024-2031).

Manufacturing locally to save operational costs is one of the main business strategies used by manufacturers in the identity verification sector to benefit customers and increase market share. Some of the biggest advantages have been offered lately by the identity verification sector. Major players in the identity verification market, including IDEMIA (France), Jumio (US), Experian (Ireland), GBG (UK), and others, are investing in research and development to increase market demand. '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)', 'Jumio (US)', 'HyperVerge (India)', 'AU10TIX (Israel)'

Expanding Digitization Projects

Growing Adoption of AI and ML for Enhanced Fraud Detection: The global identity verification market is mirroring the way in which the fraud detection and prevention techniques are getting integrated with AI (Artificial Intelligence) soon. By detecting patterns, this smart algorithm makes the process more precise with respect to the verification activities undertaken.

The entire world’s check on personality market is influenced by North America as it possesses an advanced technical framework, heightened consciousness of cyber security issues and tough legal stipulations. Major banks and tech firms are driving huge investments in digital transformation to accelerate implementation of advanced age verification systems that are found in this region. The number of high-value online transactions and the increase in cyber threats make it necessary to implement robust security measures. The pushing force behind the new government initiatives and compliance norms for verification has further increased the need for these modern systems. A combination of technological readiness, regulatory pressures, and innovative investing solidifies North America’s dominance in identity verification market share.

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Global Identity Verification Market

Report ID: SQMIG45B2134

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