Identity Verification Market Analysis and Global Forecast 2024-2028

 The Global Identity Verification Market size is projected to grow by USD 16.92 billion from 2023 to 2028, registering a compound annual growth rate (CAGR) of 20.3%. The growth is propelled by several factors, such as the rising demand for digitalization through electronic ID cards (eID) and smart infrastructure projects. The escalating frequency of global data breaches has underscored the necessity for strong identity verification measures, including digital identity solutions and heightened security protocols. Moreover, stringent data protection regulations continue to push businesses toward adopting advanced identity verification solutions.

Identity verification is essential for ensuring that processes are carried out by authorized individuals, thereby preventing identity fraud, unauthorized access, and impersonation. The market is positioned for sustained growth as businesses prioritize security and regulatory compliance in an increasingly digital world. Fraud detection and prevention solutions are becoming more vital, further boosting market expansion.

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What Will Be the Size of the Identity Verification Market During the Forecast Period?

The market size for identity verification is set to witness substantial growth through 2028, largely driven by advancements in technology, increased demand for secure digital identities, and regulatory compliance.

By Component

The solutions segment is anticipated to experience significant growth during the forecast period. These solutions help businesses verify the authenticity of individuals by ensuring that a real person is behind the process. The market has shown gradual increases in solution adoption since 2018, and this trend is expected to continue.

By Type

Large enterprises are increasingly adopting identity verification solutions due to their enhanced performance, security, and scalability. These solutions are essential for managing access requests across on-premises and cloud-based systems, further fueling market demand.

By Region

North America is expected to account for 32% of the identity verification market’s growth, driven by the region’s advanced IT infrastructure, robust IT security compliance, and widespread adoption of cloud-based solutions.

For more insights on regional market shares, download the sample PDF now.

Key Market Dynamics Shaping Growth

The growing threat of cyberattacks and the increasing need for secure digital identities are driving market growth. The banking, financial services, and insurance (BFSI) sector, in particular, relies heavily on biometric checks and digital payment solutions to combat identity fraud and cybercrime.

Key Market Driver:

  • The rise of digitalization through eIDs and smart infrastructure initiatives is a major driver of the market, providing secure digital access to banking, education, and government services.

Significant Market Trend:

  • The adoption of Bring Your Own Device (BYOD) practices is a key trend, as businesses move to mobile and web-based systems, creating the need for enhanced identity verification solutions to protect privileged accounts.

Major Market Challenge:

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