PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1746464
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1746464
The identity verification market is projected to grow from USD 14.34 billion in 2025 to USD 29.32 billion by 2030 at a compound annual growth rate (CAGR) of 15.4% during the forecast period. The growing threat of identity theft and fraud is a key driver for the identity verification market. As cybercriminals employ increasingly sophisticated tactics, organizations must strengthen their security measures. This drives the adoption of advanced identity verification technologies like biometrics and AI-based authentication. Consequently, businesses are investing more in solutions that protect user identities and prevent unauthorized access.
Scope of the Report | |
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Years Considered for the Study | 2019-2030 |
Base Year | 2024 |
Forecast Period | 2025-2030 |
Units Considered | USD (Billion) |
Segments | By Offering, Type, Deployment Mode, Organization Size, Application, Vertical, and Region. |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
"By organization size, the SMEs segment is projected to register the highest CAGR during the forecast period."
By organization size, the SMEs segment is expected to register the highest CAGR during the forecast period. This growth is driven by the increasing adoption of digital services among small and medium-sized enterprises, which elevates the need for secure identity verification solutions. Additionally, growing regulatory pressures such as KYC and AML requirements are pushing SMEs to invest in robust verification tools. Cloud-based and API-driven solutions are particularly appealing to SMEs due to their flexibility, scalability, and ease of integration with existing systems.
"By region, North America is estimated to account for the largest market share."
North America holds the largest share of the identity verification market, driven by the early adoption of advanced verification technologies and growing concerns around identity theft and cyber fraud. Regulatory mandates such as KYC and AML compliance have accelerated demand across sectors, particularly in BFSI, healthcare, and government. Additionally, the strong presence of leading identity verification vendors and a mature digital infrastructure contribute to the region's leadership in the global market.
Breakdown of Primaries
Some of the key players in the identity verification market are Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales Group (France), GB Group (GBG) (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), IDology (US), Mitek Systems (US), IDEMIA (France), Jumio (US), HyperVerge (India), and AU10TIX (Israel).
The study includes an in-depth competitive analysis of the key players in the identity verification market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the identity verification market and forecasts its size by Offering [Solution (Hardware - Biometric Devices, Document Scanners, Authentication Terminals, and Other Hardware; Software - Identity Authentication, Identity Proofing, Document Verification, Data Validation, and Other Software) and Services (Professional Services - Consulting, System Integration & Implementation, Training & Support, and Support & Maintenance; and Managed Services)], Type [Biometric (Face Recognition, Fingerprint Scanning, Iris Recognition, Voice Recognition, Palm Recognition, and Other types) and Non-biometric (Document Verification, Knowledge-based Authentication (KBA), Possession-based Authentication, Inherence-based Authentication, and Data Verification)], Organization Size [Large Enterprises and Small & Medium-sized Enterprises (SMEs)], Deployment Mode [Cloud and On-premises], Application [Access Control & User Monitoring, KYC/KYB and Onboarding, Identity Fraud, and Compliance & Forensics], Vertical [Banking, Financial Services, and Insurance (BFSI), Retail & e-commerce, Government & Defense, Healthcare & Life Sciences, IT & ITeS, Telecommunications, Energy & Utilities, Education, Gaming & Gambling, and Other Verticals], and Region [North America, Europe, Asia Pacific, Middle East & Africa, and Latin America].
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall identity verification market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.