Document Verification Global Market Report 2025

Document verification entails the meticulous process of validating the authenticity and precision of official documents. This procedure involves scrutinizing key elements such as signatures, seals, and information against trusted sources, ensuring reliability and mitigating the risks associated with fraud or misrepresentation. Employed to uphold integrity in transactions and decision-making processes, document verification plays a crucial role in maintaining trust and security.

The primary categories of document verification encompass small and medium-sized enterprises (SMEs), large enterprises, and personal documents. Personal documents serve to authenticate an individual's identity and may include items such as driver's licenses, ID cards, passports, and other officially issued documents containing sensitive information such as financial data or confidential material. Various technologies are utilized in this process, including optical character recognition (OCR), face recognition, liveness detection, and mechanisms for detecting tampering with documents. These technologies find application across diverse sectors such as financial services, medical insurance, government services, and beyond.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a considerable impact on the financial sector, particularly in the areas of investment strategies and risk management. The increased tariffs have intensified market volatility, leading institutional investors to adopt more cautious approaches and driving greater demand for hedging solutions. Banks and asset managers are encountering higher costs in cross-border transactions as disrupted global supply chains and declining corporate earnings weigh on equity market performance. At the same time, insurance providers are facing elevated claims risks linked to supply chain interruptions and trade-related business losses. Furthermore, reduced consumer spending and weaker export demand are limiting credit growth and dampening investment appetite. In response to these challenges, the sector must focus on diversification, accelerate digital transformation, and strengthen scenario planning to manage the heightened economic uncertainty and safeguard profitability.

The document verification market research report is one of a series of new reports from The Business Research Company that provides document verification market statistics, including document verification industry global market size, regional shares, competitors with a document verification market share, detailed document verification market segments, market trends, and opportunities, and any further data you may need to thrive in the document verification industry. This document verification market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry

The document verification market size has grown rapidly in recent years. It will grow from $4.24 billion in 2024 to $5.05 billion in 2025 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to increasing regulatory compliance requirements in various industries, growth of online transactions and digital document processing, rise in fraudulent activities and identity theft, expansion of e-commerce and online banking sectors, demand for secure and reliable verification processes, adoption of remote work and digital onboarding practices, need for efficient kyc (know your customer) and aml (anti-money laundering) procedures.

The document verification market size is expected to see rapid growth in the next few years. It will grow to $9.94 billion in 2029 at a compound annual growth rate (CAGR) of 18.4%. The growth in the forecast period can be attributed to continuation of stringent regulatory frameworks and compliance standards, increasing emphasis on data privacy and security measures, expansion of digital identity verification solutions, growth of the gig economy and freelance workforce, demand for seamless and user-friendly verification experiences. Major trends in the forecast period include integration of biometric authentication methods, growth in adoption of ai-powered verification, development of blockchain technology, collaboration between providers and regulatory bodies, expansion of services for online transactions, adoption of machine learning algorithms, integration with existing systems.

The forecast of 18.4% growth over the next five years reflects a modest reduction of 0.7% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through increased identity fraud risks, as optical character recognition systems and artificial intelligence-based forgery detection platforms, mainly imported from China and the Netherlands, become cost-prohibitive for some financial institutions. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The escalating concerns surrounding identity theft and fraudulent activities are poised to catalyze the expansion of the document verification market in the foreseeable future. Identity theft and fraud, characterized by the unauthorized acquisition and exploitation of personal or financial data for illicit gain, have become prevalent due to the widespread adoption of online services, social media, and e-commerce platforms. The abundance of personal information amassed in digital realms presents lucrative targets for identity thieves. Document verification systems emerge as crucial tools in combatting such threats by streamlining verification processes, reducing reliance on laborious and error-prone manual checks. For instance, as of February 2024, the Federal Trade Commission reported a surge in identity theft reports to 1.0 million, constituting 19% of all fraud reports, up from 1.1 million in 2022. Additionally, fraud reports increased from 2.4 million in 2022 to 2.6 million in 2023, accounting for 48% of all reports. This surge underscores the imperative for robust document verification solutions to mitigate identity-related risks.

Key players in the document verification arena are actively embracing technological advancements to bolster the accuracy, efficiency, and security of verification processes. Biometric verification leveraging blockchain technology and optical character recognition (OCR) are among the innovative approaches adopted. For instance, Smile Identity, a Nigeria-based provider of identity verification solutions, introduced document verification (E-DocV) in February 2022 across Africa, Europe, and North America. This solution harnesses OCR and SmartSelfie technology to facilitate rapid and secure user onboarding, covering over 140 ID documents across 100 countries. The implementation of such advanced technologies enhances compliance, fraud prevention, and trust, thereby fostering growth in trade and remittance corridors across regions.

In June 2023, Socure Inc., a US-based company specializing in digital identity verification and fraud prevention, acquired Berbix for $70 million. The acquisition is intended to strengthen Socure's digital identity verification capabilities by incorporating Berbix's highly accurate document verification technology, which includes a patent-pending forensics engine. This strategic acquisition will drive Socure's product innovation and enhance fraud detection, user experience, and verification speed. Berbix Inc. is a US-based company offering advanced document verification solutions.

Major companies operating in the document verification market are Thales Group, Experian Plc, Equifax, Idemia, Truework, Argos, PRM Group, GBG Group, Mitek Systems Inc., Jumio, Checkr, Accurate Background, Pre-employ.com, Ekata, Onfido, Trulioo, Acuant, Shufti Pro, Refinitiv, Authenteq, OPENonline, Sterling Check, The Work Number, ADP Screening And Selection Services Inc

North America was the largest region in the document verification market in 2024. The regions covered in the document verification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the document verification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The document verification market includes revenues earned by entities by services such as identity verification, document authentication, fraud detection, digital signature verification, and related services such as know your customer (KYC) compliance, anti-money laundering (AML) screening, and document validation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Document Verification Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on document verification market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for document verification ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The document verification market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

• Markets Covered:1) By Type: Small And Medium-Sized Enterprises (SMEs); Large Enterprise; Personal Documents
• 2) By Technology: Optical Character Recognition (OCR); Face Recognition; Liveness Detection; Detecting Tampering With Documents
• 3) By Application: Financial Services; Medical Insurance; Government Service; Additional Uses
• Subsegments:
• 1) By Small And Medium-Sized Enterprises (Smes): Identity Verification For Employees; Document Authentication For Financial Transactions; Customer Onboarding And Kyc (Know Your Customer) Compliance; Tax And Legal Document Verification; Business Licensing And Certification Verification; Contract And Agreement Validation; Invoice And Purchase Order Verification
• 2) By Large Enterprise: Corporate And Employee Identity Verification; Mergers And Acquisitions (M&A) Document Validation; Financial And Audit Documentation Verification; Contract Management And Agreement Verification; Employee Benefits And Payroll Document Verification; Supply Chain And Vendor Documentation Validation; Customer And Client Onboarding Documentation
• 3) By Personal Documents: Passport And National Id Verification; Driver's License Authentication; Bank Statements And Credit Report Validation; Medical And Insurance Documents; Academic And Professional Certificates Verification; Marriage, Birth, And Other Vital Records Verification; Rental And Lease Agreements Verification; Social Security And Tax Documents
• Companies Mentioned:Thales Group; Experian Plc; Equifax; Idemia; Truework; Argos; PRM Group; GBG Group; Mitek Systems Inc; Jumio; Checkr; Accurate Background; Pre-employ.com; Ekata; Onfido; Trulioo; Acuant; Shufti Pro; Refinitiv; Authenteq; OPENonline; Sterling Check; The Work Number; ADP Screening And Selection Services Inc
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.