Identity Verification Market Company Overview, and Financial Performance By 2030

Identity Verification Industry Overview

The global identity verification market size was valued at USD 8.48 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030.

The growing frequency of identity fraud and cybercrime increased digitization initiatives, and the increasing use case of data security across verticals propels the market forward. Furthermore, measures by governments and companies focusing on digitalization and the use of emerging technologies in identity verification systems, such as AI, machine learning, and automation, would present attractive prospects for identity verification suppliers.

Gather more insights about the market drivers, restrains and growth of the Global Identity Verification Market

APAC identity verification market size, by type, 2020 - 2030 (USD Billion)

Increased regulations and the obligation to comply with standards across all industries, particularly in the financial sector, will likely provide numerous opportunities for market participants. Furthermore, the growing trend of BYOD and enterprise mobility are propelling the market forward.

For instance, In November 2020, LexisNexis Risk Solutions Group announced the launch of LexisNexis Fraud Intelligence, a tool that assists businesses in reducing the risk of account opening fraud.  This solution assists enterprises in minimizing new account fraud risk by combining consumer application activity and identity events to produce a comprehensive and robust score that provides a complete picture of identity proof.

During the COVID-19 epidemic, various organizations increased their identity verification measures to protect customers from fraud. Businesses are turning to digital channels and services as citizens have advanced their relationship with technology and digital gadgets. With digitalization, the possibility of cyber-attacks and security flaws increases, thus positively affecting the growth of the identity verification used to address security concerns.

The verification services like blockchain-based identity verification, adoption of Bring Your Own Devices (BYOD) in organizations, Know Your Customer (KYC) and AML (Anti-money Laundering), and identity verification in healthcare are actively responding to organizations’ increasing cyber risks and vulnerabilities. For instance, in 2021, Financial Action Task Force (FATA) expanded the scope of reporting entities and encouraged member countries to constrain virtual asset dealers, art dealers, and legal professionals to conduct anti-money laundering screening on their customers.

Moreover, the key companies in the identity verification market invest in continuous research and development processes and launch innovative products to fight cyber-attacks and security concerns. For instance, in November 2021, Experian launched Work Report, an automated verification solution that allows users to agree to share their payment details with another organization digitally. It connects to an employer's payroll information in seconds to confirm a consumer's net and gross income, job tenure, and status.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

  • Artificial Intelligence Market - The global artificial intelligence market size was valued at USD 136.55 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030.
  • Digital Identity Solutions Market - The global digital identity solutions market size was valued at USD 27,508.5 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.2% from 2023 to 2030.

Market Share Insights

  • December 2020: Trulioo partnered with Credit Sesame, an online banking services company; This collaboration entitled Credit Sesame to advance privacy for its clients through Trulioo’s GlobalGateway biometric identification platform.

Key Companies profiled:

Some prominent players in the global identity verification market include

  • Acuant, Inc.
  • Equifax, Inc.,
  • Experian Plc
  • GB Group PLC
  • IDEMIA
  • Intellicheck Inc.
  • Mitek Systems, Inc.,
  • Nuance Communications Inc.
  • Thales Group S.A.,
  • TransUnion LLC.

Order a free sample PDF of the Identity Verification Market Intelligence Study, published by Grand View Research.

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