Identity Verification Market worth $21.8 billion by 2028, growing at a CAGR of 14.9%: Report by MarketsandMarkets™
Chicago, March 21, 2024 (GLOBE NEWSWIRE) -- *The global **Identity Verification Market** is estimated to be USD 10.9 billion in 2023. It is projected to reach USD 21.8 billion by 2028 at a compound annual growth rate (CAGR) of 14.9% during the forecast period, according to a new report by MarketsandMarkets™.* Rising occurrences of identity thefts and increasing risks of fraudster access to business networks, apps, or services, stringent government regulations, and privacy mandates are driving market growth. Moreover, the proliferation of digitization is expected to drive market growth for identity verification.
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*Identity Verification Market **Dynamics:*
*Drivers:*
1. Rising occurrences of identity theft and fraud
2. Stringent government regulations and mandates concerning privacy
3. Growing digitalization initiatives
*Restraints:*
1. Lack of technical expertise and requirement for security awareness and training
2. Higher implementation and maintenance costs
*Opportunities:*
1. Adopting biometric devices in identity verification systems
2. Proliferation of advanced technologies in identity verification
*List of Key Companies in *Identity Verification Market*:*
· Experian (Ireland)
· LexisNexis Risk Solutions (US)
· Equifax (US)
· Thales (France)
· GBG (UK)
· TransUnion (US)
· Mastercard (US)
· Onfido (UK)
· Trulioo (Canada)
· Innovatrics (Slovakia)
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The adoption of biometric devices in identity verification systems and the proliferation of advanced technologies in identity verification are a few factors contributing to the market's promising growth potential.
*Trend: Blockchain-based technology in identity verification*
Blockchain technology is poised to revolutionize identity verification with its array of benefits. Decentralized data storage ensures heightened security against cyber threats while granting users greater transparency and control over their identity information. It is streamlining leads to more efficient verification processes and empowers individuals through self-sovereign identity (SSI) frameworks like Verifiable Credentials (VCs) and Decentralized Identifiers (DIDs). Initiatives such as the Decentralized Identity Foundation (DIF) aim to enhance interoperability across blockchain platforms, while biometric integration strengthens security and convenience. Regulatory bodies actively explore frameworks to address privacy concerns while fostering blockchain-based identity verification. Real-world applications are burgeoning across sectors like KYC/AML, healthcare, and access control. However, challenges persist, including scalability issues, standardization efforts, and the need for user education to promote adoption while balancing privacy and security concerns within regulatory frameworks.
*Trend: BYOD trend in identity verification*
The BYOD trend is reshaping identity verification across industries. Its drivers include convenience, cost-effectiveness, accessibility, and innovation. Recent developments highlight the rise of mobile-based verification, emphasizing security, compliance, integration with existing systems, and the importance of multi-factor authentication (MFA). Despite opportunities such as enhanced user experience and broader adoption, challenges persist, including security concerns, data privacy compliance, standardization, and user education. Balancing convenience with privacy remains a priority, necessitating measures to address potential vulnerabilities and ensure adherence to regulations like GDPR and CCPA. By focusing on security, compliance, and user education, organizations can harness the benefits of BYOD while mitigating its challenges in identity verification.
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*By vertical, the gaming and gambling sector accounts for the highest CAGR*
In the gaming and gambling vertical, age verification criteria are crucial to prevent underage access to age-restricted games and gambling activities. Stringent regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML) are driving the need for robust identity verification in the gaming and gambling industry.
Online gambling platforms are susceptible to fraud and money laundering activities. Fraud prevention, including addressing issues like bonus abuse and money laundering, underscores the need for advanced verification measures. It helps ensure players are of legal age and promotes responsible gambling practices. Identity verification helps mitigate these risks. Adopting emerging technologies like biometrics, AI, and machine learning further propels faster and more secure verification processes.
*By application, KYC, KYB, and onboarding segments account for the highest market size. *
The large market share in identity verification stems from widespread regulatory mandates like Know Your Customer (KYC) and Know Your Business (KYB) requirements across finance, insurance, and gambling. Businesses in various sectors necessitate efficient and secure solutions for high-volume onboarding new customers and businesses, driven by compliance requirements like anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. Identity verification also serves as a critical component in risk management strategies, helping to mitigate fraud, identity theft, and financial crime. Modern solutions streamline processes through automation, saving time and cost.
*Opportunity: Growth of intelligent technologies in the Identity Verification Market*
Intelligent technologies are reshaping identity verification, driven by biometrics, AI, blockchain, IoT, and mobile biometrics. These technologies offer heightened security and convenience compared to traditional methods. Market forecasts anticipate substantial growth, with projections indicating a USD 60.8 billion global market by 2028, mainly driven by finance, healthcare, and government sectors. Emphasis on user privacy, ethical considerations, seamless integration, and collaboration among stakeholders are vital for responsible adoption. Examples include facial recognition for airport security, voice biometrics in banking, liveness detection to combat deepfakes, and self-sovereign identity solutions using blockchain. Challenges include data privacy compliance, addressing bias in AI algorithms, cybersecurity threats, and standardization. Overcoming these challenges presents opportunities for innovation and broader adoption of intelligent identity verification technologies.
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