Press Release

Global Identity Verification Market to be Worth USD 19.1 Billion by 2029

The Global Identity Verification Market size is expected to exceed USD19 billion by 2029 and is projected to grow at a CAGR of around 11.2% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The market is experiencing rapid growth & change due to the increasing significance of digital identity in an interconnected world. This expansion is being driven by several key factors, including heightened concerns about data security, adherence to regulatory requirements, and the ongoing shift toward digitalization across various sectors.

As organizations adopt digital channels for customer interactions, the need to establish trust and securely confirm identities has become crucial. The growing adoption of identity verification during the onboarding process is making use of advanced technologies such as biometrics, artificial intelligence, and machine learning to enhance security and simplify user onboarding procedures. These solutions offer a smooth & user-friendly experience while minimizing the risk of identity fraud. Consequently, numerous businesses, including Hey Trade, Finora Bank, etc., are actively collaborating with identity verification providers to safeguard their transactions.

Moreover, the expanding Internet of Things (IoT) landscape across end-user industries is presenting a lucrative market opportunity for revenue growth of the market globally. As IoT rapidly permeates sectors like healthcare, manufacturing, smart cities, and connected homes, ensuring the security of IoT devices and networks becomes paramount. Identity verification assumes a central role here by facilitating secure device authentication and access control. These factors are poised to boost the industry's revenue, further states the research report, “Global Identity Verification Market Analysis, 2024.”

Identity Verification in the Market Segmentation Analysis

BFSI Drives the Demand for Identity Verification in the Market

Based on the vertical segment, the market is further bifurcated into BFSI, E-commerce & retail, Defense, Healthcare, and IT. Among them, the BFSI (Banking, Financial Services, and Insurance) sector held a substantial share in the Global Identity Verification Market in 2023. This growth is driven by the rising trend of digitalized banking processes, including digital onboarding and digital payments, aimed at enhancing the overall customer experience.

The Global Identity Verification Market size is expected to exceed USD19 billion by 2029 and is projected to grow at a CAGR of around 11.2% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The market is experiencing rapid growth & change due to the increasing significance of digital identity in an interconnected world. This expansion is being driven by several key factors, including heightened concerns about data security, adherence to regulatory requirements, and the ongoing shift toward digitalization across various sectors.

As organizations adopt digital channels for customer interactions, the need to establish trust and securely confirm identities has become crucial. The growing adoption of identity verification during the onboarding process is making use of advanced technologies such as biometrics, artificial intelligence, and machine learning to enhance security and simplify user onboarding procedures. These solutions offer a smooth & user-friendly experience while minimizing the risk of identity fraud. Consequently, numerous businesses, including Hey Trade, Finora Bank, etc., are actively collaborating with identity verification providers to safeguard their transactions.

Moreover, the expanding Internet of Things (IoT) landscape across end-user industries is presenting a lucrative market opportunity for revenue growth of the market globally. As IoT rapidly permeates sectors like healthcare, manufacturing, smart cities, and connected homes, ensuring the security of IoT devices and networks becomes paramount. Identity verification assumes a central role here by facilitating secure device authentication and access control. These factors are poised to boost the industry's revenue, further states the research report, “Global Identity Verification Market Analysis, 2024.”

Identity Verification in the Market Segmentation Analysis

BFSI Drives the Demand for Identity Verification in the Market

Based on the vertical segment, the market is further bifurcated into BFSI, E-commerce & retail, Defense, Healthcare, and IT. Among them, the BFSI (Banking, Financial Services, and Insurance) sector held a substantial share in the Global Identity Verification Market in 2023. This growth is driven by the rising trend of digitalized banking processes, including digital onboarding and digital payments, aimed at enhancing the overall customer experience.