Press Release Description
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.
As more banking activities shift to online & mobile platforms, ensuring the secure & seamless onboarding of customers has become paramount. Stricter regulatory requirements for Know Your Customer (KYC) and Anti-Money Laundering (AML) necessitate robust identity verification processes. This demand is further accelerated by the rise in online fraud and data breaches.
Hence, to mitigate risks, financial institutions are investing in advanced identity verification technologies, including biometrics and AI-driven solutions, to safeguard customer identities, prevent fraud, and comply with regulatory mandates, fostering trust in digital banking services.
North America to Dominate the Global Market of Identity Verification
North America is expected to hold a dominant position in the Identity Verification Market supported by the growing consciousness among the governments of the regional countries to secure their residents' information & introduce regional harmony. In an era marked by heightened concerns about privacy and security, governments across North American countries are recognizing the importance of safeguarding citizens' data. They are introducing stringent regulations and compliance measures to protect against identity theft, fraud, and cyberattacks.
Additionally, the pursuit of regional harmony, exemplified by initiatives like the United States-Mexico-Canada Agreement (USMCA), requires standardized processes for cross-border data sharing and secure identity verification. Robust identity verification solutions facilitate smoother cross-border transactions, trade, and the secure exchange of information among North American countries.
Consequently, the demand for sophisticated and reliable identity verification technologies and services has surged to meet the evolving regulatory landscape and regional cooperation.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including LexisNexis Risk Solutions, Experian Information Solution, Inc., Equifax, Thales, GBG Plc., MasterCard, Trans Union LLC, Trulioo, Mitek System Inc., Jumio, Idfy, SigniCat, Veriff, PXL Vision AG, SumSub, etc., are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the regions?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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