Identity Verification Market Size, Growth Rate, Trends & Industry Share, 2029

Global Identity Verification Market Research Report: Forecast (2024-2029)

By Component (Solution, Service), By Type (Biometric, Non-Biometric), By Mode of Deployment (Cloud, On-Premises), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Application (... ... s), By Application (Access Control and User Monitoring, Know your Customer and Business, Onboarding, Identity Fraud and Compliance and Forensic), By End-User (BFSI, E-commerce & Retail, Defense, Healthcare, IT Services, Others), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific), By Company (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) Read more

ICT & Electronics
Oct 2023
Pages 192
Report Format: PDF, Excel, PPT

Market Definition

Identity verification is the process of confirming an individual's identity by verifying the information they provide against reliable & trusted sources. The identity verification method involves checking government-issued identification documents, validating biometric data, or using knowledge-based authentication. The goal of identity verification is to prevent fraud, identity theft, and unauthorized access while ensuring a user's identity is legitimate & secure.

Market Insights & Analysis: Global Identity Verification Market (2024-2029):

The Global Identity Verification Market size is estimated to be around USD 19.1 billion by 2029 and is estimated to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024-29. The market is undergoing rapid expansion & transformation, driven by the growing importance of digital identity across major industrial domains. Globally, the consumer electronics industry is a key end-user for the industry, owing to the continuously surging sales of mobile devices, laptops, and tablets, among others, requiring the usage of biometric or other identity verification solutions to minimize loss of these devices & consumer data.

Report Coverage	Details
Study Period	Historical Data: 2019-22
	Base Year: 2023
	Forecast Period: 2024-29
CAGR (2024-2029)	11.2%
Regions Covered	North America: US, Canada, Mexico
	Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
	Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
	South America: Brazil, Argentina, Rest of South America
	Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
Key Companies Profiled	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,
Market Value (2029)	USD 19.1 Billion

Additionally, as businesses & organizations are embracing digital channels for customer interactions, the need to establish trust & securely verify identities has become paramount. This is encouraging organizations to implement identity verification solutions & services for improved business scalability and productivity, as well as to reduce data theft loss. Furthermore, the growing trend to integrate identity verification into the user onboarding process using technologies such as Biometrics, artificial intelligence, and machine learning to fortify security measures and streamline user registration procedures is gaining notable momentum globally.

This has influenced the demand for identity verification systems among various businesses like banking, e-commerce, etc., which impacts the need for identity verification systems in the market. Further, increasing adoption of digitalized services related to healthcare, surging exposure of businesses to introduce KYC, and boost in online transaction activities are uplifting the revenue growth of the Global Identity Verification Market for enhanced risk management and regulatory compliance.

Global Identity Verification Market Research Report (2024-2029) - Table of Contents

Market Segmentation
Introduction
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
Global Identity Verification Market Trends & Developments
Global Identity Verification Market Dynamics
1. Drivers
2. Challenges
Global Identity Verification Market Start-Up Ecosystem
1. Entrepreneurial Activity
2. Funding Received by Top Companies
3. Key Investors Active in the Market
4. Series Wise Funding Received
  1. Seed Funding
  2. Angel Investing
  3. Venture Capitalist (VC) Funding
  4. Others
Global Identity Verification Market Porter Five Forces Analysis
Global Identity Verification Market Regulations, Policies and Product Standards
Global Identity Verification Market Hotspot and Opportunities
Global Identity Verification Market Outlook, 2019-2029F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Size & Analysis
  1. By Component
    1. Solution- Market Size & Forecast 2019-2029F, (USD Million)
    2. Service- Market Size & Forecast 2019-2029F, USD Million
  2. By Type
    1. Biometric- Market Size & Forecast 2019-2029F, USD Million
    2. Non-Biometric- Market Size & Forecast 2019-2029F, USD Million
  3. By Mode of Deployment
    1. Cloud - Market Size & Forecast 2019-2029F, USD Million
    2. On-Premises - Market Size & Forecast 2019-2029F, USD Million
  4. By Organization Size
    1. Large Enterprises - Market Size & Forecast 2019-2029F, USD Million
    2. Small & Medium Enterprises - Market Size & Forecast 2019-2029F, USD Million
  5. By Application
    1. Access Control and User Monitoring - Market Size & Forecast 2019-2029F, USD Million
    2. Know your Customer and Business, Onboarding - Market Size & Forecast 2019-2029F, USD Million
    3. Identity Fraud and Compliance and Forensic- Market Size & Forecast 2019-2029F, USD Million
  6. By End-User
    1. BFSI - Market Size & Forecast 2019-2029F, USD Million
    2. E-commerce & Retail - Market Size & Forecast 2019-2029F, USD Million
    3. Defense- Market Size & Forecast 2019-2029F, USD Million
    4. Healthcare- Market Size & Forecast 2019-2029F, USD Million
    5. IT Services- Market Size & Forecast 2019-2029F, USD Million
    6. Others (Telecom, Gaming, etc.) - Market Size & Forecast 2019-2029F, USD Million
  7. By Region
    1. North America
    2. South America
    3. Europe
    4. The Middle East & Africa
    5. Asia-Pacific
  8. By Competition
    1. Competition Characteristics
    2. Market Share Analysis
North America Identity Verification Market Outlook, 2019-2029F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Component- Market Size & Forecast 2019-2029F, USD Million
  2. By Type- Market Size & Forecast 2019-2029F, USD Million
  3. By Mode of Deployment- Market Size & Forecast 2019-2029F, USD Million
  4. By Organization Size- Market Size & Forecast 2019-2029F, USD Million
  5. By Application- Market Size & Forecast 2019-2029F, USD Million
  6. By End-User- Market Size & Forecast 2019-2029F, USD Million
  7. By Country
    1. The US
    2. Canada
    3. Mexico
3. The US Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
4. Canada Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
5. Mexico Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
South America Identity Verification Market Outlook, 2019-2029F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Component- Market Size & Forecast 2019-2029F, USD Million
  2. By Type- Market Size & Forecast 2019-2029F, USD Million
  3. By Mode of Deployment- Market Size & Forecast 2019-2029F, USD Million
  4. By Organization Size- Market Size & Forecast 2019-2029F, USD Million
  5. By Application- Market Size & Forecast 2019-2029F, USD Million
  6. By End-User- Market Size & Forecast 2019-2029F, USD Million
  7. By Country
    1. Brazil
    2. Argentina
    3. Rest of South America
3. Brazil Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
4. Argentina Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
Europe Identity Verification Market Outlook, 2019-2029F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Component- Market Size & Forecast 2019-2029F, USD Million
  2. By Type- Market Size & Forecast 2019-2029F, USD Million
  3. By Mode of Deployment- Market Size & Forecast 2019-2029F, USD Million
  4. By Organization Size- Market Size & Forecast 2019-2029F, USD Million
  5. By Application- Market Size & Forecast 2019-2029F, USD Million
  6. By End-User- Market Size & Forecast 2019-2029F, USD Million
  7. By Country
    1. Germany
    2. The UK
    3. France
    4. Spain
    5. Italy
    6. Rest of Europe
3. Germany Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
4. The UK Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
5. France Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
6. Spain Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
7. Italy Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
The Middle East & Africa Identity Verification Market Outlook, 2019-2029F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Component- Market Size & Forecast 2019-2029F, USD Million
  2. By Type- Market Size & Forecast 2019-2029F, USD Million
  3. By Mode of Deployment- Market Size & Forecast 2019-2029F, USD Million
  4. By Organization Size- Market Size & Forecast 2019-2029F, USD Million
  5. By Application- Market Size & Forecast 2019-2029F, USD Million
  6. By End-User- Market Size & Forecast 2019-2029F, USD Million
  7. By Country
    1. The UAE
    2. Saudi Arabia
    3. South Africa
    4. Rest of the Middle East & Africa
3. The UAE Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
4. Saudi Arabia Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
5. South Africa Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
Asia-Pacific Identity Verification Market Outlook, 2019-2029F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Component- Market Size & Forecast 2019-2029F, USD Million
  2. By Type- Market Size & Forecast 2019-2029F, USD Million
  3. By Mode of Deployment- Market Size & Forecast 2019-2029F, USD Million
  4. By Organization Size- Market Size & Forecast 2019-2029F, USD Million
  5. By Application- Market Size & Forecast 2019-2029F, USD Million
  6. By End-User- Market Size & Forecast 2019-2029F, USD Million
  7. By Country
    1. China
    2. Japan
    3. India
    4. South Korea
    5. Australia
    6. Rest of Asia-Pacific
3. China Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
4. Japan Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
5. India Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
6. South Korea Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
7. Australia Identity Verification Market Outlook, 2019-2029F
  1. Market Size & Analysis
    1. By Revenues (USD Million)
  2. Market Share & Analysis
    1. By Component- Market Size & Forecast 2019-2029F, USD Million
    2. By Application- Market Size & Forecast 2019-2029F, USD Million
    3. By End-User- Market Size & Forecast 2019-2029F, USD Million
Global Identity Verification Market Key Strategic Imperatives for Success & Growth
Competitive Outlook
1. Company Profiles
  1. LexisNexis Risk Solutions
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Experian Information Solution, Inc.
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. Equifax
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. Thales
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. GBG Plc.
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. MasterCard
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. Trans Union LLC
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. Trulioo
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. Mitek System Inc.
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Jumio
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. Idfy
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  12. SigniCat
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  13. Veriff
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  14. PXL Vision AG
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  15. SumSub
    1. Business Description
    2. Technology Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others.
  16. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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