Identity Verification Market is to Touch $28.8 Billion by 2030; Increasing Instances of Identity Fraud and Cybercrime Drive the Demand for Robust Verification Solutions and Advancements in Biometric Technologies Provide More Secure and Reliable Ident

The Identity Verification Market size is estimated to reach $28.8  billion by 2030, growing at a CAGR of 16.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Identity Verification Market – By Solution (Digital Identity Verification, ID Verification, Identity Authentication, Document Verification, AML Screening and Monitoring, Business Verification, Others), By Type (Hardware, Software, Services), By Verification Type (Knowledge based Authentication, SMS Based Two Factor Authentication, Credit Bureau Based Solutions, Database Solutions, AL/ML Based Authentication, Biometrics Authentication, Others), By Deployment (Cloud, On-premise), By Organization Size (Small & Medium Enterprise, Large Enterprise), By End-User (BFSI, Government and Defence, Retail, Healthcare, IT & Telecom, Entertainment and Gaming, Transportation and Mobility, Energy & Utilities, Hospitality, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

The integration of artificial intelligence and machine learning enhances the efficiency of identity verification systems and Rising adoption of remote work and digital onboarding processes increases the need for identity verification are fueling the growth of the Identity Verification industry during the forecast period.

Asia Pacific is expected to hold a large share and is analyzed to grow with the highest CAGR of 17% during the forecast period 2024-2030. Increasing demand for enhanced security measures across various sectors, including finance, healthcare, and e-commerce. Growing concerns over data breaches and identity theft are prompting businesses to adopt robust verification solutions. Additionally, the rise of digital transformation initiatives is fueling the integration of advanced technologies, such as biometrics and artificial intelligence, into identity verification processes. Regulatory compliance requirements further compel organizations to implement reliable identity verification systems, ensuring customer trust and safety.

The rapid expansion of e-commerce and online transactions has created a pressing need for robust identity verification processes to combat fraud effectively. As more consumers turn to digital platforms for shopping, businesses face heightened risks associated with identity theft and fraudulent activities. Implementing advanced verification technologies, such as biometrics and AI-driven analytics, can enhance security measures and build consumer trust. Furthermore, regulatory compliance mandates require companies to adopt stringent identity verification protocols to protect customer data and prevent unauthorized access. Consequently, organizations prioritizing effective identity verification not only safeguard their operations but also enhance their reputation in an increasingly competitive digital marketplace.

The rise of digital transformation and online services has created an urgent need for enhanced identity verification processes. As businesses increasingly rely on digital platforms for transactions and customer interactions, the risk of fraud and identity theft has escalated. Companies are compelled to adopt robust verification measures to build customer trust and ensure compliance with regulatory requirements. Advanced technologies such as biometrics, artificial intelligence, and blockchain are being integrated into verification systems to improve accuracy and efficiency. This shift not only safeguards sensitive information but also enhances user experience, positioning organizations to thrive in a competitive digital landscape. 

Key companies profiled in the Identity Verification Market are GBG, Idemia, Experian, Equifax, Transunion, LexisNexis, Thales Group, Acuant Markair Inc., IBM Corporation, Mastercard Incorporated and Others.