Global Identity Verification Market Outlook 2030

Identity verification is a process which ensures that a person’s identity matches to the one that is supposed to be. It is essential in many functions such as opening a bank account, applying for a loan, applying for government ID’s, or any other products or services from different sectors. The most common type of identity verification are biometric authentication, knowledge-based authentication and OTP verification. The global identity verification market is anticipated to grow with a CAGR of 16.32% over the forecast period, i.e., 2021 - 2030. Factors such as the surge in the number of fraudulent activities worldwide, along with the rising adoption of identity verification systems in banks and other financial institutions, are anticipated to drive the growth of the market in the coming years. The market is estimated to garner a revenue of around USD 33190 Million by the end of 2030, up from a revenue of over USD 7630 Million in the year 2020.

The global identity verification market is segmented by numerous segments, which include segmentation by component type, verification type, deployment type, organization size, end-user industry, and by region. By verification type, the market is segmented into knowledge-based authentication, SMS-based two factor authentication, IC chip-based authentication, database solutions, AL/ML-based authentication, biometric authentication, and others. Amongst these, by the end of 2030, the biometric authentication segment is anticipated to garner the largest revenue of more than USD 11700 Million, up from a revenue of near to USD 2630 Million in the year 2020.

On the basis of geographical analysis, the global identity verification market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Amongst these, by the end of 2030, the market in North America region is anticipated to register the largest revenue of about USD 12660 Million. Additionally, the market in the region generated a revenue of close to USD 2850 Million in the year 2020.

Some of the prominent industry leaders in the global identity verification market that are included in our report are Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Acuant, Inc., Onfido, Liquid Inc., Intellicheck, Inc., IDEMIA, and others.