Identity Verification Market
Identity Verification Market by Application (Access Control & User Monitoring, KYC, KYB & Onboarding, Identity Fraud Compliance & Forensics), Type (Biometrics, Non-biometrics), Vertical (BFSI, Healthcare, Education) - Global Forecast to 2030
OVERVIEW
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
The identity verification market is projected to reach USD 29.32 billion by 2030 from USD 14.34 billion in 2025, at a CAGR of 15.4% from 2025 to 2030. Identity verification is a critical security framework that ensures trusted digital interactions by confirming user authenticity through advanced technologies. Its market growth is driven by the escalating incidence of identity theft and cybercrime, with over 1.1 million cases reported in the U.S. in 2023 alone, according to the FTC. As digital transactions expand across BFSI, healthcare, retail & e-commerce, and government & defense sectors, organizations are adopting biometric authentication, AI-powered identity matching, and real-time document verification to prevent fraud, protect sensitive data, and comply with stringent KYC and AML regulations. The growing need to safeguard digital identities and ensure regulatory compliance continues to fuel the global adoption of identity verification solutions.
KEY TAKEAWAYS
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BY OFFERINGThe identity verification market comprises solutions and services. Solutions provide AI-based identity matching and real-time document verification to secure digital transactions, while services such as consulting, training, and integration help organizations implement, optimize, and maintain verification systems efficiently, ensuring regulatory compliance and operational effectiveness.
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BY TYPEThe main types in identity verification market includes biometric and non-biometric solutions. Biometric solutions, such as fingerprint, facial, and iris recognition, offer higher security and accuracy, while non-biometric solutions are used to verify documents such as government IDs, passports, driving licenses, and credit or debit cards.
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BY ORGANIZATION SIZELarge enterprises adopt identity verification to secure high-volume transactions, ensure regulatory compliance, and protect sensitive data across global operations, while SMEs implement these solutions to streamline customer onboarding, prevent fraud, and build trust with a smaller but growing digital user base.
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BY DEPLOYMENT MODECloud deployment offers scalability, remote accessibility, and lower upfront costs, while on-premises solutions provide greater control, data privacy, and customization for organizations with strict security requirements.
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BY APPLICATIONKey applications span access control and user monitoring, KYC/KYB and onboarding, as well as identity fraud, compliance, and forensics, helping organizations secure digital interactions, prevent fraud, ensure regulatory compliance, and streamline customer and business verification processes.
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BY VERTICALBFSI leads in demand due to high transaction volumes, stringent KYC/AML regulations, and the need to prevent financial fraud, followed by healthcare & life sciences, gaming & gambling, and retail & e-commerce, driven by secure patient data management, age and identity verification, and safe digital transactions.
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BY REGIONThe identity verification market covers North America, Europe Asia Pacific, Middle East & Africa, and Latin America. North America is the largest market, driven by high digital adoption, strict regulatory requirements, rising identity theft cases, and the presence of major fintech, banking, and technology companies investing in advanced verification solutions. The Europe Identity Verification Market is projected to reach USD 7.72 billion by 2030, rising from USD 3.53 billion in 2025, at a CAGR of 16.9% from 2025 to 2030. The US Identity Verification Market is projected to reach USD 8.16 billion by 2030 from USD 4.34 billion in 2025, at a CAGR of 13.5% from 2025 to 2030.
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COMPETITIVE LANDSCAPEThe major market players have adopted both organic and inorganic strategies, including partnerships, product innovations, and acquisitions. For instance, companies such as Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), and Thales Group (France) have launched advanced identity verification solutions and collaborated with organizations across banking, fintech, healthcare, and e-commerce sectors to meet the rising demand for secure digital onboarding and fraud prevention.
The identity verification market is projected to witness rapid growth, driven by rising identity theft, digital fraud, and data breaches. As digital transactions expand, organizations are adopting biometric authentication, AI-based identity matching, and real-time document verification to secure onboarding and ensure compliance. Increasing KYC and AML regulations, coupled with a global focus on digital trust and data protection, are further accelerating market adoption across industries.
TRENDS & DISRUPTIONS IMPACTING CUSTOMERS' CUSTOMERS
The figure highlights the shifting revenue landscape and evolving client priorities across sectors in the Identity Verification market. Currently, a major share of revenue is driven by traditional verification solutions, while emerging technologies such as AI-based authentication, biometrics, and digital onboarding are gaining momentum. Over the next 4–5 years, revenue growth is expected to pivot toward intelligent, integrated verification platforms. Key sectors including Retail & E-commerce, BFSI, Healthcare & Life sciences, and IT & ITeS are prioritizing identity assurance, fraud prevention, and seamless digital interactions. These imperatives translate into measurable client outcomes such as improved people management, precise geomarketing, advanced video analytics, and enhanced customer experience management.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
MARKET DYNAMICS
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Growing digitalization initiatives

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Rising occurrences of identity theft and fraud
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High implementation and maintenance costs
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Lack of technical expertise and requirement for security awareness and training
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Proliferation of advanced technologies in identity verification
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Adoption of biometric devices in identity verification systems
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Disparities in the cost of identity verification solutions
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Privacy and data breach challenges
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Driver: Growing digitalization initiatives
With rising identity fraud amid global digitization, businesses and governments are prioritizing secure identity verification for areas such as border control and digital services. Initiatives like electronic ID cards, facial recognition at smart borders, and video analytics in smart cities highlight its importance. The adoption of AI, ML, and automation creates growth opportunities, while expanding internet use and e-commerce fuels demand for biometric and other secure verification solutions, driving market growth.
Restraint: High implementation and maintenance costs
Organizations across industries are increasingly adopting identity verification solutions due to rising cyberattacks and identity fraud. However, high implementation costs, including expensive hardware and software for biometrics, facial recognition, and blockchain-based KYC, pose challenges, particularly for SMEs. Limited funding often delays security investments until after a breach, leaving small businesses vulnerable and hindering widespread deployment of effective identity verification systems.
Opportunity: Proliferation of advanced technologies in identity verification
Fraudulent transactions and data breaches are rising due to increasingly sophisticated cybercriminal tactics. AI-powered ID scanning and security methods, leveraging machine learning and deep learning, enable automated, reliable identity verification at scale. Sectors like government, banking, and credit agencies are adopting blockchain for secure, decentralized identity management, giving users control over their data. The integration of AI, ML, and blockchain in identity verification is expected to generate significant business opportunities.
Challenge: Disparities in the cost of identity verification solutions
Identity verification pricing varies widely due to factors like language support, technology, and data storage, leading to inconsistent costs. Different plans with varying check limits often confuse customers and create uncertainty about value. This complexity can cause dissatisfaction if services don’t meet needs. Clearer, transparent pricing models are essential to build trust, simplify decision-making, and drive broader adoption of identity verification solutions.
Identity Verification Market: COMMERCIAL USE CASES ACROSS INDUSTRIES
| COMPANY | USE CASE DESCRIPTION | BENEFITS |
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Use of Shufti Pro’s global identity verification solution to enhance BitTiger’s online educational access control and secure user authentication. | Secured content access, protected IP, enabled global verification, streamlined enrollment, and enhanced efficiency. |
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Use of Jumio’s AI-powered identity verification to streamline and secure RappiPay’s digital onboarding process. | Enabled fast, compliant, and secure onboarding, boosted customer trust, eliminated manual verification, and supported the creation of over 750,000 new RappiPay accounts. |
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Implementation of Experian’s Knowledge IQ and Precise ID platform to modernize PMCU’s member identity verification process. | Replaced cumbersome fax-based verification, saved 500 labor hours per month, improved security and accuracy, streamlined onboarding, and enhanced member satisfaction. |
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Deployment of Equifax’s IDVerse biometric identity verification to streamline and secure fuel card applications for a multinational oil & gas company. | Reduced application processing from two weeks to 1–2 hours, minimized fraud risk, lowered operational costs, improved customer experience, and increased conversion rates. |
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Implementation of Thales’ advanced ID verification to enhance Orange’s customer onboarding and fraud prevention. | Reduced onboarding time from weeks to an hour, minimized fraud (up to 100% in some cases), improved customer experience, and streamlined operations. |
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET ECOSYSTEM
The identity verification ecosystem involves interconnected relationships among biometric systems, authentication services, identity databases and management, document verification, fraud detection systems, verification and compliance software, and security hardware. Biometric and authentication providers enable secure identity checks, while databases and verification software ensure accurate onboarding and regulatory compliance. Security hardware supports robust data protection. End users span industries such as BFSI, retail & e-commerce, healthcare, government & defense, and gaming & gambling, adopting identity verification to prevent fraud, secure transactions, and protect sensitive information.
Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.
MARKET SEGMENTS
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
Identity Verification Market, By Offering
The solutions segment is expected to hold the largest market revenue share in 2025. The rising need for secure, frictionless, and real-time identity validation is driving demand for this segment. By deploying advanced verification solutions, organizations can authenticate users through biometrics, multi-factor authentication, and AI-driven document checks, ensuring that only legitimate users gain access. Its robust capabilities in fraud detection, risk assessment, and regulatory compliance make it highly suitable for financial institutions, e-commerce platforms, and other high-security industries.
Identity Verification Market, By Type
The biometric solutions segment is expected to dominate the overall identity verification market in 2025. The increasing demand for highly secure and convenient authentication methods is driving growth for this segment. By leveraging technologies such as fingerprint scanning, facial recognition, and iris or voice authentication, organizations can perform accurate and real-time identity verification. Its capability to reduce fraud, enhance user experience, and ensure compliance with strict regulatory requirements makes it particularly suitable for banking, fintech, healthcare, and government applications.
Identity Verification Market, By Organization Size
The large enterprises segment is expected to hold the largest market revenue share in 2025. The growing need to manage complex operations, ensure regulatory compliance, and secure high volumes of user identities is driving demand for this segment. By implementing advanced identity verification solutions, large organizations can enforce stringent access controls, detect fraudulent activities in real time, and maintain robust audit trails. Its scalability, integration with existing IT infrastructure, and ability to support multi-location operations make it ideal for banking, insurance, healthcare, and multinational corporations.
Identity Verification Market, By Deployment Mode
In 2025, the on-premises deployment mode is expected to hold the highest market share in the global identity verification market. Growing demand for complete control over sensitive identity data, enhanced security, and regulatory compliance is driving adoption. By hosting identity verification solutions on their own infrastructure, organizations can customize workflows, enforce internal policies, and maintain full visibility over authentication processes. This makes on-premises solutions ideal for highly regulated industries such as banking, government, and healthcare.
Identity Verification Market, By Application
The KYC, KYB, and Onboarding segment is expected to hold the largest market share in 2025. Increasing regulatory requirements, rising fraud risks, and the demand for seamless customer experiences are driving growth. Identity verification solutions enable organizations to accurately authenticate individuals and businesses, ensure compliance, and accelerate onboarding processes. Their integration capabilities and reliability make them particularly valuable for banks, fintech companies, and large enterprises seeking secure and efficient identity management.
Identity Verification Market, By Vertical
The BFSI industry is expected to hold the largest share in 2025. The growing need for secure customer onboarding, fraud prevention, and regulatory compliance is driving adoption in this segment. Identity verification solutions help organizations authenticate individuals accurately, reduce financial fraud, and ensure adherence to KYC/AML norms. Their reliability and integration capabilities make them essential for banks, fintech companies, and insurance providers seeking robust and secure identity management.
REGION
Asia Pacific to be fastest-growing region in global identity verification market during forecast period
The Asia Pacific identity verification market is expected to register the highest CAGR during the forecast period, driven by rapid digitalization, growing internet and mobile adoption, and stringent KYC/AML regulations. Countries like China, India, Japan, Australia & New Zealand, Singapore, and Philippines are investing heavily in fintech, e-commerce, smart cities, and government digital services, emphasizing secure and reliable identity verification. Rising identity fraud and cybercrime are further accelerating the adoption of advanced verification solutions across industries.

Identity Verification Market: COMPANY EVALUATION MATRIX
In the identity verification market matrix, LexisNexis Risk Solutions (Star) leads with a strong market share and extensive solution portfolio, driven by its advanced AI-powered identity matching, fraud detection, and compliance offerings widely adopted across BFSI, healthcare, and government sectors. IDEMIA (Emerging Leader) is gaining visibility with its biometric and secure identity solutions, strengthening its position through innovation and specialized offerings. While LexisNexis dominates through scale and diverse capabilities, IDEMIA shows significant potential to move toward the leaders' quadrant as demand for biometric and advanced verification solutions continues to rise.
Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis
KEY MARKET PLAYERS
MARKET SCOPE
| REPORT METRIC | DETAILS |
|---|---|
| Market Size in 2024 (Value) | USD 12.49 Billion |
| Market Forecast in 2030 (value) | USD 29.32 Billion |
| Growth Rate | CAGR of 15.4% from 2025-2030 |
| Years Considered | 2019-2030 |
| Base Year | 2024 |
| Forecast Period | 2025-2030 |
| Units Considered | Value (USD Million/Billion) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments Covered |
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| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
WHAT IS IN IT FOR YOU: Identity Verification Market REPORT CONTENT GUIDE

DELIVERED CUSTOMIZATIONS
We have successfully delivered the following deep-dive customizations:
| CLIENT REQUEST | CUSTOMIZATION DELIVERED | VALUE ADDS |
|---|---|---|
| Leading Solution Provider (US) | Product Analysis: Identity Verification Product Matrix offering a detailed comparison of each company’s portfolio, including biometric authentication, AI-based identity matching, document verification, and fraud detection solutions. | Better understanding of market positioning, product differentiation, and innovation strategies to guide informed business decisions. |
| Leading Service Provider (EU) | Company Information: Comprehensive profiling and assessment of additional market participants (up to 5), covering capabilities, solution offerings, technological expertise, and strategic initiatives. | Holistic view of the identity verification ecosystem, highlighting growth opportunities, emerging trends, and potential areas for partnerships or strategic collaborations. |
RECENT DEVELOPMENTS
- April 2025 : BlackCloak has introduced a Identity Verification feature to counter deepfake and impersonation threats. Integrated into its Digital Executive Protection platform, it helps verify suspicious communications, safeguarding executives, families, and businesses
- January 2025 : FCT, Canada’s top title insurance and real estate tech provider, has made a majority investment in Fintracker Inc., a key identity verification firm. The partnership aims to boost efficiency, security, and compliance in Canadian real estate
- October 2024 : AuthenticID, a global provider of identity verification and fraud prevention solutions, has launched AuthenticID360, a comprehensive identity verification platform. The new solution offers advanced verification and risk signaling features, including identity transaction responses in just two seconds
- October 2024 : Socure has announced its agreement to acquire Effectiv, a real-time risk decisioning platform. This acquisition enhances Socure’s identity and fraud solutions with a unified, developer-friendly engine, streamlining decision-making and boosting customer efficiency
- April 2024 : Entrust has completed its acquisition of Onfido, expanding its portfolio with advanced AI-powered identity verification solutions. This move strengthens Entrust’s position as a leader in identity-centric security
Table of Contents
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Methodology
This study involved estimating the current identity verification market size. Exhaustive secondary research was carried out to collect information on the identity verification industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the identity verification market.
Secondary Research
The market for companies offering identity verification solutions and services was arrived at by using secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
In the secondary research process, various secondary sources were referred to to identify and collect information related to the study. Secondary sources included annual reports, press releases, and investor presentations of identity verification vendors, forums, certified publications, and whitepapers. Secondary research was used to obtain essential information on the industry’s value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the identity verification market.
After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also undertaken to identify the segmentation types, industry trends, competitive landscape of identity verification hardware, software, and services offered by various market players, and fundamental market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.
In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.
Note: The companies have been categorized based on their total annual revenue; tier 1 companies = revenue
greater than USD 10 billion; tier 2 companies = revenue between USD 1 billion and USD 10 billion; and tier 3 companies = revenue between
USD 500 million and USD 1 billion.
Source: MarketsandMarkets Analysis
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Top-down and bottom-up approaches were used to estimate and validate the size of the identity verification market and the size of various other dependent sub-segments. The research methodology used to estimate the market size included the following details: key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, as well as extensive interviews for key insights with industry leaders, such as CEOs, VPs, directors, and marketing executives.
All percentage splits and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets.
Identity Verification Market : Top-Down and Bottom-Up Approach

Data Triangulation
After arriving at the overall market size using the market size estimation processes explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Market Definition
According to MarketsandMarkets, identity verification is a process of verifying an individual’s identity by using publicly or privately available databases. The solutions offered in the identity verification market help organizations verify an individual's identity quickly and easily, thereby actively improving customer experience and complying with privacy laws, anti-money laundering (AML) legislation, and know-your-customer (KYC) requirements.
Stakeholders
- Government agencies
- Consulting firms
- Information technology (IT) security agencies
- Raw material/component suppliers
- Research organizations and consulting companies
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists and private equity firms
- Chief technology and data officers
- Identity verification service professionals
- Business analysts
- Information technology (IT) professionals
- Consultants/consultancies/advisory firms
Report Objectives
- To define, describe, and forecast the identity verification market based on offering, type, deployment mode, organization size, application, vertical, and region
- To forecast the market size of five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
- To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
- To provide detailed information related to the primary factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To analyze opportunities in the market for stakeholders by identifying high-growth segments of the market
- To profile the key players of the market and comprehensively analyze their market size and core competencies
- To track and analyze competitive developments, such as product launches, mergers and acquisitions, partnerships, agreements, and collaborations in the identity verification market
Available Customizations
With the given market data, MarketsandMarkets offers customizations based on company-specific needs. The following customization options are available for the report:
Geographic Analysis as per Feasibility
- Further breakup of the Asia Pacific market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 75% to the regional market size
- Further breakup of the Latin American market into countries contributing 75% to the regional market size
- Further breakup of the Middle Eastern and African market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Key Questions Addressed by the Report
What are the opportunities in the identity verification market?
The identity verification market offers strong growth opportunities driven by AI and machine learning integration, which enhance verification accuracy and fraud detection. The rising adoption of biometric authentication methods, such as facial and fingerprint recognition, is also boosting demand. Emerging markets, particularly Asia Pacific, are accelerating adoption through digital transformation and government-led eID initiatives. Additionally, exploring blockchain-based identity solutions presents potential for secure, decentralized, and privacy-preserving verification systems.
What is the definition of the identity verification market?
According to MnM, “identity verification is a process of verifying an individual’s identity using publicly or privately available databases. The solutions offered in the identity verification market help organizations verify an individual’s identity quickly and easily, thereby actively improving customer experience and complying with privacy laws, anti-money laundering (AML) legislation, and know-your-customer (KYC) requirements.”
Which region is expected to account for the largest share of the identity verification market during the forecast period?
North America is expected to account for the largest market share during the forecast period.
Which are the major market players covered in the report?
Major market vendors include Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales Group (France), GB Group (GBG) (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), IDology (US), Mitek Systems (US), IDEMIA (France), Jumio (US), HyperVerge (India), AU10TIX (Israel), Innovatrics (Slovakia), Intellicheck (US), Signicat (Norway), SecureKey Technologies (Canada), IDfy (India), IDMERIT (US), Veriff (Estonia), AuthenticID (US), TruNarrative (UK), Sumsub (UK), PassFort (UK), PXL Vision (Switzerland), Shufti Pro (UK), iDenfy (Lithuania), Berbix (US), Persona (US), Ekata (US), and Hooyu (UK).
What is the current size of the global identity verification market?
In 2025, the global identity verification market is estimated to be USD 14.34 billion.
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Growth opportunities and latent adjacency in Identity Verification Market