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3. Identity Verification Industry - Forthcoming Trends to Fuel the Global Growth

MarketsandMarkets forecasts the global identity verification market size to be estimated at USD 10.9 billion in 2023 and is projected to reach USD 21.8 billion by 2028, at a CAGR of 14.9% during the forecast period. The increasing prevalence of online transactions and digital services heightens the demand for secure and efficient identity verification solutions within the market, driven by the need to combat fraud, ensure regulatory compliance, and enhance user trust and safety.

The identity verification industry is undergoing rapid evolution, driven by emerging trends and global forecasts.

Emerging trends in the global Identity Verification Market are:

• Biometric Authentication
• AI-Powered Identity Verification
• Blockchain-Based Identity Verification
• Mobile Identity Verification
• Regulatory Compliance Requirements
• Remote and Digital Onboarding

These emerging trends reflect the evolving landscape of the Identity Verification Market, driven by technological advancements, regulatory requirements, and changing consumer expectations regarding privacy, security, and user experience.

To know about the assumptions considered for the study download the pdf brochure

Biometric Authentication:

• The adoption of biometric authentication methods, such as fingerprint recognition, facial recognition, and iris scanning, is increasing in identity verification processes. Biometric authentication provides a higher level of security and accuracy compared to traditional methods like passwords and PINs.

AI-Powered Identity Verification:

• Artificial intelligence (AI) and machine learning (ML) technologies are being integrated into identity verification solutions to improve accuracy, speed, and fraud detection capabilities. AI-powered identity verification systems can analyze multiple data points and detect patterns indicative of fraudulent activity, enhancing security and compliance.

Blockchain-Based Identity Verification:

• Blockchain technology is being explored for identity verification purposes due to its decentralized and immutable nature. Blockchain-based identity verification solutions offer enhanced security, privacy, and data integrity by enabling individuals to maintain control over their personal information and share it securely with trusted parties.

Mobile Identity Verification:

• With the widespread use of smartphones, mobile identity verification solutions are becoming increasingly popular. These solutions leverage mobile devices' capabilities, such as cameras and biometric sensors, to capture identity documents and perform identity verification remotely, enabling seamless and convenient user experiences.

Regulatory Compliance Requirements:

• Regulatory compliance requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, are driving the adoption of robust identity verification solutions. Identity verification vendors are enhancing their offerings to ensure compliance with evolving regulatory standards and guidelines, enabling businesses to mitigate financial and reputational risks.

Remote and Digital Onboarding:

• The shift towards remote and digital onboarding processes, especially in sectors such as finance, healthcare, and e-commerce, is driving demand for seamless and secure identity verification solutions. Remote identity verification solutions enable businesses to verify customers' identities remotely, without the need for in-person interactions, while ensuring compliance with regulatory requirements.

Related Reports:

Identity Verification Market by Offering (Solutions and Services), Type (Biometric and Non-Biometric), Organization Size, Deployment Mode, Application, Vertical (BFSI, Retail & eCommerce, and Gaming & Gambling) and Region - Global Forecast to 2028