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3. Identity Verification Market Size & Share - Future Growth Expectations

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 market is poised for substantial growth in the coming years, driven by several key factors:

• Increasing Instances of Identity Theft and Fraud
• Stringent Regulatory Requirements
• Digital Transformation
• Growing Adoption of Biometric Authentication
• Rising Demand for Remote Identity Verification

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Increasing Instances of Identity Theft and Fraud:

• With the rise in online transactions and digital interactions, there has been a corresponding increase in identity theft and fraud. This has led to a growing demand for robust identity verification solutions to authenticate and verify the identities of individuals and mitigate the risk of fraudulent activities.

Stringent Regulatory Requirements:

• Regulatory requirements, such as Know Your Customer (KYC), Anti-Money Laundering (AML), and General Data Protection Regulation (GDPR), mandate businesses to verify the identities of their customers and ensure compliance with regulatory standards. The need to adhere to these regulations is driving the adoption of identity verification solutions across various industries.

Digital Transformation:

• The ongoing digital transformation across industries, coupled with the proliferation of online services and e-commerce platforms, is fueling the demand for digital identity verification solutions. Businesses are increasingly relying on digital channels to interact with customers, making identity verification an essential component of their digital strategies.

Growing Adoption of Biometric Authentication:

• Biometric authentication methods, such as fingerprint recognition, facial recognition, and iris scanning, are gaining popularity due to their accuracy, reliability, and convenience. The growing acceptance of biometric authentication is driving the demand for identity verification solutions that leverage biometric data to verify the identities of individuals.

Rising Demand for Remote Identity Verification:

• The COVID-19 pandemic has accelerated the shift towards remote work and digital interactions, leading to an increased demand for remote identity verification solutions. Businesses are seeking reliable and secure methods to verify the identities of customers and employees remotely, without the need for in-person interactions.

These growth factors indicate a positive outlook for the Identity Verification Market, driven by the increasing need for secure and reliable identity verification solutions in an increasingly digital and interconnected world.

Identity Verification Market Share - Global Industry Landscape

The identity verification market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Identity Verification industry include:

• Experian (Ireland)
• LexisNexis Risk Solutions (US)
• Equifax (US)
• Thales (France)
• GBG (UK)

These companies represent some of the key players in the Identity Verification Market, each offering a unique blend of solutions, technologies, and expertise to help businesses verify and authenticate individuals' identities securely and accurately while mitigating fraud risks.

Experian (Ireland):

• Market Share: Experian holds a significant share of the Identity Verification Market globally.
• Key Offerings: Experian offers a comprehensive suite of identity verification solutions, including identity proofing, identity authentication, fraud detection, and compliance solutions. Their offerings leverage advanced data analytics, machine learning, and biometric technologies to verify and authenticate individuals' identities securely and accurately.

LexisNexis Risk Solutions (US):

• Market Share: LexisNexis Risk Solutions is a prominent player in the Identity Verification Market, particularly in the United States.
• Key Offerings: LexisNexis Risk Solutions provides a wide range of identity verification and fraud prevention solutions, including identity verification, identity authentication, risk assessment, and compliance solutions. Their offerings combine proprietary data assets, advanced analytics, and machine learning algorithms to deliver actionable insights and mitigate fraud risks.

Equifax (US):

• Market Share: Equifax is a major player in the Identity Verification Market, known for its extensive data assets and analytics capabilities.
• Key Offerings: Equifax offers identity verification solutions that enable businesses to verify the identities of individuals accurately and efficiently. Their offerings include identity verification, fraud detection, compliance solutions, and identity theft protection services, leveraging data analytics, machine learning, and biometric technologies.

Thales (France):

• Market Share: Thales is a leading provider of digital security and identity verification solutions globally.
• Key Offerings: Thales offers a comprehensive portfolio of identity verification solutions, including biometric authentication, document verification, digital identity management, and fraud prevention solutions. Their offerings focus on delivering secure and seamless identity verification experiences across digital channels, leveraging encryption, PKI (Public Key Infrastructure), and secure authentication technologies.

GBG (UK):

• Market Share: GBG is a prominent player in the Identity Verification Market, particularly in the United Kingdom and Europe.
• Key Offerings: GBG provides identity verification and fraud prevention solutions that help businesses verify the identities of individuals, detect fraudulent activities, and comply with regulatory requirements. Their offerings include identity verification, document verification, address verification, and compliance solutions, leveraging data intelligence, machine learning, and digital identity technologies.

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