Global Identity Verification Market is expected to register a CAGR of around 16% over the period of 2021-2027. The identity verification market is expected to register a CAGR of around 16% over the period of 2021-2027. Identity verification services are used by businesses to verify that users or customers are providing information that relates to the identity of a real person. The service may verify the authenticity of physical identification such as driver's licenses, passports, or government-issued identification through document verification. The identity verification market is growing at a prominent rate over the years and is expected to witness robust growth during the forecast period. Factors such as the growing digitalization, growing uses of digital identities among industries, and the increasing frequency of identity theft and cyberattacks. Additionally, government and corporate initiatives focused on digitizing and implementing new technologies such as AI, ML, and automation in identity verification solutions offer lucrative opportunities for identity verification providers. For instance, In 2020, the US government launched the “National AI Initiative”, which became law on January 1, 2021, to provide coordinated programs across the federal government to promote research and development of AI for economic prosperity and national security.

According to UnivDatos research report “global Identity Verification Market”, the market is expected to witness robust growth during the forecast period (2021-2027). This is mainly due to the growing digitalization, growing uses of digital identities among industries, and the increasing frequency of identity theft and cyberattacks.

Based on organization size, the market is bifurcated into large enterprises and SMEs. Among these two, the large enterprises have a sizeable share of the global identity verification market, and this segment is expected to witness strong growth during the forecast period owing to the factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high-risk transactions, mandatory compliance with different regulations, and protected digital payments.

Based on industry, the identity verification market is segmented into information and communication technology, banking and financial services, government, healthcare, and others. The banking and financial services industry held a remarkable share of the global identity verification market. With the increasing digitization of banking processes such as digital onboarding and digital payments to improve the customer experience, the need for identity verification is increasing in this industry.

North America to witness substantial growth

North America held a prominent share of the market in 2020 and is expected to showcase a prominent growth rate during the forecast period. The growth of this market can be attributed to the presence of key market players in the region and the quick adoption of new technologies in the region. Additionally, factors such as the development of smart infrastructure, smart cities, government initiatives such as digital identity-based driver's licenses, and increasing integration of various technologies such as AI, ML, and blockchain to secure digital identities are expected to grow in demand. Moreover, growing investment in AI is further influencing the growth of this market. For instance, according to the 2022 Stanford AI Index report, private venture investment in AI surged to USD 93.5 Bn in 2021, more than doubling from 2020. Further, initiatives taken by the government towards tackling identity-related frauds, such as compliance regulations initiated by countries, increasing demand for cloud identity verification solutions, and increasing identity-related cyber-attacks are driving the revenue growth in North America.

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According to UnivDatos, the key players with a considerable market share in the global identity verification market are Experian Information Solutions Inc., GB Group plc, Equifax Inc., Mitek Systems Inc., LexisNexis Risk Solutions Group, Trulioo Information Services Inc., Acuant Inc., TransUnion LLC, Innovatrics s.r.o., and Applied Recognition Corp. along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Identity Verification Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

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