The identity verification market is projected to grow from USD 14.34 billion in 2025 to USD 29.32 billion by 2030 at a compound annual growth rate (CAGR) of 15.4% during the forecast period. The growing threat of identity theft and fraud is a key driver for the identity verification market. As cybercriminals employ increasingly sophisticated tactics, organizations must strengthen their security measures. This drives the adoption of advanced identity verification technologies like biometrics and AI-based authentication. Consequently, businesses are investing more in solutions that protect user identities and prevent unauthorized access.
Scope of the Report
Years Considered for the Study
2019-2030
Base Year
2024
Forecast Period
2025-2030
Units Considered
USD (Billion)
Segments
By Offering, Type, Deployment Mode, Organization Size, Application, Vertical, and Region.
Regions covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
"By organization size, the SMEs segment is projected to register the highest CAGR during the forecast period."
By organization size, the SMEs segment is expected to register the highest CAGR during the forecast period. This growth is driven by the increasing adoption of digital services among small and medium-sized enterprises, which elevates the need for secure identity verification solutions. Additionally, growing regulatory pressures such as KYC and AML requirements are pushing SMEs to invest in robust verification tools. Cloud-based and API-driven solutions are particularly appealing to SMEs due to their flexibility, scalability, and ease of integration with existing systems.
"By region, North America is estimated to account for the largest market share."
North America holds the largest share of the identity verification market, driven by the early adoption of advanced verification technologies and growing concerns around identity theft and cyber fraud. Regulatory mandates such as KYC and AML compliance have accelerated demand across sectors, particularly in BFSI, healthcare, and government. Additionally, the strong presence of leading identity verification vendors and a mature digital infrastructure contribute to the region's leadership in the global market.
Breakdown of Primaries
The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%
By Designation: C-level - 45%, Directors - 35%, and Managers - 20%
By Region: North America - 55%, Europe - 25%, Asia Pacific - 15%, RoW - 5%
Some of the key players in the identity verification market are 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), and AU10TIX (Israel).
The study includes an in-depth competitive analysis of the key players in the identity verification market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the identity verification market and forecasts its size by Offering [Solution (Hardware - Biometric Devices, Document Scanners, Authentication Terminals, and Other Hardware; Software - Identity Authentication, Identity Proofing, Document Verification, Data Validation, and Other Software) and Services (Professional Services - Consulting, System Integration & Implementation, Training & Support, and Support & Maintenance; and Managed Services)], Type [Biometric (Face Recognition, Fingerprint Scanning, Iris Recognition, Voice Recognition, Palm Recognition, and Other types) and Non-biometric (Document Verification, Knowledge-based Authentication (KBA), Possession-based Authentication, Inherence-based Authentication, and Data Verification)], Organization Size [Large Enterprises and Small & Medium-sized Enterprises (SMEs)], Deployment Mode [Cloud and On-premises], Application [Access Control & User Monitoring, KYC/KYB and Onboarding, Identity Fraud, and Compliance & Forensics], Vertical [Banking, Financial Services, and Insurance (BFSI), Retail & e-commerce, Government & Defense, Healthcare & Life Sciences, IT & ITeS, Telecommunications, Energy & Utilities, Education, Gaming & Gambling, and Other Verticals], and Region [North America, Europe, Asia Pacific, Middle East & Africa, and Latin America].
The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall identity verification market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (rising occurrences of identity theft and fraud, stringent government regulations and mandates concerning privacy, and growing digitalization initiatives), restraints (lack of technical expertise and requirement for security awareness and training and high implementation and maintenance costs), opportunities (adoption of biometric devices in identity verification systems and proliferation of advanced technologies in identity verification), and challenges (disparities in cost of identity verification solutions and privacy and data breach challenges).
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the identity verification market.
Market Development: Comprehensive information about lucrative markets - the report analyses the identity verification market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the identity verification market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players such as 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), in the identity verification market strategies.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 YEARS CONSIDERED
1.4 CURRENCY CONSIDERED
1.5 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Breakup of primaries
2.1.2.2 Key industry insights
2.2 MARKET BREAKUP AND DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
2.3.1 TOP-DOWN APPROACH
2.3.2 BOTTOM-UP APPROACH
2.4 MARKET FORECAST
2.5 RESEARCH ASSUMPTIONS
2.6 LIMITATIONS AND RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN IDENTITY VERIFICATION MARKET
4.2 IDENTITY VERIFICATION MARKET, BY OFFERING
4.3 IDENTITY VERIFICATION MARKET, BY TYPE
4.4 IDENTITY VERIFICATION MARKET, BY DEPLOYMENT MODE
4.5 IDENTITY VERIFICATION MARKET, BY ORGANIZATION SIZE