Identity verification software is a digital tool designed to confirm an individual's identity by analyzing personal information, official documents, and biometric data. It utilizes technologies such as artificial intelligence (AI), machine learning (ML), and optical character recognition (OCR) to authenticate users in real-time. This software enhances security, prevents fraud, and ensures compliance with regulatory standards across various industries.
The main components of identity verification software are the software itself and associated services. The software authenticates individuals and provides secure access through biometrics, passwords, or document verification. It is deployed in both cloud and on-premise environments and is used by organizations of all sizes, from small and medium enterprises (SMEs) to large enterprises. The software serves various industries such as banking, financial services, and insurance (BFSI), healthcare and life sciences, government and defense, retail and e-commerce, information technology, energy and utilities, and more.
The identity verification software market research report is one of a series of new reports from The Business Research Company that provides identity verification software market statistics, including the identity verification software industry global market size, regional shares, competitors with the identity verification software market share, detailed identity verification software market segments, market trends, and opportunities, and any further data you may need to thrive in the identity verification software industry. This identity verification software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The identity verification software market size has grown rapidly in recent years. It will grow from $12.70 billion in 2024 to $14.85 billion in 2025 at a compound annual growth rate (CAGR) of 16.9%. The growth during the historic period can be attributed to the increasing incidents of identity theft, rising regulatory requirements, the expansion of digital transactions, the growth of online payment systems, and the rise in cybercrime.
The identity verification software market size is expected to see rapid growth in the next few years. It will grow to $27.34 billion in 2029 at a compound annual growth rate (CAGR) of 16.5%. The growth during the forecast period can be attributed to the rising demand for remote identity verification solutions, the increasing growth of e-commerce platforms, the adoption of smart city initiatives, a growing emphasis on user privacy rights, and the expansion of mobile banking and payment applications. Key trends expected during this period include advancements in document verification technologies, improvements in remote identity verification solutions, integration of identity verification with IoT devices, the use of AI-powered fraud detection, and the further integration of artificial intelligence and machine learning.
The rise in digital transactions is expected to drive the growth of the identity verification software market. Digital transactions involve the exchange of money or data electronically, without the need for physical currency or paper. This increase is largely attributed to the growing use of smartphones, the expansion of e-commerce, advancements in payment technologies, and the increasing adoption of contactless and mobile payment options. Identity verification software plays a critical role in enhancing the security and trust of digital transactions by validating user identities in real time, reducing fraud risks, ensuring compliance with regulations, and simplifying authentication processes. For example, in July 2024, UK Finance Limited, a UK-based trade association, reported that in 2023, 42% of adults were registered for mobile payments, up from 30% in 2022. Furthermore, 34% of the population used mobile contactless payments on a monthly basis. As a result, the growing volume of digital transactions is contributing to the expansion of the identity verification software market.
Companies in the identity verification software market are focusing on the development of next-generation cloud-based platforms to improve security, scalability, and real-time identity authentication. A next-generation cloud-based platform refers to a digital system that leverages cloud computing, artificial intelligence, and automation to enhance the performance, scalability, and security of business applications. For instance, in April 2023, Daon Inc., a US-based biometric company, launched TrustX, a cloud-based platform for identity verification and authentication. This Software-as-a-Service (SaaS) solution streamlines the creation and deployment of user journeys throughout the digital identity lifecycle. TrustX, powered by AI and machine learning, enhances fraud prevention and reduces friction in the user experience, making identity verification more efficient and accurate.
In April 2024, Entrust Corporation, a US-based company specializing in identity and security solutions, acquired Onfido Holdings Ltd. for an undisclosed amount. This acquisition strengthens Entrust's identity security solutions by incorporating Onfido's AI-driven identity verification technology, which helps combat fraud and enhance authentication processes. Onfido Holdings Ltd. is a UK-based company that specializes in providing identity verification and authentication solutions.
Major players in the identity verification software market are International Business Machines Corporation (IBM), Oracle Corporation, Mastercard Incorporated, Thales Group, Experian Limited, Equifax Inc., TransUnion LLC, IDEMIA Group, Okta Inc., Clear Secure Inc., GB Group plc, ID.me Inc., Jumio Corporation, Mitek Systems Inc., Socure Inc., IDnow GmbH, Trulioo Technology Inc., Veriff, Shufti Pro Ltd., Evident ID Inc.
North America was the largest region in the identity verification software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in identity verification software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the identity verification software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The identity verification software market consists of revenues earned by entities by providing services such as biometric authentication, document verification, and fraud prevention. The market value includes the value of related goods sold by the service provider or included within the service offering. The identity verification software market also includes sales of facial recognition systems, ID scanning devices, and mobile identity verification apps. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Identity Verification Software Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on identity verification software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for identity verification software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The identity verification software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:1) By Component: Software; Services
2) By Deployment Mode: Cloud; On-Premise
3) By Organization Size: Small And Medium Enterprises; Large Enterprises
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI); Healthcare And Life Science; Government And Defense; Retail And Ecommerce; Information Technology; Energies And Utilities; Other Industry Verticals
2) By Services: Consulting Services; Integration And Deployment Services; Managed Services; Support And Maintenance Services; Compliance And Risk Management Services
Companies Mentioned: International Business Machines Corporation (IBM); Oracle Corporation; Mastercard Incorporated; Thales Group; Experian Limited
3. Identity Verification Software Market Trends And Strategies
4. Identity Verification Software Market - Macro Economic Scenario Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics And Covid And Recovery On The Market
5. Global Identity Verification Software Growth Analysis And Strategic Analysis Framework
5.1. Global Identity Verification Software PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Identity Verification Software Market Growth Rate Analysis
5.4. Global Identity Verification Software Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Identity Verification Software Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Identity Verification Software Total Addressable Market (TAM)
6.1. Global Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Software
Services
6.2. Global Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Cloud
On-Premise
6.3. Global Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Small And Medium Enterprises
Large Enterprises
6.4. Global Identity Verification Software Market, Segmentation By Industry Vertical, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Banking, Financial Services, And Insurance (BFSI)
Healthcare And Life Science
Government And Defense
Retail And Ecommerce
Information Technology
Energies And Utilities
Other Industry Verticals
6.5. Global Identity Verification Software Market, Sub-Segmentation Of Software, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Biometric Identity Verification Software
Document Verification Software
Identity Authentication Software
AI-Powered Identity Verification Software
Blockchain-Based Identity Verification Software
6.6. Global Identity Verification Software Market, Sub-Segmentation Of Services, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Consulting Services
Integration And Deployment Services
Managed Services
Support And Maintenance Services
Compliance And Risk Management Services
7. Identity Verification Software Market Regional And Country Analysis
7.1. Global Identity Verification Software Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Identity Verification Software Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
9. China Identity Verification Software Market
9.1. China Identity Verification Software Market Overview
9.2. China Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
10. India Identity Verification Software Market
10.1. India Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11. Japan Identity Verification Software Market
11.1. Japan Identity Verification Software Market Overview
11.2. Japan Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12. Australia Identity Verification Software Market
12.1. Australia Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13. Indonesia Identity Verification Software Market
13.1. Indonesia Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14. South Korea Identity Verification Software Market
14.1. South Korea Identity Verification Software Market Overview
14.2. South Korea Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.3. South Korea Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.4. South Korea Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15. Western Europe Identity Verification Software Market
15.1. Western Europe Identity Verification Software Market Overview
15.2. Western Europe Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.3. Western Europe Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.4. Western Europe Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16. UK Identity Verification Software Market
16.1. UK Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17. Germany Identity Verification Software Market
17.1. Germany Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18. France Identity Verification Software Market
18.1. France Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19. Italy Identity Verification Software Market
19.1. Italy Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20. Spain Identity Verification Software Market
20.1. Spain Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21. Eastern Europe Identity Verification Software Market
21.1. Eastern Europe Identity Verification Software Market Overview
21.2. Eastern Europe Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.3. Eastern Europe Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.4. Eastern Europe Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22. Russia Identity Verification Software Market
22.1. Russia Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23. North America Identity Verification Software Market
23.1. North America Identity Verification Software Market Overview
23.2. North America Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.3. North America Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.4. North America Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24. USA Identity Verification Software Market
24.1. USA Identity Verification Software Market Overview
24.2. USA Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.2. Canada Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26. South America Identity Verification Software Market
26.1. South America Identity Verification Software Market Overview
26.2. South America Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.3. South America Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.4. South America Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27. Brazil Identity Verification Software Market
27.1. Brazil Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28. Middle East Identity Verification Software Market
28.1. Middle East Identity Verification Software Market Overview
28.2. Middle East Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.3. Middle East Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.4. Middle East Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29. Africa Identity Verification Software Market
29.1. Africa Identity Verification Software Market Overview
29.2. Africa Identity Verification Software Market, Segmentation By Component, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Identity Verification Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Identity Verification Software Market, Segmentation By Organization Size, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
30. Identity Verification Software Market Competitive Landscape And Company Profiles