Global Identity Verification Market Forecast 2023-2032

Global Identity Verification Market Forecast 2023-2032
KEY FINDINGS

The global identity verification market is predicted to record a CAGR of 15.57% during the forecast period, 2023-2032. The market growth is propelled by rising internet penetration and digital literacy, increasing digitalization initiatives, and growing occurrences of identity thefts.

MARKET INSIGHTS

Identity verification facilitates the validation of the user’s identity and the accuracy of the information provided by them. From a digital perspective, identity verification is done online using machine learning, artificial intelligence, and other advanced technologies.

Further, there is an increasing need for identity verification products and services. The rise in instances of identity theft and the heightened risk of fraudulent access to business networks, applications, and services worldwide are significant factors expected to drive the growth of the global identity verification market in the projected period. Identity theft poses a substantial concern for individuals globally, with its occurrence experiencing a substantial surge in recent years.

To illustrate, in 2022, the Federal Trade Commission reported 5.7 million allegations of fraud and identity theft, with 1.4 million cases involving identity theft specifically. Among the various categories of identity theft, fraud ranked highest, with 395,948 documented cases. Victims of fraud typically incur losses averaging $500, resulting in estimated total losses of $10.2 billion.

On the other hand, the global identity verification market growth restraints include the lack of technical expertise and price variations.

REGIONAL INSIGHTS

The global identity verification market growth evaluation includes the geographical analysis of North America, Europe, Asia-Pacific, and Rest of World. North America is the dominating region in the global market, accredited to favorable government support and surging applications.

COMPETITIVE INSIGHTS

The presence of well-established market players adds to the high competitive rivalry in the market. Some of the leading companies in the market are TransUnion LLC, Intellicheck Inc, Trulioo Information Services Inc, Nuance Communications Inc, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments