Global Identity Verification And Authentication Market Analysis Forecast 2024 - 2033
12 Jul, 2024
The identity verification and authentication market has undergone rapid expansion, progressing from $11.63 billion in 2023 to $13.52 billion in 2024, with a notable CAGR of 16.3%. This growth is attributed to rising cybersecurity threats, globalization of businesses, increased consumer awareness, integration with mobile devices, and regulatory compliance imperatives. Anticipated growth toward $24.46 billion by 2028, reflecting a CAGR of 15.9%, is fueled by biometrics evolution, AI and machine learning integration, remote transactions proliferation, heightened threat landscape, and user experience enhancement efforts. Notable trends include blockchain integration, digital transactions increase, technological advancements, behavioral analytics adoption for continuous authentication, and biometric authentication methodology advancements.
Major Driver In The Identity Verification And Authentication Market
The identity verification and authentication market is poised for continued growth, fueled by the rapid surge in identity theft cases and cyber attacks. These incidents involve the unauthorized acquisition and exploitation of personal data, leading to financial losses and privacy breaches. Identity verification mechanisms serve as crucial safeguards against such threats by validating user identities before granting access to accounts or financial systems. Experian PLC reported a 3.3% increase in consumer identity theft complaints in 2022, alongside a significant rise in financial losses from fraud. Similarly, the Australian Cyber Security Centre recorded a surge in cybercrime reports in 2022, indicating the severity of the issue. This ongoing surge in identity theft and cyber attacks is expected to drive the expansion of the identity verification and authentication market, with respective market sizes of $X billion in 2023 and $Y billion in 2024.
Request A Free Sample Of The Global Identity Verification And Authentication Market ReportIdentity Verification And Authentication Market Competitive Landscape
IDEMIA, Nuance Communications Inc., Okta Inc., Ping Identity Corporation, OneSpan Inc., ForgeRock Inc., Mitek Systems Inc., Onfido Limited, HYPR Corp., IDnow GmbH, Saviynt Inc., Trulioo, Plurilock Security Inc., Signicat AS, Callsign Inc, BioCatch Ltd., SecuredTouch, BehavioSec Inc., FacePhi, Socure Inc., Acuant Inc., Daon Inc., Averon, Veridium Ltd., ImageWare Systems Inc.
Key Identity Verification And Authentication Market Trend
Major companies in the identity verification and authentication market are developing innovative solutions like SaaS-based platforms for identity proofing and authentication. A SaaS-based platform is a software delivery model where a third-party provider hosts applications and makes them available over the internet. For example, in April 2023, Daon, Inc., a US-based biometrics and identity assurance software company, launched TrustX, a SaaS-based platform for identity proofing and authentication. TrustX is designed to support organizations worldwide in easily and accurately verifying and authenticating customer identities across the customer lifecycle. Key features include seamless identity continuity, AI and machine learning optimization, no-code orchestration, customizable workflows, real-time testing, an optimized rules engine, fast deployment, global compliance, continuous improvements, and open APIs.
Purchase The Global Identity Verification And Authentication Market Report Directly And Get A Swift DeliveryIdentity Verification And Authentication Market Segmentation
The identity verification and authentication market covered in this report is segmented –
1) By Type: Non-Biometrics, Biometrics
2) By Component: Solutions, Services
3) By Deployment Type: On-Premise, Cloud
4) By Application: Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud
5) By Vertical: Banking Financial Services And Insurance (BFSI), Government And Defense, Energy And Utilities, Retail And Ecommerce, IT And Telecom, Healthcare, Gaming, Other Verticals
By Geography:The regions covered in the identity verification and authentication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the identity verification and authentication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Identity Verification And Authentication Global Market Report 2024 furnishes information about the global identity verification and authentication market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.