Identity Verification Market is predicted to reach USD 35.25 billion at a CAGR of 14.30% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Identity Verification Market” that contains information from 2018 to 2030. The Identity Verification Market is estimated to register a CAGR of 14.30% during the forecast period of 2024 to 2030.

Identity Verification Market Highlights

The global Identity Verification Market is accounted to register a CAGR of 14.30% during the forecast period and is estimated to reach USD 35.25 billion by 2030.

The identity verification market refers to the industry focused on providing solutions and technologies for verifying the identity of individuals in various contexts, especially in digital transactions and online interactions. With the increasing prevalence of online services, financial transactions, and digital interactions, the need to ensure the authenticity of individuals and prevent fraud has become paramount. Identity verification solutions aim to confirm that a person claiming an identity online is indeed who they say they are.

Segment Analysis

The global Identity Verification Market has been segmented based on Component, Type, and Deployment Mode.

The identity verification market segmentation, based on components, includes solutions and services. The solution segment held the majority share in 2021 of the identity verification market revenue. Digital identity verification, ID verification, and identity authentication are the three subcategories of the solution. Following the adoption of additional digital platforms by the private and public sectors, including border controls and digital service access, digital verification has become a crucial component.

The identity verification market segmentation, based on type, includes biometrics and non-biometrics. The biometrics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. The most popular form of identity verification is biometrics, which confirms a person's authenticity based on one or more biological characteristics. Using fingerprints, iris and retinal patterns, and other biometric verification techniques is widespread, positively impacting the market growth.

The identity verification market data has been bifurcated by deployment mode into on-premises and cloud. The on-premises segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. An on-premises service allows the business to authenticate its clientele and keep its data on its servers. After a one-time installation, no outside party can access the customer data. Therefore, there is no need for a second vendor or service provider.

Regional Analysis

The global Identity Verification Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America identity verification market accounted for USD 5.31 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. It is a technologically advanced region with many early adopters and important market participants. The expansion of government projects like smart cities, smart infrastructure, and digital identification-based driver's licenses is anticipated to fuel the demand for identity verification. Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Europe identity verification market accounts for the second-largest market share. The nation has established itself as one of the most promising markets in the world for creating AI-based identity verification solutions because of numerous innovations and research institutes for artificial intelligence. Further, the Germany identity verification market held the largest market share, and the UK identity verification market was the fastest-growing market in the European region.

The Asia-Pacific Identity Verification Market is expected to grow at the fastest CAGR from 2022 to 2030. Government attempts to prevent identity-related fraud and strengthen eKYC to authenticate identities are some of the causes driving the growth. Moreover, China identity verification market held the largest market share, and the India identity verification market was the fastest-growing market in the Asia-Pacific region.

Key Findings of the Study

• The global Identity Verification Market is expected to reach USD 35.25 billion by 2030, at a CAGR of 14.30% during the forecast period.


• The Asia-Pacific Identity Verification Market is expected to grow at the fastest CAGR from 2022 to 2030. Government attempts to prevent identity-related fraud and strengthen eKYC to authenticate identities are some of the causes driving the growth.


• The identity verification market segmentation, based on components, includes solutions and services. The solution segment held the majority share in 2021 of the identity verification market revenue.

IDEMIA (France), Jumio (US), Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Signzy (India), and Passbase (Germany) and Others.