Identity Verification Market to Grow with a CAGR of 16.32% During 2021-2030

In one of the statistics by the Consumer Sentinel Network of the Federal Trade Commission (FTC) of the United States, the total number of identity theft cases recorded in the United States in the year 2020 was 1387615 cases. This represented a share of 29.39% out of the total number of cases reported that year.

The statistics portray the growing incidences of identity thefts and other fraudulent activities, which is driving the need amongst businesses to adopt safety measures such as identity verification systems. 

There is a rising concern amongst businesses worldwide to safeguard the data of their customers, which is also driving the need for the adoption of identity verification systems. Besides this, the increasing initiatives of the government of nations worldwide on developing stringent policies for lowering cybercrime is also anticipated to drive the growth of the global identity verification market.

The global identity verification market is anticipated to grow with a CAGR of 16.32% over the forecast period, i.e., 2021 – 2030. The market is estimated to garner a revenue of USD 33189.19 Million by the end of 2030, up from a revenue of USD 7632.60 Million in the year 2020. 

The market is segmented by end-user industry into BFSI, government & defense, retail, healthcare, IT & telecom, entertainment & gaming, transportation, logistics, & mobility, energy & utility, hospitality, and others, out of which, the BFSI segment is anticipated to register the largest revenue of USD 9852.40 Million by the end of 2030, up from a revenue of USD 2180.38 Million in the year 2020.

Geographically, the global identity verification market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Amongst these, by the end of 2030, the market in North America region is anticipated to register the largest revenue of USD 12661.67 Million, up from a revenue of USD 2855.35 Million in the year 2020.

However, the high cost of deployment is one of the major factors predicted to hinder the market growth in the coming years.

This report also provides the existing competitive scenario of some of the key players of the global identity verification market, which includes company profiling of Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Acuant, Inc., Onfido, Liquid Inc., Intellicheck, Inc., IDEMIA, and others.

The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Identity Verification Market: Global Demand Analysis & Opportunity Outlook 2030”, analyses the overall global identity verification industry to help new entrants to understand the details of the market. 

In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global identity verification market in the near future.

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