As per Inkwood Research, the Global Identity Verification Market is estimated to progress with a CAGR of 15.57% in terms of revenue during the forecasting years 2023-2032.
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Digital technology literacy is on the rise, and individuals worldwide are becoming more adept at using a wide range of internet services. This growing trend, particularly in developing nations, is a key driver behind the flourishing market for identity verification.
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Expanding Internet Penetration and Digital Literacy Boost Growth Prospects
The surge in smart services offered by businesses has sparked a demand for new trends in virtual identity verification. As financial transactions and online onboarding activities become increasingly prevalent, the need for business identity verification has grown globally. Consequently, third-party identity verification companies have emerged and expanded their operations across the globe. These companies leverage various internet platforms to verify consumers’ identities securely.
In 2022, a staggering 4.9 billion people, equivalent to 69% of the world’s population, actively used the internet. This number is projected to continue growing at an annual rate of 4%, adding over 196 million new users to the online community each year. The increasing internet penetration and digital literacy across the globe indicate a rising demand for online services. As a result, the market for online identity verification is expected to experience substantial growth in the foreseeable future.
Biometrics: The Fastest-Growing Type
Biometric authentication is at the forefront of security processes, utilizing unique biological traits like retinas, irises, facial characteristics, voice, and fingerprints to verify a customer’s identity. Biometric systems securely store this information, enabling swift verification when customers access their accounts.
Market players have made significant advancements in biometric identity verification technology in recent years. Notably, in 2023, Norway-based IDEX Biometrics joined forces with cyber tech firm PONE Biometrics to provide biometric sensor modules for digital authentication. These innovations are expected to fuel the rapid expansion of biometric identity verification.
Asia-Pacific: The Fastest-Growing Region
Asia-Pacific is witnessing a booming identity verification market due to an increase in identity-related cybercrimes and the surging demand for cloud-based identity verification. Businesses and individuals in the region seek reliable identity verification solutions to combat data breaches and facilitate secure, paperless digital transactions.
Furthermore, the adoption of cutting-edge technologies such as artificial intelligence, machine learning, and automation in identity verification systems is on the rise. Additionally, corporate and government initiatives focused on digitalization present lucrative opportunities for identity verification vendors in the Asia-Pacific region.
Strategic initiatives undertaken by well-established market players add to the competitive rivalry in the market. Some of the key players in the market are Intellicheck Inc, TransUnion LLC, Nuance Communications Inc, Trulioo Information Services Inc, etc.
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