The United States is projected to be a significant identity verification market over the projected period as well. The market is estimated to attain US$ 12.4 billion by 2033.
According to FMI’s estimate, the worldwide identity verification market would grow at a CAGR of 13.2% during the forecast period. The industry’s market value is expected to rise from US$ 11.1 billion in 2023 to US$ 38.5 billion by the end of 2033.
The identity verification industry is benefiting from increased laws and the obligation to comply with industry standards across all sectors. The financial industry, in particular, is projected to provide market participants with lucrative expansion opportunities. Furthermore, the increasing trend of Bring Your Own Devices (BYOD) and enterprise mobility are likely to accelerate market development even further.
Use of advanced identity verification systems, such as incredibly powerful mobile devices with sophisticated cameras, GPS capabilities, and microphones, has increased self-service identity verification to offer multi-factor authentication in many forms. Because of its distinguishing characteristics, the inclusion of biometrics in digital identification provides enhanced attribution to a person. As a result, because the means of acquisition are strictly regulated, it is less vulnerable to imitation.
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To capitalise on this thriving market, key organisations are building mobile applications and Software Development Kits (SDKs). Document verification tests, such as nodding and blinking, allow driving licences and passports to be recognised and verified.
Furthermore, leading players in the identity verification sector are constantly investing in R&D projects and releasing new technologies to combat security and cyber-attacks.
Key Highlights of the Identity Verification Industry:
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 06, 2023