Identity Verification And Authentication Global Market
“The Business Research Company recently released a comprehensive report on the Global Identity Verification And Authentication Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The identity verification and authentication market size has grown rapidly in recent years. It will grow from $11.63 billion in 2023 to $13.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to rising cybersecurity threats, globalization of businesses, consumer awareness, integration with mobile devices, regulatory compliance.
The identity verification and authentication market size is expected to see rapid growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to evolution of biometrics, AI and machine learning integration, rise in remote transactions, increased threat landscape, user experience enhancement. Major trends in the forecast period include blockchain technology integration, increasing digital transactions, technological advancements, behavioral analytics for continuous authentication, biometric authentication advancements.
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Market Drivers and Trends:
The rapid rise in identity theft cases and cyber attacks is expected to propel the growth of the identity verification and authentication market going forward. Identity theft cases and cyber attacks refer to incidents involving the unauthorized acquisition and misuse of personal information, as well as malicious activities targeting computer systems and networks. Identity verification and authentication are used to prevent identity theft and cyberattacks by verifying user identities before granting access to accounts or financial systems and can prevent unauthorized individuals from stealing personal data and committing fraud. For instance, in October 2022, according to Experian PLC, an Ireland-based business services company, the number of consumer identity theft complaints increased by 3.3% to 1.43 million, and financial losses from fraud increased by 77% from the previous year, totaling more than $6.1 billion. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber crime reports received were 76,000, up from 13% from the previous year. Therefore, the rapid rise in identity theft cases and cyber attacks is driving the growth of the identity verification and authentication market.
Major companies operating in the identity verification and authentication market are focusing on developing innovative solutions, such as 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 to customers over the internet. In the context of identity verification and authentication. For instance, 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. It is designed to support market-leading organizations worldwide in easily and accurately proofing, verifying, and authenticating customer identities across the entire customer lifecycle. Additionally, key features and benefits of TrustX include seamless identity continuity, artificial intelligence and machine learning optimization, no-code, drag-and-drop orchestration, customizable workflows, real-time testing and an optimized rules engine, fast deployment and global compliance, continuous improvements, integration, and open APIs.
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Major Key Players of the Market:
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.
Identity Verification And Authentication Market 2024 Key Insights:
• The identity verification and authentication market is expected to grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%.
• Role of Identity Verification and Authentication in Addressing Rising Cyber Threats
• Next-Generation SaaS-Based Platform for Identity Verification and Authentication
• North America was the largest region in the identity verification and authentication market in 2023
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