Identity Verification And Authentication
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How Large Will the Identity Verification And Authentication Market Size By 2025?
The market size for identity verification and authentication has seen a quick surge in the past few years. Its growth is projected to rise from $13.52 billion in 2024 to $15.65 billion in 2025, boasting a compound annual growth rate (CAGR) of 15.7%. The remarkable growth in the past can be credited to increasing cybersecurity threats, the global expansion of businesses, awareness among consumers, compatibility with mobile devices, and regulatory compliance mandates.
How Big Is the Identity Verification And Authentication Market Size Expected to Grow by 2029?
In the coming years, a significant surge is anticipated in the identity verification and authentication market, with its value expected to reach $28.27 billion by 2029, propelled by a compound annual growth rate (CAGR) of 15.9%. Factors that will contribute to this growth over the forecast period include advancements in biometrics, AI and machine learning integration, an uptick in remote transactions, an expanding threat landscape and the continual improvement of user experience. The forecast period is also expected to see an increased integration of blockchain technology, heightened digital transactions, rapid technological development, the amplified usage of behavioural analytics for constant authentication and progress in biometric authentication.
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Which Key Market Drivers Powering Identity Verification And Authentication Market Expansion and Growth?
The identity verification and authentication market is predicted to grow due to a surge in identity theft incidents and cyber attacks. Such incidents imply unauthorized retrieval and misuse of personal data, as well as malicious attempts on computer systems and networks. The process of identity verification and authentication serves to scrutinize identities before access to accounts or financial setups is granted which in turn, helps in prevention of unauthorized extraction of personal data and fraud. For instance, Experian PLC, a business services company headquartered in Ireland, reported a 3.3% increase in consumer identity theft complaints in October 2022 resulting in 1.43 million cases. Additionally, financial losses due to fraud spiked by 77% from the prior year, surpassing $6.1 billion. In February of 2023, the Australian Cyber Security Centre, an Australian cyber security agency noted a 13% increase from the preceding year, with cyber crime reports received in 2022 totaling to 76,000. Thus, this sharp increase in identity theft and cyber attacks is fuelling the growth of the identity verification and authentication market.
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Which Fast-Growing Trends Are Poised to Disrupt the Identity Verification And Authentication Market?
In the realm of identity verification and authentication, large firms are concentrating on creating advanced solutions like SaaS-based platforms for confirming and verifying identities. A SaaS-based platform is a tool delivered by a third-party provider who hosts applications on the internet for their clients’ use, particularly for identity verification and authentication. For example, Doan, Inc., an American biometrics and identity assurance software firm, launched Trust, an identity proofing and verifying SaaS-based platform in April 2023. Trust is created to aid top-tier organizations around the world to effortlessly and precisely proof, confirm, and authenticate customer identities throughout the customer journey. Furthermore, Trust provides benefits like seamless identity continuation, artificial intelligence and machine learning advancements, customizable workflows, instant, and drag-and-drop orchestration, real-time testing, and an optimized regulation engine, prompt deployment and international compliance, continuous enhancements, integration, and open APIs.
What Are the Emerging Segments in the Identity Verification And Authentication Market?
The identity verification and authenticationmarket covered in this report is segmented –
1) By Type: Non-Biometrics, Biometrics
2) By Component: Solutions, Services
3) By Deployment Type: On-Premise, Cloud
4) By Application: Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud
5) By Vertical: Banking Financial Services And Insurance (BFSI), Government And Defense, Energy And Utilities, Retail And Ecommerce, IT And Telecom, Healare, Gaming, Other Verticals
Subsegments:
1) By Non-Biometrics: Password-Based Authentication, PIN-Based Authentication, Security Questions, One-Time Passwords (OTPs), Smart Cards And Tokens
2) By Biometrics: Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Palm Recognition, DNA-Based Authentication
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Who Are the Global Leaders in the Identity Verification And Authentication Market?
Major companies operating in the identity verification and authentication market report are IDEMIA, Nuance Communications Inc., Okta Inc., Ping Identity Corporation, One Span Inc., ForgeRock Inc., MiTek Systems Inc., Onida Limited, HYPR Corp., Window GmbH, Saviynt Inc., Tulio, Spurlock Security Inc., Signiant AS, Callsign Inc, Bio Catch Ltd., Secured Touch, Behaviors Inc., Face Phi, Secure Inc., Actant Inc., Doan Inc., Averno, Peridium Ltd., Image Ware Systems Inc.
Which are the Top Profitable Regional Markets for the Identity Verification And Authentication Industry?
North America was the largest region in the identity verification and authentication market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the identity verification and authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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