How large is the identity verification and authentication market, and what is its growth trajectory?
The identity verification and authentication market size has grown rapidly in recent years. It will grow from $13.52 billion in 2024 to $15.72 billion in 2025 at a compound annual growth rate (CAGR) of 16.2%. 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 $28.4 billion in 2029 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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Global Identity Verification And Authentication Market Report 2025
What have been the primary factors driving the identity verification and authentication market’s growth?
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.
What are the key segments within the identity verification and authentication market?
The identity verification and authentication market 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, Healthcare, 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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Global Identity Verification And Authentication Market Report 2025
Which key players are shaping 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.
How will emerging trends drive the identity verification and authentication market throughout the forecast period?
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, Doan, Inc., a US-based biometrics and identity assurance software company, launched Trust, 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 Trust 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.
How do regional factors impact the identity verification and authentication market, and which region is the largest contributor?
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.
What Does The Identity Verification And Authentication Market Report 2025 Offer?
The identity verification and authentication market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Identity verification and authentication are two essential processes used to confirm the identity of individuals accessing a system, platform, or service. It is used to ensure the security and integrity of systems and protect against unauthorized access or identity fraud.
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Global Identity Verification And Authentication Market Report 2025
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