The Business Research Company’s report on the Identity Verification Software Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the identity verification software market’s growth in recent years?
The growing digital transactions is expected to propel the growth of the identity verification software market going forward. Digital transactions refer to any transactions conducted electronically, involving the exchange of money or data without the use of physical currency or paper. The growth of digital transactions is attributed to increasing smartphone penetration, the expansion of e-commerce, advancements in payment technologies, and the rising adoption of contactless and mobile payment solutions. Identity verification software enhances the security and trust of digital transactions by verifying user identities in real time, reducing fraud risks, ensuring regulatory compliance, and streamlining authentication processes. For instance, in July 2024, according to the UK Finance Limited, a UK-based trade association, in 2023, 42% of adults were registered for mobile payments, an increase from 30% in 2022. Overall, 34% of the population used mobile contactless payments monthly. Therefore, the growing digital transactions are driving the growth of the identity verification software market.
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How does the future projection of the identity verification software market size compare to its historical growth?
The identity verification software market size has grown rapidly in recent years. It will grow from $12.70 billion in 2024 to $14.85 billion in 2025 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to increasing incidents of identity theft, rising regulatory requirements, growth of digital transactions, expansion of online payment systems, growth in cybercrime.
The identity verification software market size is expected to see rapid growth in the next few years. It will grow to $27.34 billion in 2029 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to rising demand for remote identity verification solutions, increasing growth of e-commerce platforms, growth in the adoption of smart city initiatives, growing emphasis on user privacy rights, growth in mobile banking and payment applications. Major trends in the forecast period include advancements in document verification technologies, advancements in remote identity verification technologies, integration of identity verification with internet of things devices, integration of artificial intelligence-powered fraud detection, integration of artificial intelligence and machine learning.
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Which key players are shaping the future of the identity verification software market?
Major companies operating in the identity verification software market are International Business Machines Corporation (IBM), Oracle Corporation, Mastercard Incorporated, Thales Group, Experian Limited, Equifax Inc., TransUnion LLC, IDEMIA Group, Okta Inc., Clear Secure Inc., GB Group plc, ID.me Inc., Jumio Corporation, Mitek Systems Inc., Socure Inc., IDnow GmbH, Trulioo Technology Inc., Veriff, Shufti Pro Ltd., Evident ID Inc.
What trends will propel the growth and evolution of the identity verification software market?
Major companies operating in the identity verification software market are focusing on developing innovative platforms such as next-generation cloud-based platform to enhance security, scalability, and real-time identity authentication. A next-generation cloud-based platform refers to an advanced digital infrastructure that leverages cloud computing, artificial intelligence, and automation to enhance scalability, security, and performance for businesses and applications. For instance, in April 2023, Daon Inc., a US-based Biometric company launched TrustX, a next-generation cloud-based platform for identity verification and authentication. This Software-as-a-Service (SaaS) solution streamlines the creation and deployment of user journeys throughout the digital identity lifecycle. Powered by artificial intelligence (AI) and machine learning (ML), TrustX enhances fraud prevention and minimizes friction in user experiences, enabling more efficient and accurate identity verification.
Which regions are expected to become dominant players in the identity verification software market?
North America was the largest region in the identity verification software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the identity verification software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the identity verification software market, and how are they evolving?
The identity verification software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare And Life Science, Government And Defense, Retail And Ecommerce, Information Technology, Energies And Utilities, Other Industry Verticals
Subsegments:
1) By Software: Biometric Identity Verification Software, Document Verification Software, Identity Authentication Software, AI-Powered Identity Verification Software, Blockchain-Based Identity Verification Software
2) By Services: Consulting Services, Integration And Deployment Services, Managed Services, Support And Maintenance Services, Compliance And Risk Management Services
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What defines the structure and scope of the identity verification software market?
Identity verification software is a digital solution that confirms an individual’s identity by analyzing personal information, official documents, and biometric data. It leverages technologies such as artificial intelligence (AI), machine learning (ML), and optical character recognition (OCR) to authenticate users in real time. This software enhances security, prevents fraud, and ensures compliance with regulatory requirements across various industries.
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