Identity Verification Market Size

Statistics for the 2023 & 2024 Identity Verification market size, created by Mordor Intelligence™ Industry Reports. Identity Verification size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Identity Verification Industry

Identity Verification Market Summary
Study Period 2019-2029
Market Size (2024) USD 13.19 Billion
Market Size (2029) USD 23.49 Billion
CAGR (2024 - 2029) 12.64 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Identity Verification Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

Identity (ID) Verification Market Analysis

The Identity Verification Market size is estimated at USD 13.19 billion in 2024, and is expected to reach USD 23.49 billion by 2029, growing at a CAGR of 12.64% during the forecast period (2024-2029).

The market for identity verification is expected to grow over the forecast period due to some imperative factors, such as the adoption of solutions through stringent regulations and the need for compliance and adoption of BYOD trends in enterprises. The market sizing estimates reflect the revenue generated by the market vendors by offering identity verification solutions to various end-users such as financial services, retail and e-commerce, gaming/gambling, government, and other end-users to prevent attack risks.

  • In line with the stringent regulations brought by the government, the vendors are also launching new solutions in compliance with the guidelines. The need for companies to align with region-specific KYC laws and prevent account takeovers has fueled the introduction of new solutions driving the studied market.
  • With the growing number of fraudulent activities, the introduction of and, more importantly, compliance with the regulations have become imperative to mitigate the loss. This factor may promote the growth of the market over the forecast period.
  • The trend of adopting your own devices (BYOD) in enterprises is a strong driver for the identity verification market, which is expected to have a significant impact in the long term. In the current mobile world, employees want the freedom to work from anywhere using their mobile phones, tablets, laptops, or wearables. Organizations are adopting BYOD programs to make it happen.
  • Due to budget restraints, SMBs typically have limited access to bank-grade technology and security solutions, making them an easy target for cybercriminals. Small businesses are less keen on extracting resources elsewhere to fit the comprehensive cybersecurity bill.
  • The broader acceptance of digital payment methods has significantly improved post the COVID-19 pandemic and is expected to play a more substantial role in the long term. With cash being seen as a potential carrier for the virus, governments and regulatory bodies discourage its use. There has been a sudden push toward digital transformation during the pandemic, with online marketplaces adopting digital transformation programs to serve customers and maintain operations.

Identity Verification Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)