What Has Been The Evolution of the Identity Verification And Authentication Market in Recent Years?
The identity verification and authentication market has seen considerable growth due to a variety of factors.
• The market size for identity verification and authentication has seen a swift expansion in the past few years. An increase from $13.52 billion in 2024 to $15.72 billion in 2025, showing a compound annual growth rate (CAGR) of 16.2%, is expected.
The unprecedented growth during the historical period is due to factors such as increasing cyber threats, the international expansion of companies, consumer cognizance, mobile device integration, and regulatory adherence.
How Will the Identity Verification And Authentication Market?
The identity verification and authentication market is expected to maintain its strong growth trajectory in upcoming years.
• The market for identity verification and authentication is forecasted to experience a swift expansion in the coming years. It is projected to reach a value of $28.4 billion by 2029, with a compound annual growth rate (CAGR) of 15.9%.
Factors contributing to the growth during the predicted period include the advancement of biometrics, integration of AI and machine learning, the surge in remote transactions, broadening threat landscape, and enhancement of user experience. Some of the key trends to watch for include the incorporation of blockchain technology, an increase in digital transactions, technological progress, behavioural analytics for continuous validation, and evolving biometric authentication methods.
Which Factors Are Boosting Growth In The Identity Verification And Authentication Market?
The escalating frequency of identity theft incidents and cybercrimes is predicted to fuel the expansion of the identity verification and authentication market in the future. When we talk about identity theft instances and cyber threats, we are referring to events where unauthorized individuals access and misuse private information or carry out malevolent actions against computer systems and networks. The purpose of identity verification and authentication procedures is to thwart identity theft and cyber attacks by confirming the identities of users before they are granted access to accounts or financial systems. These procedures can hinder unauthorized persons from wrongfully obtaining personal data and perpetrating fraud. To illustrate, Experian PLC, a business services enterprise based in Ireland, reported that consumer identity theft complaints rose by 3.3% to 1.43 million in October 2022, and financial damages caused by fraud rose by 77% compared to the preceding year, amounting to a whopping $6.1 billion. Moreover, the Australia-based Australian Cyber Security Centre confirmed that they received 76,000 cybercrime reports in 2022, a 13% increase from the year before, as of February 2023. Hence, the sharp increase in identity theft incidents and cyber threats is stimulating the expansion of the identity verification and authentication market.
What Key Areas Define The Segmentation Of The Global 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
Pre-Book The Identity Verification And Authentication Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Identity Verification And Authentication Market?
Leading businesses in the identity verification and authentication market are concentrating their efforts on creating unique solutions, like SaaS-based platforms, aimed at identity confirmation and validation. The SaaS-based platform is a form of software distribution wherein applications are hosted by a third-party provider and made accessible to users via the internet, with identity verification and authentication as the context. For example, in April 2023, Doan, Inc., a renowned biometric and identity verification software firm based in the US, introduced Trust, a cutting-edge SaaS-based platform for identity verification and validation. This software is developed to aid top-tier organizations worldwide in seamlessly and correctly confirming and verifying customer identities throughout all stages of the customer lifecycle. Trust's main features and advantages encompass seamless identity continuity, optimization of artificial intelligence and machine learning, no-code and drag-and-drop orchestration, customizable workflows, real-time testing and an optimized rules engine, quick global compliance and deployment, continuous enhancements, integration, and open APIs.
Who Are the Key Players 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.
What Is The Most Dominant Region In The Identity Verification And Authentication Market?
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.
