Identity Verification Market is expected to reach US$ 31.95 billion by 2030

Rising Small and Medium Enterprises to Provide Opportunities for Identity Verification Market During 2022–2030

According to our latest market study on Identity Verification Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Deployment, Enterprise Size, Type, and Industry Vertical," the market is expected to grow from US$ 9.16 billion in 2022 to US$ 31.95 billion by 2030; it is estimated to record a CAGR of 16.9% from 2022 to 2030.

Presently, most of the customers of identity verification providers are large enterprises, mainly due to large-scale operations and faster adoption of digital and technological advancements in these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Hence, small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunities for players operating in the identity verification market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small-scale businesses. The identity verification market players are now offering various low-priced, smaller plans. The identity verification providers are also working with other business application providers who target small businesses in order to offer an embedded solution to their customers. The increasing need for digitization in small and medium enterprises to improve operational workflow and to adapt to the fast-changing marketplace is anticipated to offer massive opportunities for identity verification market growth in both developed and emerging nations.

Identity Verification Market — by Geography, 2022

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Source: The Insight Partners Analysis

Trulioo; Onfido; Mitek Systems, Inc; IDology; Authenteq; Experian Plc; Thales SA; IDEMIA; Jumio Corporation; and LexisNexis Risk Solutions Group are among the key identity verification market players profiled during the report. Several other major identity verification market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The identity verification market report provides detailed market insights, which help the key players strategize their growth.

The APAC identity verification market  is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. The APAC identity verification market size is like to surge as various identity verification market players are expanding their presence in Asia to eliminate hurdles related to customer verification in commercial sectors. For instance, in July 2023, Sumsub, a verification platform with the highest conversion rate in the industry, expanded its presence across the region, shifting its headquarters to Singapore to address the growing demand for full-cycle identity verification solutions. Sumsub has immersed its operations in commercial opportunities in APAC due to the growth of threat potential in the fraud landscape.

Countries in APAC such as China and India are expected to become the most attractive markets for identity verification solution vendors during the forecast period. The identity theft cases are rising in the region. According to a post published by Jumio in October 2022, approximately one in four consumers in the region have been victims of online fraud due to the rise in digital services. The cases of identity fraud are rising in countries such as Indonesia, Malaysia, and Vietnam, fueling the demand for identity verification solutions. Continuous advancements in technology, development of technological infrastructure, and high adoption of security solutions across verticals such as BFSI, healthcare, and government are fueling the APAC identity verification market size.

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