Digital Identity Verification Market Outlook 2025–2034: Trends, Growth Drivers, Share, and Future Forecast

The Business Research Company's Digital Identity Verification Market Outlook 2025–2034: Trends, Growth Drivers, Share, and Future Forecast

LONDON, GREATER LONDON, UNITED KINGDOM, June 9, 2025 /EINPresswire.com/ -- The Business Research Company’s Latest Report Explores Market Driver, Trends, Regional Insights - Market Sizing & Forecasts Through 2034

The digital identity verification market size has grown rapidly in recent years. It will grow from $12.64 billion in 2024 to $14.84 billion in 2025 at a compound annual growth rate CAGR of 17.4%. The growth in the historic period can be attributed to regulatory compliance requirements, a rise in online banking, an increase in identity theft cases, digital transformation in enterprises, and early adoption by financial institutions.

What Is The Forecasted Growth Of The Digital Identity Verification Market?
The digital identity verification market size is expected to see rapid growth in the next few years. It will grow to $27.98 billion in 2029 at a compound annual growth rate CAGR of 17.2%. The growth in the forecast period can be attributed to growing remote onboarding needs, expansion of e-government services, rising demand for fraud prevention, increasing smartphone penetration, and regulatory evolution across regions. Major trends in the forecast period include biometric authentication innovations, blockchain-based identity systems, liveness detection advancements, continuous research and development, and integration with Internet of Things devices.

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How Is Expansion Of Digital Banking Driving The Growth Of The Digital Identity Verification Market?
The expansion of digital banking is expected to propel the growth of the digital identity verification market going forward. Digital banking involves providing financial services via online platforms, allowing users to manage their banking needs anytime and from any location. The rise of digital banking is driven by the growing need for convenience, allowing customers to manage their accounts, make transactions, and access services anytime, anywhere, improving accessibility and user experience. Digital identity verification strengthens security in digital banking by using biometrics, passwords, or authentication apps to confirm user identity. It helps prevent fraud, ensures compliance, and enables secure, seamless transactions, fostering customer trust.

Who Are The Key Industry Players In The Digital Identity Verification Market?
Major companies operating in the digital identity verification market are Oracle Corporation, SAP SE, Mastercard Inc., Thales Group S.A., LexisNexis Risk Solutions Group, Experian PLC, Equifax Inc., IDEMIA LLC, Ping Identity Corporation, Jumio Inc., OneSpan Inc., Mitek Systems Inc., Trulioo, Verrif, Shufti Pro, Socure, Sumsub, AU10TIX, Aware Inc., Idology Inc.

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What Are The Emerging Trends In The Digital Identity Verification Market?
Major companies operating in the digital identity verification market are focused on developing advanced technologies such as biometric authentication to enhance security and streamline user verification processes. Biometric authentication is a security process that verifies a person's identity using unique biological characteristics, such as fingerprints, facial recognition, or iris scans, which provides a highly secure and efficient way to confirm identity by ensuring that only authorized individuals can access specific systems or services.

How Is The Digital Identity Verification Market Segmented?
The digital identity verification market covered in this report is segmented by Component into Solutions, Services; by Technology into Biometric Verification, Biometric Authentication, Document Verification, Video Verification, Artificial Intelligence AI And Machine Learning ML Integration, Other Technologies; by Deployment Mode into Cloud-Based, On-Premises; by Application into Identity Management, Access Control, Fraud Prevention, Customer Onboarding, Compliance And Regulatory Requirements, Remote User Verification; by End-User into Banking, Financial Services, And Insurance BFSI, Government And Defense, Healthcare, Retail And E-commerce, Information Technology And Telecommunications, Other End-Users.

Subsegments include:
1 By Solutions: Identity Authentication, Identity Verification, Identity Document Verification, Biometrics, Liveness Detection, Risk And Compliance Solutions, Identity Proofing, Fraud Detection And Prevention
2 By Services: Consulting, Integration And Implementation, Training And Education, Identity Monitoring, Technical Support, Outsourced Verification Services

What Are The Regional Insights Of The Digital Identity Verification Market?
North America was the largest region in the digital identity verification market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital identity verification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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