Identity Verification and Authentication Global Market Report 2024

The identity verification and authentication market size has grown rapidly in recent years. It will grow from $11.63 billion in 2023 to $13.52 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed in the historical period can be attributed to factors such as the increasing prevalence of cybersecurity threats, the globalization of businesses, heightened consumer awareness of security issues, the integration of identity verification and authentication with mobile devices, and the importance of meeting regulatory compliance standards.

The identity verification and authentication market size is expected to see rapid growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The anticipated growth in the forecast period can be attributed to factors such as the evolution of biometrics, integration of AI and machine learning, a surge in remote transactions, an increased threat landscape in the cybersecurity domain, and a focus on enhancing user experience. Key trends expected during this period include the integration of blockchain technology, the rise in digital transactions, ongoing technological advancements, the implementation of behavioral analytics for continuous authentication, and advancements in biometric authentication methods.

The significant uptick in identity theft cases and cyber attacks is poised to fuel expansion within the identity verification and authentication market. These incidents, characterized by unauthorized access to personal information and malicious activities targeting computer systems, underscore the critical need for robust identity verification measures. Identity verification and authentication solutions serve as vital safeguards against such threats, ensuring secure access to accounts and financial systems while thwarting fraudulent activities. For instance, data from Experian PLC in October 2022 revealed a 3.3% increase in consumer identity theft complaints, totaling 1.43 million cases, with financial losses from fraud soaring by 77% to over $6.1 billion. Additionally, the Australian Cyber Security Centre reported a 13% rise in cybercrime reports, reaching 76,000 incidents in 2022. These alarming statistics highlight the urgency for effective identity verification and authentication measures.

Leading players in the identity verification and authentication sector are doubling down on innovation to meet evolving security needs, notably through the development of Software-as-a-Service (SaaS) platforms. SaaS-based solutions offer a flexible and scalable approach to identity proofing and authentication, delivering enhanced security features and seamless integration capabilities. One notable example is TrustX, a SaaS-based platform introduced by Daon, Inc. in April 2023. Tailored to meet the needs of global organizations, TrustX enables accurate identity proofing, verification, and authentication throughout the customer lifecycle. Notable features include artificial intelligence and machine learning optimization, customizable workflows, real-time testing, and integration with open APIs. By leveraging advanced technologies and customizable functionalities, TrustX empowers organizations to combat identity theft and cyber threats effectively while ensuring compliance with global standards.

In March 2022, Avast Software s.r.o., a leading cybersecurity software company headquartered in Czechia, completed the acquisition of SecureKey Technologies Inc. for $325.9 million. This strategic move was aimed at broadening Avast's portfolio of identity products and services while leveraging SecureKey's established presence in North America to facilitate international expansion. The acquisition strengthens Avast's ability to provide advanced digital identity and authentication solutions to its users. SecureKey Technologies Inc., a prominent provider based in Canada, specializes in identity and authentication services designed to simplify consumer access to online services and applications, making it a valuable addition to Avast's offerings.

Major companies operating in the identity verification and authentication market report are IDEMIA, Nuance Communications Inc., Okta Inc., Ping Identity Corporation, OneSpan Inc., ForgeRock Inc., Mitek Systems Inc., Onfido Limited, HYPR Corp., IDnow GmbH, Saviynt Inc., Trulioo, Plurilock Security Inc., Signicat AS, Callsign Inc, BioCatch Ltd., SecuredTouch, BehavioSec Inc., FacePhi, Socure Inc., Acuant Inc., Daon Inc., Averon, Veridium Ltd., ImageWare Systems Inc.

North America was the largest region in the identity verification and authentication market in 2023. 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. The countries covered in the identity verification and authentication market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Identity verification and authentication are crucial processes employed to confirm the identity of individuals accessing a system, platform, or service. These processes play a vital role in ensuring the security and integrity of systems, protecting against unauthorized access, and preventing identity fraud.

The primary types of identity verification and authentication are non-biometrics and biometrics. Non-biometrics refer to methods, systems, or technologies that do not rely on biological characteristics or traits for identification or authentication purposes. This category includes component solutions and services deployed both on-premise and in the cloud. Non-biometric methods find applications in various areas such as credit card fraud, bank fraud, phone or utility fraud, employment or tax-related fraud, and are utilized by verticals including banking, financial services, and insurance (BFSI), government and defense, energy and utilities, retail and e-commerce, IT and telecom, healthcare, gaming, among others.

The identity verification and authentication market research report is one of a series of new reports that provides identity verification and authentication market statistics, including identity verification and authentication industry global market size, regional shares, competitors with a identity verification and authentication market share, detailed identity verification and authentication market segments, market trends and opportunities, and any further data you may need to thrive in the identity verification and authentication industry. This identity verification and authentication market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The identity verification and authentication market include revenues earned by entities by providing services such as identity verification services, authentication services, compliance and regulatory support, integration and customization, and data verification. The market value includes the value of related goods sold by the service provider or included within the service offering. The identity verification and authentication market consist of sales of identity verification products, biometric verification systems, and password management tools. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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