Document Verification Global Market Report 2024

The document verification market size has grown exponentially in recent years. It will grow from $3.55 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth witnessed during the historical period can be attributed to several key factors, including the escalation of regulatory compliance requirements across diverse industries, the proliferation of online transactions and digital document processing, an upsurge in fraudulent activities and identity theft cases, the expansion of e-commerce and online banking sectors, a heightened demand for secure and dependable verification processes, the adoption of remote work and digital onboarding practices, as well as the imperative need for efficient KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.

The document verification market size is expected to see exponential growth in the next few years. It will grow to $8.64 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to continuation of stringent regulatory frameworks and compliance standards, increasing emphasis on data privacy and security measures, expansion of digital identity verification solutions, growth of the gig economy and freelance workforce, demand for seamless and user-friendly verification experiences. Major trends in the forecast period include integration of biometric authentication methods, growth in adoption of ai-powered verification, development of blockchain technology, collaboration between providers and regulatory bodies, expansion of services for online transactions, adoption of machine learning algorithms, integration with existing systems.

The escalating concerns surrounding identity theft and fraudulent activities are poised to catalyze the expansion of the document verification market in the foreseeable future. Identity theft and fraud, characterized by the unauthorized acquisition and exploitation of personal or financial data for illicit gain, have become prevalent due to the widespread adoption of online services, social media, and e-commerce platforms. The abundance of personal information amassed in digital realms presents lucrative targets for identity thieves. Document verification systems emerge as crucial tools in combatting such threats by streamlining verification processes, reducing reliance on laborious and error-prone manual checks. For instance, as of February 2024, the Federal Trade Commission reported a surge in identity theft reports to 1 million, constituting 19% of all fraud reports, up from 1.1 million in 2022. Additionally, fraud reports increased from 2.4 million in 2022 to 2.6 million in 2023, accounting for 48% of all reports. This surge underscores the imperative for robust document verification solutions to mitigate identity-related risks.

Key players in the document verification arena are actively embracing technological advancements to bolster the accuracy, efficiency, and security of verification processes. Biometric verification leveraging blockchain technology and optical character recognition (OCR) are among the innovative approaches adopted. For instance, Smile Identity, a Nigeria-based provider of identity verification solutions, introduced document verification (E-DocV) in February 2022 across Africa, Europe, and North America. This solution harnesses OCR and SmartSelfie technology to facilitate rapid and secure user onboarding, covering over 140 ID documents across 100 countries. The implementation of such advanced technologies enhances compliance, fraud prevention, and trust, thereby fostering growth in trade and remittance corridors across regions.

In November 2021, GB Group, a UK-based provider of identity data intelligence services, completed the acquisition of Acuant Inc. for $736 million. This acquisition empowers GB Group to deliver end-to-end solutions tailored to meet evolving partner and customer needs, solidifying its position as a leading player in the industry. Acuant Inc., based in the US, specializes in providing identity verification, document authentication, and fraud prevention technology services. This strategic integration underscores the industry's trajectory towards comprehensive solutions that address the multifaceted challenges posed by identity verification and fraud prevention.

Major companies operating in the document verification market are Thales Group, Experian Plc, Equifax, Idemia, Truework, Argos, PRM Group, GBG Group, Mitek Systems Inc., Jumio, Checkr, Accurate Background, Pre-employ.com, Ekata, Onfido, Trulioo, Acuant, Shufti Pro, Refinitiv, Authenteq, OPENonline, Sterling Check, The Work Number, ADP Screening And Selection Services Inc.

North America was the largest region in the document verification market in 2023. The regions covered in the document verification market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the document verification market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Document verification entails the meticulous process of validating the authenticity and precision of official documents. This procedure involves scrutinizing key elements such as signatures, seals, and information against trusted sources, ensuring reliability and mitigating the risks associated with fraud or misrepresentation. Employed to uphold integrity in transactions and decision-making processes, document verification plays a crucial role in maintaining trust and security.

The primary categories of document verification encompass small and medium-sized enterprises (SMEs), large enterprises, and personal documents. Personal documents serve to authenticate an individual's identity and may include items such as driver's licenses, ID cards, passports, and other officially issued documents containing sensitive information such as financial data or confidential material. Various technologies are utilized in this process, including optical character recognition (OCR), face recognition, liveness detection, and mechanisms for detecting tampering with documents. These technologies find application across diverse sectors such as financial services, medical insurance, government services, and beyond.

The document verification market research report is one of a series of new reports that provides document verification market statistics, including document verification industry global market size, regional shares, competitors with a document verification market share, detailed document verification market segments, market trends, and opportunities, and any further data you may need to thrive in the document verification industry. This document verification 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 document verification market includes revenues earned by entities by services such as identity verification, document authentication, fraud detection, digital signature verification, and related services such as know your customer (KYC) compliance, anti-money laundering (AML) screening, and document validation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.


This product will be delivered within 3-5 business days.