Identity Verification Market to be Worth $30.6 Billion by 2031

Identity Verification Market Size, Share, Forecast, & Trends Analysis by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (KYC, KYB), Sector (BFSI, Retail & E-commerce, Healthcare, Government, Education), and Geography – Global Forecast to 2031

The Identity Verification Market is expected to reach $30.6 billion by 2031, at a CAGR of 14.7% from 2024 to 2031. The growth of the identity verification market is driven by the rising incidence of identity fraud and cybercrime and the increasing adoption of identity verification solutions in the BFSI sector. However, concerns regarding privacy & data breaches restrain the market's growth.

The integration of advanced technologies such as AI and ML in verification methods, coupled with the growing need to secure business processes and ensure regulatory compliance, is expected to create growth opportunities for market players.