Global Identity Verification and Authentication Market Overview And Statistic For 2024-2033

The Business Research Company's Identity Verification and Authentication Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 28, 2024 /EINPresswire.com/ -- The identity verification and authentication market is projected to grow from $11.63 billion in 2023 to $13.52 billion in 2024, at a compound annual growth rate (CAGR) of 16.3%. This growth is attributed to rising cybersecurity threats, globalization of businesses, consumer awareness, integration with mobile devices, and regulatory compliance.

Rising Cybersecurity Threats Drive Market Growth
The rapid rise in identity theft cases and cyber attacks is expected to propel the growth of the identity verification and authentication market. Identity verification and authentication methods are crucial in preventing unauthorized access and identity fraud, safeguarding personal information and financial systems.

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Major Players and Market Trends
Key players such as IDEMIA, Nuance Communications Inc., and Okta Inc. are focusing on developing innovative solutions, including SaaS-based platforms, for identity proofing and authentication. For example, Doan Inc. launched Trust, a SaaS-based platform designed to enhance identity verification across customer lifecycles through AI optimization and customizable workflows.

Trends in the Forecast Period
In the forecast period, major trends include blockchain technology integration, increasing digital transactions, technological advancements in biometric authentication, and the adoption of behavioral analytics for continuous authentication.

Market Segments
• Type: Non-Biometrics, Biometrics
• Component: Solutions, Services
• Deployment Type: On-Premise, Cloud
• Application: Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud
• Vertical: Banking Financial Services And Insurance (BFSI), Government And Defense, Energy And Utilities, Retail And Ecommerce, IT And Telecom,
Healthcare, Gaming, Other Verticals

Geographical Insights: North America Leads, Asia-Pacific Fastest Growing
North America dominated the identity verification and authentication market in 2023, while Asia-Pacific is expected to exhibit the highest growth rate during the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Identity Verification And Authentication Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Identity Verification And Authentication Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on identity verification and authentication market size, identity verification and authentication market drivers and trends, identity verification and authentication market major players, competitors' revenues, market positioning, and market growth across geographies. The identity verification and authentication market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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