Identity (ID) Verification Market Outlook

BANGALORE, India - July 14, 2023 - PRLog -- The global Identity (ID) Verification market was valued at US$ 4118.5 million in 2022 and is anticipated to reach US$ 18720 million by 2029, witnessing a CAGR of 28.7% during the forecast period 2023-2029.

Identity theft is becoming more prevalent. Security has become a top issue for all businesses that have access to sensitive consumer data in the wake of recent high-profile data breaches that harmed millions of customers. Accurate ID verification is becoming an increasingly important part of Know Your Customer (KYC) regulations. By staying compliant and enhancing customer and client trust that they are taking the required steps to safeguard their personal information, businesses may benefit from having the correct KYC technology and processes in place. The market for identity verification is anticipated to increase as a result of this aspect.

Fintech software developers are becoming more and more aware of the necessity of developing tools and systems that seamlessly integrate with banks' present core technology. Since doing so is typically too expensive to be justified and would also be dangerous if the new iteration did not function as intended, the bulk of organizations are unlikely to make significant changes to their core processors anytime soon. Therefore, the necessity for current CPU integration was considered when creating the most recent ID verification systems. This prevents ID-verification technology from having to spend months correcting issues brought on by incompatibility issues and ensures that it operates properly from the minute it is introduced. This element is anticipated to fuel the identity verification market's expansion.

Employee consent to working remotely Working from home is becoming the norm for all employees worldwide as of last year. Informing one another of business matters is simply because everyone in the office is acquainted. The experience is considerably different while working remotely and not knowing who is truly behind the screen. Employer ID verification solutions are used by enterprises due to the growing danger of cyberattacks. The market for identity verification is anticipated to increase as a result of this aspect.

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