Identity (ID) Verification Research: CAGR of 8.5% during the forecast period

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2025 latest report “Identity (ID) Verification- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”. Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2025-2031), this report provides a comprehensive analysis of the global Wire Drawing Dies market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for Identity (ID) Verification was estimated to be worth US$ 2908 million in 2024 and is forecast to a readjusted size of US$ 4915 million by 2031 with a CAGR of 7.9% during the forecast period 2025-2031.

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Identity (ID) Verification Market Summary

Identity verification is a critical compliance and risk control process designed to verify the authenticity and legitimacy of a customer's identity to prevent financial institutions from being used for illegal activities such as money laundering and terrorist financing. It is implemented through document review, biometrics, database verification, and behavioral analysis. It not only meets regulatory requirements such as Know Your Customer (KYC) and Anti-Money Laundering (AML) but also helps build customer trust. This process is widely used in scenarios such as bank account opening, online services, and virtual asset platforms, playing a particularly critical role in high-risk industries.

According to the new market research report “Global Identity (ID) Verification Market Report 2025-2031”, published by QYResearch, the global Identity (ID) Verification market size is projected to reach USD 5.6 billion by 2031, at a CAGR of 8.5% during the forecast period.

Figure00001. Global Identity (ID) Verification Market Size (US$ Million), 2020-2031

Above data is based on report from QYResearch: Global Identity (ID) Verification Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.

Figure00002. Global Identity (ID) Verification Top 21 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)

Above data is based on report from QYResearch: Global Identity (ID) Verification Market Report 2025-2031 (published in 2025). If you need the latest data, plaese contact QYResearch.

According to QYResearch Top Players Research Center, the global key manufacturers of Identity (ID) Verification include Jumio, Thales, Okta, Socure, Trulioo, Onfido, GBG Plc, IDEMIA, AU10TIX, ID.me, etc. In 2024, the global top 10 players had a share approximately 51.0% in terms of revenue.

Figure00003. Identity (ID) Verification, Global Market Size, Split by Product Segment

Based on or includes research from QYResearch: Global Identity (ID) Verification Market Report 2025-2031.

In terms of product type, currently Software is the largest segment, hold a share of 54.1%.

In terms of product application, currently Retail and Ecommerce is the largest segment, hold a share of 29.5%.

Key Drivers:

As digital transformation deepens, more and more applications require verification.

The rapid growth of downstream application fields such as fintech and Ecommerce provides strong support for the development of the industry.

Identity verification can be accomplished through different means, such as photo-based identity document verification, biometric data like live selfies, and checking against known identity libraries such as public records.

Key Restraints:

There are more data breaches and sophisticated fraud technology, so the technology of ID verification needs to be constantly innovated, and at the same time, users' concerns about privacy leakage need to be solved.

Identity is fragmented and quickly evolving, and identity itself is more complex than ever.

ID verification requires a delicate balance. If the verification process is too permissive, there is the potential for fraudsters to get in. However, being too restrictive can prevent real user access, resulting in low conversion rates and hurting business growth.

Challenges:

The increasing downward pressure on the global economy has caused downstream customers to reduce software spending, which has adversely affected the development of the ID verification industry.

According to some reports, over 1.1 billion people globally don’t have any sort of official ID document. It is impossible for a business to verify a person with ID documents if they don’t have any documents, to begin with.

Variety of Documents. On average, there are over 6,000 types of documents globally that can be used for ID verification. Each document type has its own unique protection against fraud, but some documents are easier to forge than other documents.

The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.

The Identity (ID) Verification market is segmented as below:
By Company
Jumio
ID.me
Veriff
Entrust (Onfido)
Trulioo
Sumsub
AU10TIX
Persona
Lightico
Ondato
Parallel Markets
APLYiD
Smile Identity
Socure (Berbix)
Shufti Pro
IDnow
Thales
Signicat
GBG Plc
IDEMIA
Okta


Segment by Type
Software
Services


Segment by Application
BFSI
Retail and Ecommerce
Tele and Gaming
Healthcare and Transport
Other


Each chapter of the report provides detailed information for readers to further understand the Identity (ID) Verification market:

Chapter 1: Introduces the report scope of the Identity (ID) Verification report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2020-2031)
Chapter 2: Detailed analysis of Identity (ID) Verification manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2020-2025)
Chapter 3: Provides the analysis of various Identity (ID) Verification market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2020-2031)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2020-2031)
Chapter 5: Sales, revenue of Identity (ID) Verification in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2020-2031)
Chapter 6: Sales, revenue of Identity (ID) Verification in country level. It provides sigmate data by Type, and by Application for each country/region.(2020-2031)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2020-2025)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.


Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth Identity (ID) Verification competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides Identity (ID) Verification comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides Identity (ID) Verification market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.


Other relevant reports of QYResearch:
Global Identity (ID) Verification Sales Market Report, Competitive Analysis and Regional Opportunities 2025-2031
Global Identity (ID) Verification Market Outlook, In‑Depth Analysis & Forecast to 2031
Global Identity (ID) Verification Market Research Report 2025


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