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Identity Verification Market to Double by 2025

– Think Digital Partners

According to a new report by MarketsandMarkets, the identity verification market will double in size over five years thanks to digitization initiatives and increased incidences of identity theft

Many opportunities in this market are resulting from government contracts, digital transformation projects in the private sector, and the improvement of customer experience in finance or insurance institutions.

“MarketsandMarkets’ new report on the Identity Verification Market forecasts it will grow from $7.6 billion in 2020 to $15.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6 percent during that period.”

An increase in identity theft and fraud have also created more demand for services combating these crimes, like cloud-based identity verification.

North America is set to hold the largest market size during the forecast period. This is due to a high number of early adopters and the presence of major market players. In addition, government initiatives… are also driving the need for identity verification across the region

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