According to IMARC Group’s latest report, tittle “Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027." The global identity verification market reached a value of US$ 8.6 Billion in 2021. Identity verification is a security service solution employed in corporate, private, and governmental institutions for verifying consumer information accurately. It is also utilized for examining the credibility of various documents, such as identity cards, driving license, passport and know your customer (KYC), to avoid fraudulent activities. Currently, identity verifications methods can be categorized into different types, including knowledge-based, two-factor, database, online, and biometric.
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The increasing need for curbing fraudulent activities across industries represents one of the primary factors driving the global identity verification market growth. For instance, the banking, financial services, and insurance (BFSI) industry extensively utilizes identity verification solutions to ensure secure and seamless transactions. In line with this, the rising prevalence of cyber-attacks is contributing to the market growth further. Other factors, such as the increasing integration of the Internet of Things (IoT) and cloud-based services in identity verification systems and the implementation of stringent governmental regulations, are creating a positive outlook for the market. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027.
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