The identity verification market was valued at US$ 6,208.5 million in 2019 and is projected to reach US$ 18,125.7 million by 2027. The Identity verification market is expected to grow at a CAGR of 14.3% during the forecast period of 2020 to 2027.
The sales of identity verification solution are primarily influenced by numerous economic and non-economic factors. The BFSI and Government sectors are expected to have a significant impact on the growth of the identity verification market. Also, for the healthcare industry, increasing adoption of digitalization is enabling a high degree of services to its customers. Potentially, the BFSI and Government sector present a larger market share as compared to other sectors during the forecast period. Global identity verification market is majorly driven by an increasing number of cyber-attacks and adoption of security solutions, increasing demand for secure transaction in the BFSI sector, and others.
