Identity Verification Market worth $33.36 billion by 2031 - Report by MarketsandMarkets™

DELRAY BEACH, Fla., Oct. 8, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the Identity Verification Market is projected to grow from USD 16.48 billion in 2026 to USD 33.36 billion by 2031 at a compound annual growth rate (CAGR) of 15.1% during the forecast period.

Browse 400 market data Tables and 70 Figures spread through 350 Pages and in-depth TOC on 'Identity Verification Market– Global Forecast to 2031'

Identity Verification Market Size & Forecast:

• Market Size Available for Years: 2020–2031
• 2025 Market Size: USD 14.34 billion
• 2026 Market Size: USD 16.48 billion
• 2031 Projected Market Size: USD 33.36 billion
• CAGR (2026–2031): 15.1%

Identity Verification Market Trends & Insights:

• Market growth is driven by the rapid shift toward digital onboarding and remote transactions across financial services, retail, telecommunications, healthcare, and government.
• By organization size, the SMEs segment is expected to grow the fastest, at a CAGR of 16.2%.
• By application, the access control segment is expected to grow at the fastest rate, with the highest CAGR of 17%.
• By vertical, the gaming and gambling segment is expected to grow at the fastest rate, with the highest CAGR of 20%.
• North America is estimated to account for the largest share of the Identity Verification Market, at 39.26%, in 2026.

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Increasing regulatory requirements for customer identification and verification are driving demand for identity verification solutions across regulated industries. Financial institutions and other organizations are required to establish reliable processes for verifying customer identities and, where applicable, beneficial ownership information as part of customer due diligence. The growing acceptance of secure electronic and remote identification methods is also supporting the adoption of digital verification technologies. As compliance requirements evolve, organizations are increasingly deploying automated identity verification, document authentication, and biometric verification solutions to strengthen due diligence while maintaining efficient digital onboarding processes.

By offering, the solutions segment is expected to account for the largest market size during the forecast period.

The solutions segment is expected to account for the largest market size in the Identity Verification Market during the forecast period. Organizations are deploying integrated verification solutions that combine document authentication, biometric matching, liveness detection, and identity data validation to support secure digital interactions. The increasing scale of digital onboarding and identity-related fraud is encouraging businesses to adopt solutions that can verify users efficiently while supporting compliance and fraud prevention requirements. Services are expected to register the highest growth rate, supported by demand for implementation, integration, customization, and ongoing support as organizations expand their identity verification capabilities.

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By deployment mode, the on-premises segment is expected to lead the market during the forecast period.

By deployment mode, the on-premises segment is expected to account for the largest market size during the forecast period. Organizations handling sensitive identity information continue to prioritize greater control over data, security policies, and verification infrastructure, particularly in highly regulated environments. On-premises deployment also supports organizations with specific data residency, integration, and governance requirements. At the same time, cloud deployment is gaining adoption as organizations seek scalable verification infrastructure and easier integration with digital onboarding platforms.

By region, Asia Pacific is expected to register the highest CAGR during the forecast period.

Asia Pacific is expected to register the highest CAGR in the Identity Verification Market during the forecast period, driven by rapid digitalization, the expansion of digital payments, and the growing adoption of remote customer onboarding across India, China, Japan, and Singapore. Rising e-commerce and mobile financial services are increasing the need for secure identity authentication, while growing identity fraud and evolving regulatory requirements are accelerating the adoption of biometric, document, and AI-enabled verification. Continued investment in digital identity infrastructure and national digital identity initiatives is further supporting market growth across the region.

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Top Companies in Identity Verification Market:

The Top Companies in Identity Verification Market are Experian plc (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales Group (France), GB Group (GBG) (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), IDology (US), Mitek Systems (US), IDEMIA (France), Jumio (US), HyperVerge (India), AU10TIX (Israel), Innovatrics (Slovakia), Intellicheck (US), Signicat (Norway), SecureKey Technologies (Canada), IDfy (India), IDMERIT (US), Veriff (Estonia), AuthenticID (US), TruNarrative (UK), Sumsub (UK), PassFort (UK), PXL Vision (Switzerland), Shufti Pro (UK), iDenfy (Lithuania), Berbix (US), Persona (US), Ekata (US), and Hooyu (UK).

Identity Verification Market - Investment & funding +Merger & Acquisition

Investment Funding Context

The Identity Verification Market continues to attract investment as providers expand capabilities across digital onboarding, biometric verification, fraud prevention, and identity risk management. Persona raised USD 200 million in Series D funding in April 2025, at a USD 2 billion valuation, to expand its verified identity platform and support use cases across digital businesses and AI-driven interactions. In August 2026, Socure secured an additional USD 156 million in growth funding at a USD 5.2 billion valuation, supporting international expansion and the integration of its identity, fraud, and risk capabilities. These investments indicate continued investor interest in identity verification platforms that combine identity proofing with fraud detection, risk assessment, and digital onboarding.

Revenue Shift Context

The Identity Verification Market is shifting from standalone identity checks toward broader platforms that combine KYC, KYB, document verification, biometric authentication, fraud detection, and ongoing risk assessment. Providers are increasingly integrating multiple verification capabilities into unified workflows to support customer onboarding and identity assurance across the customer lifecycle. Trulioo, for example, combines person and business verification with fraud intelligence and reported a 325% increase in document-verification volume during 2024, while its platform supports KYC and KYB workflows across multiple markets. This shift is also expanding the role of services, including implementation, integration, compliance support, and customized verification workflows, alongside the continued demand for core verification solutions.

Mergers and Acquisitions

Mergers and acquisitions are increasingly being used to expand identity verification portfolios with complementary capabilities in fraud detection, biometrics, document authentication, and risk decisioning. Entrust completed its acquisition of Onfido in April 2024, adding AI-driven identity verification and biometric capabilities to its identity-security portfolio. Socure agreed to acquire Effectiv for USD 136 million in October 2024, adding real-time risk decisioning, fraud prevention, AML transaction monitoring, and KYB capabilities. LexisNexis Risk Solutions completed its acquisition of IDVerse in February 2025, strengthening AI-powered document authentication, biometric verification, liveness detection, and digital identity onboarding. These transactions indicate increasing integration between identity verification, fraud prevention, and broader risk-management capabilities.

IDENTITY VERIFICATION MARKET: MERGERS AND ACQUISITIONS, JANUARY 2024–SEPTEMBER 2026

Company Revenue Share Details

The Identity Verification Market remains fragmented, with a mix of diversified information, financial-services, cybersecurity, and identity technology providers competing alongside specialized verification companies. Key players include Experian, LexisNexis Risk Solutions, Equifax, Thales, GBG, TransUnion, Mastercard, Entrust, Trulioo, Mitek Systems, IDEMIA, Jumio, HyperVerge, AU10TIX, Innovatrics, Intellicheck, Signicat, SecureKey Technologies, IDfy, IDMERIT, Veriff, AuthenticID, TruNarrative, Sumsub, IDology, PXL Vision, Shufti Pro, iDenfy, and Persona. The competitive landscape reflects different positioning across biometric verification, document authentication, KYC and KYB, fraud detection, risk intelligence, and digital onboarding. Established providers are expanding through acquisitions and broader platform integration, while specialized vendors continue to develop AI-enabled verification, biometric, liveness, and fraud-detection capabilities. GBG, for example, has consolidated its identity capabilities through IDology and Acuant and launched GBG Go as an integrated global identity platform.

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