Security News > 2021 > February > Identity verification market to grow steadily in the next few years

The identity verification market is expected to grow at a CAGR of 13.1% over the forecast period 2020 to 2025, according to ResearchAndMarkets.

Digital/electronic identity verification solution accounts for significant share.

Digital identity verification is a market segment of distinct, coordinating products, wherein large vendors have portfolios of established products, while small vendors are constantly innovating to capture better market shares.

The market is witnessing a consumer paradigm shift from manual identity verification systems to an electronic credentialing system that allows personal identity devices to interact.

Asia-Pacific is expected to provide significant market growth for identity verification over the forecast period.

As the digital economy grows, multi-factor biometric identity verification and certified liveness detection technologies are trending to evolve accordingly, to better serve and address the changing security needs of business and consumers.

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