Description
The global identity verification market size is predicted to increase from USD 8.6 billion in 2020 and reach USD 18.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period. The identity verification market’s major factors include Rising digitization initiatives, advanced fraudulent activities and identity theft during the last decade, Increased use cases of digital identities among verticals. Moreover, Initiatives by governments and enterprises with a focus on digitalization and implementation of new technologies, such as AI, ML and automation in identity verification solutions, would provide lucrative opportunities for identity verification vendors.
