US Identity Verification Market to Boom at 13% CAGR by 2028: Tech Advancements Drive Growth

The ResearchAndMarkets.com offering now includes the “US Identity Verification Market Outlook to 2028” report. The US identity verification market has experienced substantial growth driven by technological advancements and widespread digital adoption. North America, particularly the US, leads this growth with innovations like four-factor authentication and AI-driven biometric sensors. Enhanced security in personal and business transactions is facilitated by government-issued IDs and advanced AI and ML algorithms.

Analysis of the US Identity Verification Market:

Increased digitization has fueled the demand for secure online transactions, emphasizing the importance of robust security frameworks. Regulatory compliances such as KYC and AML highlight the market’s significance in ensuring transactional integrity. The COVID-19 pandemic accelerated the adoption of digital platforms, leading to a surge in identity theft. Organizations responded by integrating robust identity verification solutions, resulting in a decline in fraudulent cases.

Key Trends by Market Segment:

Deployment and End-User Industry Insights

• On-premises deployment surpasses on-demand solutions, offering businesses greater control over security protocols.
• The financial services sector drives demand for identity verification, requiring extensive KYC and KYB measures. Gaming and retail sectors also rely significantly on identity verification frameworks.

Regional Market Developments

• North America dominates the identity verification landscape, with a focus on biometric and facial recognition systems for advanced security.

Competitive Landscape

• Key players like Trulioo and MasterCard lead the market, emphasizing customer satisfaction, trust, and adherence to strict security standards. Fintech and regtech sectors contribute significantly to security solution advancements.

Recent Developments

• The market witnesses a surge in biometric applications, emphasizing enhanced security and customer engagement.
• The pandemic underscores the need for reliable remote identity verification methods, driving the market for secure digital identity solutions. AI continues to play a vital role in real-time security and threat detection.

Future Outlook

• The US Identity Verification market anticipates robust growth with a projected CAGR of nearly 13% through 2028.
• Technological advancements and government initiatives are expected to strengthen the market, with a focus on compliance with evolving regulations.
• The integration of AI, ML, and blockchain technologies is set to redefine fraud detection and identity assurance standards.

Companies Profiled:

• Trulioo
• Experian
• LexisNexis Risk Solutions
• Jumio
• Onfido
• Socure
• Mitek Systems
• Acuant
• Authenteq