The US identity verification market size is projected to grow from USD 10.9 billion in 2023 to USD 21.8 billion by 2028 at a compound annual growth rate (CAGR) of 14.9% during the forecast period.
The rising prevalence of digital fraud in the US has led to a significant increase in the use of identity verification measures. According to the FTC, consumers reported losing a record USD 10 billion to fraud in 2023, a 14% increase from the year before. As a result, industries like banking, fintech, and e-commerce are implementing cutting-edge security measures like biometric authentication and AI-driven fraud detection. For instance, large banks have integrated facial recognition and behavioral biometrics to enhance security protocols. In many industries, real-time identity validation drives the need for trustworthy verification solutions.
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The solutions segment is expected to account for the largest market share by offering segments in the US identity verification market during the forecast period.
By offering, the solution segment of the US identity verification market, is anticipated to lead the US identity verification market with growing adoption of biometric authentication, Al-driven identity proofing, and document verification. With digital banking and e-commerce growth, companies depend on facial recognition, liveness detection, and multi-factor authentication (MFA) to avoid fraud. Organizations such as ID.me, Onfido, and Jumio offer Al-powered identity verification to banks, fintech, and the government. For example, the IRS engaged ID.me for the integration of facial recognition technology for verifying taxpayers. The increasing necessity for alignment with KYC and AML mandates further fuel demand for high-tech verification products.
The non-biometric segment is expected to grow at the highest CAGR by type segment in the US identity verification market during the forecast period.
The non-biometric type segment will experience a high growth rate within the US identity verification market through the rising adoption of document-based verification, knowledge-based authentication (KBA), and AI-driven risk assessment. Enterprises are using ID document scanning, one-time passwords (OTPs), and digital identity networks for better security as well as the privacy of the user. Companies like Trulioo, LexisNexis, and Socure offer Al-driven identity proofing without biometrics to sectors including banking, health, and e-commerce. LexisNexis Risk Solutions is one company, for instance, that verifies behavior-based analytics and device intelligence to detect fraud. The requirement for privacy-conformant frictionless verification offerings drives quick growth in the segment.
The KYC, KYB, and Onboarding segment is expected to account for the largest market share by application segment in the US identity verification market during the forecast period.
The onboarding application, KYC (Know Your Customer), and KYB (Know Your Business) segments will likely capture the maximum share in the US identity verification market owing to stringent regulation requirements and growing fraud threats. Banks, fintech companies, and businesses utilize Al-driven identity proofing, document verification, and risk-based authentication to accelerate onboarding processes while being AML (Anti-Money Laundering) and CFT (Countering the Financing of Terrorism) regulation compliant. Jumio, Socure, and Trulioo are among the firms that provide Al-driven KYC and KYB solutions to banks, fintechs, and online stores. For instance, Socure’s Sigma Identity solution mitigates fraud and automates customer onboarding for financial institutions. Growing demand for seamless, compliant, and fraud-proof onboarding drives investment in advanced identity verification solutions.
Key players in the US identity verification market are LexisNexis Risk Solutions (US), Equifax (US), TransUnion (US), Mastercard (US), Mitek Systems (US), Jumio (US), Intellicheck (US), IDMERIT (US), AuthenticID (US), IDology (US), Berbix (US), Persona (US), and Ekata (US).
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