Connect with us

Technology

Identity Verification Market to Grow by USD 16.92 Billion (2024-2028), Driven by eID Cards, Smart Infrastructure, and AI-Redefining Market Landscape – Technavio

Published

on

NEW YORK, Dec. 15, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global identity verification market  size is estimated to grow by USD 16.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  20.3%  during the forecast period. Increase in digitalization with electronic id (eID) cards and smart infrastructure initiatives is driving market growth, with a trend towards growing adoption of bring your own device (byod) among enterprises. However, privacy and security concerns of data transferred through iot  poses a challenge. Key market players include Applied Recognition Corp., Authenteq Tarbena GmbH, Equifax Inc., Experian Plc, GB Group plc, Gen Digital Inc., ID Merit, Intellicheck Inc., Jumio Corp., Khosla Labs Pvt. Ltd., Mastercard Inc., Mitek Systems Inc., Onfido, PXL Vision AG, RELX Plc, Shufti Pro Ltd., Thales Group, TransUnion, UAB iDenfy., WebID Solutions GmbH, Acuant, Inc.; Nuance Communications Inc

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Solutions and Services), Type (Large enterprises and SMEs), and Geography (North America, APAC, Europe, South America, and Middle East and Africa), deployment, organization size, vertical, region

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

Applied Recognition Corp., Authenteq Tarbena GmbH, Equifax Inc., Experian Plc, GB Group plc, Gen Digital Inc., ID Merit, Intellicheck Inc., Jumio Corp., Khosla Labs Pvt. Ltd., Mastercard Inc., Mitek Systems Inc., Onfido, PXL Vision AG, RELX Plc, Shufti Pro Ltd., Thales Group, TransUnion, UAB iDenfy., WebID Solutions GmbH, Acuant, Inc.; Nuance Communications Inc

Key Market Trends Fueling Growth

The Identity Verification Market is experiencing significant growth due to increasing security risks associated with online transactions and digital identities. Businesses in finance, healthcare, emerging markets, and various industries are adopting advanced verification techniques such as artificial intelligence (AI), biometric technologies, and multi-factor authentication to secure their digital services and protect against identity-related theft incidents. These technologies include facial recognition, video analytics, liveness detection, and smart cities’ intelligent border control. The finance sector, in particular, is prioritizing security measures to comply with Anti-Money Laundering (AML) regulations and prevent cyber threats. Healthcare and life sciences, retail and e-commerce, energy and utilities, IT and ITES, and government and defense sectors are also investing in identity verification systems to secure confidential data, client financial details, and personal identifiers. Emerging technologies like blockchain-based identity verification, biometric checks, and cloud-based deployment are gaining popularity for their efficiency and security. However, a lack of awareness and potential losses due to fraudulent activities continue to be concerns for businesses. System integrators and security professionals are providing consulting, biometric devices, and security training to help organizations navigate the complex IT infrastructure and technical expertise required for effective identity verification. The identity verification industry is also addressing regulatory compliance, data analysis, and fraud detection needs across various sectors, including e-commerce, gaming, travel, and cryptocurrency exchanges. The market is expected to continue growing as digitization initiatives increase and cybersecurity needs become more pressing. 

In today’s business landscape, the Bring Your Own Device (BYOD) trend is gaining popularity among enterprises. This shift towards a mobile-first, web next scenario enables employees to access their privileged accounts via mobile devices, enhancing productivity and morale. Privileged users, also known as admin users, possess the authority to manage backend functions of a system. They can create, modify, and delete accounts, alter user roles, adjust settings, and view sensitive data. This streamlined approach allows enterprises to adapt to the evolving work environment while ensuring secure access to critical information. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

The Identity Verification Market is facing several challenges in today’s digital world. Security risks associated with online transactions and digital identities require advanced verification techniques to ensure safety. Artificial Intelligence (AI) and biometric technologies are emerging as effective solutions for businesses in finance, healthcare, and emerging markets. However, these technologies also pose new security challenges. Identity-related theft incidents, border controls, and intelligent border control systems using facial recognition, video analytics, and liveness detection are becoming increasingly common. Businesses need to invest in security measures, hire security personnel with technical expertise and security skills, and provide security training to prevent breaches. Regulations such as Anti-Money Laundering (AML) and data privacy concerns demand cloud-based deployment and data analysis for fraud detection and regulatory compliance. The eCommerce, gaming, and travel industries are particularly vulnerable to identity-related fraud and cybercrime. Traditional non-biometric solutions and industry-specific requirements call for fraud mitigation tools and machine learning models. The Identity Verification Industry is continuously evolving with emerging technologies like blockchain-based identity verification and biometric checks. Despite these challenges, the market offers opportunities for system integrators, consulting firms, and corporations to provide efficient and secure identity verification solutions for digital services, digitalization initiatives, and confidential data protection.In today’s security-challenged world, ensuring complete security for IoT systems and data is a formidable task. With the increasing use of customized software modules and connected devices, the number of potential entry points for hackers and cybercriminals grows. Sensitive information transferred through IoT devices is critical and must be protected. The challenge lies in securing the numerous interfaces linking system components. Organizations must implement identity verification solutions to mitigate risks and safeguard their IoT systems and data. Identity verification market offers advanced technologies like multi-factor authentication, biometric verification, and behavioral analytics to strengthen security measures. These solutions provide an additional layer of protection, ensuring only authorized access to IoT systems and data.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This identity verification market report extensively covers market segmentation by

Component 1.1 Solutions1.2 ServicesType 2.1 Large enterprises2.2 SMEsGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and AfricaDeploymentOrganization sizeVertical

1.1 Solutions-  Identity verification solutions are essential for businesses to authenticate the identity of users or customers. These solutions ensure that the person engaging in a process is the true owner of the provided information, preventing unauthorized use, false identities, and fraud. Offline methods include face-to-face verification, where individuals present themselves in person at a company location or institution. Online identity verification methods include knowledge-based authentication, biometric verification, and document verification. The global market for identity verification solutions is projected to expand due to the increasing need for secure and reliable identity verification processes.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

The Identity Verification Market is witnessing significant growth due to the increasing number of online transactions and the need to secure digital identities. With the rise of emerging technologies such as artificial intelligence (AI) and biometric technologies, verification techniques are becoming more sophisticated and efficient. The finance and healthcare sectors are major contributors to this market, with AML requirements and data breach concerns driving demand. However, emerging markets and businesses in lower-income countries are also adopting identity verification solutions to meet cybersecurity needs and enable digital payment methods. Internet penetration is expanding, but data privacy concerns and cybersecurity risks, including data breaches and cyberattacks, remain significant challenges. Regulations are playing a crucial role in shaping the identity verification industry, with the financial sector and emerging technologies such as blockchain-based identity verification leading the way. On-premise solutions are still prevalent, but cloud-based and hybrid models are gaining popularity. Overall, the identity verification market is expected to continue growing as businesses and individuals seek to secure their digital identities and mitigate risks.

Market Research Overview

The Identity Verification Market is witnessing significant growth due to the increasing number of online transactions and the digitalization of various industries, including finance, healthcare, and emerging markets. Digital identities have become essential in today’s world, and the need for secure verification techniques is more critical than ever. Artificial intelligence (AI) and biometric technologies are playing a crucial role in identity verification, offering enhanced security measures and efficiency. However, with the increasing use of digital services, there are also rising security risks, such as identity-related theft incidents and cyber threats. Businesses across sectors, from BFSI to retail and e-commerce, are implementing identity verification systems to ensure regulatory compliance, prevent fraudulent activities, and protect confidential data. Technologies like facial recognition, video analytics, liveness detection, and multi-factor authentication are being used to verify identities in real-time. Emerging technologies like machine learning (ML) and biometrics are transforming the identity verification industry, offering data-driven verification methods and intelligent border control solutions. However, there are challenges, such as a lack of awareness, potential losses, and data privacy concerns, that need to be addressed. Industry-specific requirements, such as Anti-Money Laundering (AML) regulations and cybersecurity needs, are driving the adoption of identity verification systems in various sectors. Cloud-based deployment and cloud services are becoming increasingly popular due to their cost-effectiveness and scalability. Despite the benefits, there are also concerns around the use of traditional non-biometric solutions and the potential for breaches and data breaches. Security personnel, system integrators, and consulting firms are playing a crucial role in implementing security measures, providing security training, and offering technical expertise to businesses. In conclusion, the identity verification market is a critical component of the digital economy, offering essential security measures and enabling businesses to operate efficiently while protecting confidential data and ensuring regulatory compliance. However, it also presents challenges that need to be addressed to ensure data security and privacy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSolutionsServicesTypeLarge EnterprisesSMEsGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africadeploymentorganization sizevertical

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/identity-verification-market-to-grow-by-usd-16-92-billion-2024-2028-driven-by-eid-cards-smart-infrastructure-and-ai-redefining-market-landscape—technavio-302331124.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo

Published

on

By

YIWU, China, July 24, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. The final whistle may have blown on the World Cup, but the intense heat gripping the Northern Hemisphere shows no sign of letting up. Europe has experienced unusually hot weather this year, sparking not only a surge in demand for air conditioners but also a boom in portable handheld fans. Merchants on Yiwugo say that in previous years, European customers would begin placing orders in March or April and take their time completing their annual procurement. This year, however, the purchasing season has stretched well into summer, with a flood of new buyers coming in, most of them looking for small handheld fans. With customers eager to capitalize on the peak summer season, delivery timelines have also become significantly tighter. Whereas orders in previous years could generally be fulfilled within a month, merchants are now frequently being asked to deliver within about a week, leaving manufacturers scrambling to keep pace with demand.

Lingpan Official Flagship Store has specialized in the production and sales of small fans, insulated cups, and related products for 15 years. This summer, demand from European customers for high-speed small fans has risen sharply, accompanied by urgent delivery requirements. Many customers began requesting shipment just one week after placing their orders, hoping the products would arrive in time for the World Cup and the ongoing heatwave across Europe. One long-standing European customer purchased only five models of small fans from Lingpan last year. Anticipating stronger demand ahead of this summer, the customer expanded the order to 10 models. The first shipment sold out soon after arriving at port, prompting several subsequent repeat orders. European buyers have shown particular interest in high-speed cooling fans and placed great requirements on product quality. So far this year, Lingpan’s fan sales have more than doubled compared with the same period last year, with total purchases reaching approximately RMB 1 million.

Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.

Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.

Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.

In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.

Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.

View original content to download multimedia:https://www.prnewswire.com/news-releases/northern-hemisphere-heat-drives-demand-for-cooling-and-sun-protection-products-on-yiwugo-302833166.html

SOURCE Yiwugo.com

Continue Reading

Technology

Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects

Published

on

By

SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.

Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.

“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”

Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:

Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.

With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.

Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.

Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.

Learn more and apply for a grant at benchmarks.snorkel.ai.

About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes. 

media@snorkel.ai

View original content to download multimedia:https://www.prnewswire.com/news-releases/snorkel-ai-highlights-first-wave-of-open-benchmarks-grants-projects-302833805.html

SOURCE Snorkel AI

Continue Reading

Technology

Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year

Published

on

By

Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.

TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.

The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.

Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house. 

That platform rests on three proprietary pillars:

Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.

The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.

“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”

“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”

The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.

About Payzli

Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.

Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).

View original content to download multimedia:https://www.prnewswire.com/news-releases/payzli-vaults-to-no-3-on-tampa-bays-fast-50-up-from-no-22-in-one-year-302834198.html

SOURCE Payzli

Continue Reading

Trending