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

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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

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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. 

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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.

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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.

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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/

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Zetrix AI and China Academy of Information and Communications Technology Unveil Know Your Agent (KYA) Service to Bring Trust and Accountability to AI Agents

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Cross-border pilot across the Middle East, Africa, China and ASEAN with results to be submitted for consideration in ongoing discussions on establishing global AI identity and accountability standards

WUZHEN, China, Nov. 5, 2026 /PRNewswire/ — Zetrix AI Berhad (“Zetrix AI”), in collaboration with the China Academy of Information and Communications Technology (“CAICT”), announced the launch of a Know Your Agent (KYA) service, to bring greater trust, transparency and accountability to the rapidly expanding world of AI agents.

Announced simultaneously at the World Internet Conference in Wuzhen, China, and the ICT Development Forum 2026 in Dubai, United Arab Emirates, the KYA service introduces a framework that enables AI agents to possess verifiable digital identities linked to businesses or personal users.

The KYA service is designed to allow businesses, governments and digital service providers to verify not only the identity of an AI agent, but also who it represents, what it is authorised to do and whether its actions fall within approved limits.

As AI agents increasingly access online services and execute transactions, organisations need a reliable way to distinguish authorised activity from rogue or unauthorised actions. The KYA service addresses this trust gap by combining verifiable credentials with explicit delegated permissions and checks before protected actions proceed.

“AI is entering a new era where intelligent agents will increasingly make decisions, interact with businesses and execute transactions independently. Greater autonomy must come with greater accountability. The question is no longer just what AI can do, but who is responsible for what it does. Through Zetrix AI’s KYA service, we are working towards a future where every AI agent can be identified, every permission can be verified and every action can be traced to an accountable owner. This is fundamental to building the confidence needed for AI to operate at scale across businesses, governments and borders,” said TS Wong, Group Managing Director of Zetrix AI.

The launch includes a planned cross-border pilot involving organisations in the Middle East, Africa, China and ASEAN. The pilot will evaluate how agent identity and authorisation can be recognised across jurisdictions while preserving local control over identity systems and trust decisions. The results of the pilot will then be submitted to the International Telecommunication Union (ITU), IEEE and other Standard Development Organizations (SDOs) for consideration in the ongoing work and conversations on establishing global AI identity and accountability standards.

With AI agents becoming more deeply integrated into everyday digital activities, the ability to establish trusted identities and verifiable authority could become an essential foundation for their widespread adoption.

“As Agentic AI assumes greater responsibilities, the need for KYA services will continue to rise. It is our expectation that this joint service with Zetrix AI will help foster a cross-border trusted network enabling interoperable Agentic AI around the world,” said Xiaoyu YOU, Head of International Department, ASTRON network, CAICT.

Through the KYA service, Zetrix AI and CAICT aim to help lay the groundwork for a future in which AI agents can operate with greater independence, while remaining identifiable, accountable and trusted across borders.

Building Trust in an AI-Driven World

AI agents are increasingly being built today to perform tasks that previously required direct human involvement, from managing digital services and accessing business information to facilitating payments and interacting with other AI systems. While these capabilities promise significant improvements in productivity and efficiency, they also introduce new risks.

Without reliable identity verification and clearly defined authority, organisations may struggle to distinguish legitimate AI agents from unauthorised systems, determine the limits of an agent’s permissions or establish accountability when something goes wrong.

Zetrix AI’s KYA service seeks to address these challenges by introducing a verifiable identity and authorisation framework for AI agents, creating a foundation for more secure and responsible autonomous interactions.

Unlike conventional digital identity systems that primarily verify human users, KYA extends identity verification to AI agents themselves, linking each agent to a verified owner and establishing clear boundaries around its activities.

The KYA service builds on W3C Verifiable Credentials and incorporates AvatarLabs’ Agentic Wallet technology to manage digital credentials, verify delegated permissions and maintain evidence of agent activity.

Giving AI Agents an Identity and Clear Boundaries

At the heart of the KYA service is a simple but effective principle that AI agents should be able to act independently, but never without clearly defined authority and accountability. The KYA service will assign each participating AI agent a verifiable digital identity linked to an authenticated individual or organisation.

Owners can establish specific permissions governing what an agent is allowed to do, including which services it can access, what information it can use, who it can transact with and how much it is permitted to spend. For example, a business could authorise an AI agent to process payments to approved suppliers within a specified spending limit, while requiring human approval for transactions exceeding that amount.

Similarly, an AI agent accessing government or enterprise digital services could be required to demonstrate its identity and authorisation before gaining access to protected information.

The KYA service is also designed to ensure that when an AI agent delegates tasks to another agent, the delegated authority cannot exceed the permissions originally granted. Permissions can be revoked, while signed records of agent activity provide an auditable trail to support accountability.

By combining identity verification, permission controls and cryptographic evidence, the KYA service aims to enable organisations to embrace the benefits of autonomous AI without compromising security, privacy or oversight.

Taking AI Trust Beyond Borders

Recognising that AI agents will increasingly operate across international markets, Zetrix AI and CAICT are also planning a cross-border pilot to test how verifiable AI identities and permissions can be recognised across different jurisdictions. The proposed pilot will involve participating organisations from the Middle East, Africa, China and ASEAN, subject to confirmation.

It will explore practical applications in areas such as cross-border trade, digital payments, government services and interactions between autonomous AI agents. A key objective is to demonstrate how AI agents can operate across different national identity ecosystems while respecting local regulatory requirements, data protection considerations and jurisdictional control.

The pilot will evaluate the effectiveness of identity verification, permission enforcement, revocation mechanisms, privacy safeguards and accountability records in real-world cross-border environments. By testing these capabilities across multiple jurisdictions, the initiative seeks to establish practical foundations for greater interoperability and trust in the global AI ecosystem.

Contributing to the Future of International AI Standards

Beyond the immediate launch, the initiative is also intended to contribute to international efforts to develop common approaches to identity, trust and accountability for autonomous AI.

Zetrix AI and CAICT plan to jointly submit findings from the cross-border pilot to the International Telecommunication Union’s Telecommunication Standardization Sector Study Group 17 (ITU-T SG17), through its Focus Group on Trust and Identity for Humans and Agentic AI (FG-TIDA).

The submissions are expected to include implementation findings, cross-border use cases and recommendations relating to agent identity verification, delegated authority and accountability. These contributions are intended to support ongoing international technical discussions and pre-standardisation efforts, subject to the applicable ITU processes.

Organisations interested in participating in the pilot can contact agentid@avatarlabs.si.

About Zetrix AI Berhad

Zetrix AI Berhad (“Zetrix AI”), formerly known as MY E.G. Services Berhad, is leading the way in the deployment of blockchain technology and artificial intelligence in powering the public and private sectors across ASEAN. Headquartered in Malaysia, Zetrix AI started operations in 2000 as a pioneer in the provision of electronic government services and complementary commercial offerings in its home country. Today, it has advanced to the forefront of technology transformation in the broader region, leveraging its Layer-1 blockchain platform Zetrix and embracing the convergence of Web3, AI and robotics to enable optimally-efficient, intelligent and secure cross-border transactions, digital identity interoperability and automation solutions that seamlessly connect people, businesses and governments.

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KuCoin Shares Insights on Career Development and Building a Lasting Competitive Edge at Hong Kong FinTech Week’s Web3 Career Connect

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HONG KONG, Nov. 5, 2026 /PRNewswire/ — As digital assets converge with traditional finance and AI, talent needs are changing. Employers increasingly value professional depth and cross-disciplinary capabilities, while new technologies and business models are opening career opportunities.

Against this backdrop, KuCoin’s Head of Talent Acquisition Karina Li shared insights on Web3 talent development at Web3 Career Connect, an official community event of Hong Kong FinTech Week x StartmeupHK 2026.

During the panel “Inside Web3: Building Businesses, Teams & Careers,” Karina described how industry priorities are broadening talent needs, combining technology and crypto experience with traditional finance capabilities in risk management, compliance and governance. AI’s integration with Web3 is also changing skill requirements and opening career opportunities to people from diverse professional backgrounds.

She highlighted the growing importance of structured talent development, with practical responsibilities, mentoring and feedback helping graduates develop independent judgement and ownership.

“Building services that users can trust requires sustained investment in people,” Karina said. “Professional depth and continuous learning help young talent contribute as the industry evolves.”

In a separate presentation, “How to Make the Right Career Choices in the Crypto Era,” Karina offered university students and recent graduates interested in Web3 a framework for evaluating industries, companies and roles. She encouraged them to assess long-term demand, business fundamentals and opportunities to build transferable skills, while seeking experienced colleagues, meaningful responsibilities and room to grow.

Her advice was to establish expertise in a core discipline before expanding across functions, using internships and practical projects to explore their strengths.

About KuCoin

Founded in 2017, KuCoin is a leading global crypto platform built on trust and security, serving over 45 million users across 200+ countries and regions. Known for its reliability and user-first approach, the platform builds trust into every layer of the user experience, combining advanced technology, deep liquidity, and strong security safeguards to deliver a seamless trading experience. KuCoin provides access to 1,000+ digital assets through a broad product suite and remains committed to building a secure, transparent, compliant, and user-centric ecosystem for the future of finance, backed by SOC 2 Type II, ISO/IEC 27001:2022, ISO/IEC 27701:2019, ISO 22301:2019 and ISO/IEC 42001:2023 certifications. In recent years, KuCoin has continued to strengthen its global compliance foundation, marked by key milestones including AUSTRAC registration in Australia, a MiCA license in Europe, and regulatory progress in other markets.

Learn more at www.kucoin.com.

Disclaimer

This announcement is for general informational and corporate news reporting purposes only and does not constitute an offer, solicitation, or recommendation to engage in any digital asset transactions or services in Hong Kong. The event described herein was strictly educational and non-commercial in nature.

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NTT Deepens Financial AI Engagement as Official FinTech Partner of Hong Kong FinTech Week 2026

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NTT and Cyberport convene financial services leaders to explore the pathway from AI sandbox to production

HONG KONG, Nov. 5, 2026 /PRNewswire/ — NTT Com Asia (NTT), part of the NTT Group, a leading global technology company, is an official FinTech Partner of Hong Kong FinTech Week 2026, reinforcing its commitment to Hong Kong’s financial services and technology ecosystem and supporting industry dialogue around the next stage of AI adoption.

As part of its participation, NTT collaborated with Cyberport to host “Beyond the Sandbox: What It Takes to Move Financial AI from Sandbox to Production,” a closed-door leadership luncheon on 3 November 2026. The discussion brought together senior representatives from financial institutions and the wider financial technology ecosystem.

As financial institutions advance AI initiatives from experimentation towards real-world deployment, building on the momentum of the HKMA Generative Artificial Intelligence (GenA.I.) Sandbox, the luncheon examined the practical conditions required to be in place for financial AI to move from experimentation towards production. Conversations addressed governance and compliance, data and security, infrastructure and scalability, and operating responsibility, while providing a forum for leaders to exchange perspectives on the barriers and priorities shaping financial AI adoption.

Through its collaboration with Cyberport and participation in Hong Kong FinTech Week 2026, NTT aims to deepen engagement with the financial services community and contribute its technology and infrastructure perspective to the evolving discussion around production-ready AI in financial services.

About NTT Com Asia

As part of the NTT Group, a leading global technology company, NTT Com Asia is committed to building a smart and sustainable world through innovation. We empower businesses to accelerate their digital and AI journeys by unlocking the full potential of data.

From smart digital infrastructure, technology services to leading-edge AI solutions, we enable organizations to navigate the evolving challenges of a data-centric world.

For more information, please visit: www.ntt.com.hk

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