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Identity Verification Market to Grow by USD 16.92 Billion from 2024-2028, Increase in Digitalization with E-ID Cards and Smart Infrastructure Boost the Market, AI’s Impact – Technavio

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NEW YORK, Feb. 5, 2025 /PRNewswire/ — Report on how AI is driving market transformation – 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 Equifax, Inc., Jumio, Thales Group, TransUnion, Experian, Trulioo, Onfido, Shufti Pro, Mitek Systems, Inc., DocuSign, Inc., Applied Recognition Corp., Authenteq Tarbena GmbH, GB Group plc, Gen Digital Inc., ID Merit, Intellicheck Inc., Khosla Labs Pvt. Ltd., Mastercard Inc., PXL Vision AG, Lexisnexis Risk Solutions Inc.

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Identity Verification Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 20.3%

Market growth 2024-2028

USD 16922.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

16.35

Regional analysis

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

Performing market contribution

North America at 32%

Key countries

US, Australia, UK, Canada, and Germany

Key companies profiled

Equifax, Inc., Jumio, Thales Group, TransUnion, Experian, Trulioo, Onfido, Shufti Pro, Mitek Systems, Inc., DocuSign, Inc., Applied Recognition Corp., Authenteq Tarbena GmbH, GB Group plc, Gen Digital Inc., ID Merit, Intellicheck Inc., Khosla Labs Pvt. Ltd., Mastercard Inc., PXL Vision AG, Lexisnexis Risk Solutions Inc.

Market Driver

The Identity Verification Market is witnessing significant growth due to increasing security risks associated with online transactions and the digitalization of various industries. Businesses in finance, healthcare, emerging markets, and border controls are adopting advanced verification techniques such as artificial intelligence (AI) and biometric technologies to secure digital identities. AI and machine learning (ML) are being used for data analysis and fraud detection, while biometric checks include facial recognition, fingerprint recognition, and liveness detection. Identity-related theft incidents continue to rise, making security measures a top priority. Self-service identity verification, multi-factor authentication, and data-driven verification methods are becoming increasingly popular. The BFSI industry, e-commerce, gaming, and cryptocurrency exchanges are major sectors investing in identity verification systems to meet Anti-Money Laundering (AML) requirements and ensure customer confidence. Traditional non-biometric solutions are being replaced with more efficient and secure biometric devices, including cameras, microphones, GPS functionalities, and mobile devices. Regulations, such as cloud-based deployment and data privacy concerns, are driving the need for secure IT infrastructure and technical expertise. Security personnel and system integrators are in high demand to address cyber threats and ensure regulatory compliance. Emerging technologies like intelligent border control, real-time verification, and diverse data sources are shaping the future of identity verification. The industry is expected to continue growing as businesses and governments prioritize data security and fraud mitigation tools. 

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 allows employees to access their privileged accounts through mobile devices, enhancing productivity and morale. Privileged users, also known as admin users, hold significant authority in managing backend functions of a system. They can set up, modify, and delete accounts, alter user roles, change system settings, and access sensitive data. As enterprises adopt this mobile-first approach, the demand for identity verification solutions to secure these privileged accounts is escalating. 

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Market Challenges

The Identity Verification Market is facing several challenges in today’s digital world. With the increase in online transactions and the growing use of digital identities, security risks are on the rise. Verification techniques such as artificial intelligence (AI) and biometric technologies are being adopted to mitigate these risks, but they come with their own set of challenges. Finance and healthcare industries, in particular, are under pressure to ensure security measures are in place to prevent identity-related theft incidents. Emerging markets and businesses are embracing digitalization and automation, leading to an increase in internet usage and eCommerce. However, the lack of awareness and technical expertise among businesses and security personnel pose significant risks. Breaches and cyber threats are becoming more frequent, leading to potential losses and damage to customer confidence. Government agencies and corporations are investing in intelligent border control and self-service identity verification to enhance security. Biometric devices such as facial recognition, video analytics, and liveness detection are being used for real-time verification. However, the use of these technologies raises data privacy concerns and regulatory compliance requirements. The financial sector, in particular, is under pressure to comply with Anti-Money Laundering (AML) regulations and prevent fraudulent activities through data-driven verification methods and multi-factor authentication. The emergence of blockchain-based identity verification and biometric checks is expected to address some of these challenges. However, the Identity Verification Industry also faces challenges in implementing security measures in diverse data sources, such as facial verification, phone verification, and cryptocurrency exchanges. Fraud mitigation tools and machine learning models are being used to detect and prevent identity-related fraud and cybercrime. Industry-specific requirements and data analysis are crucial for effective fraud detection and regulatory compliance. In conclusion, the Identity Verification Market is undergoing significant changes due to digitization initiatives and emerging technologies. Security measures, data privacy concerns, and regulatory compliance are key challenges that need to be addressed to ensure the safety and efficiency of identity verification systems. Businesses and organizations must invest in security training, consulting, and system integrators to stay ahead of cyber threats and maintain customer trust.In today’s security-challenged world, ensuring complete data security is an elusive goal. The proliferation of Internet of Things (IoT) systems poses significant risks, as these systems connect machines and people, increasing potential entry points for hackers. Customized software modules used in IoT devices create additional interfaces, making entire systems more vulnerable. Sensitive data transferred through these devices is critical and must be protected. The rise in connected devices necessitates identity verification solutions to mitigate risks and safeguard data. Organizations must invest in advanced identity verification technologies to secure their IoT systems and protect their valuable information.

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Segment Overview 

This identity verification market report extensively covers market segmentation by  

ComponentSolutionsServicesTypeLarge EnterprisesSMEsBiometricNon-biometricGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And AfricaApplicationKYC, KYB, And OnboardingAccess Control And User MonitoringIdentity Fraud Compliance And ForensicsDeployment ModeCloudOn-premises

1.1 Solutions-  Identity verification solutions are essential for businesses to authenticate the identity of users or customers. These solutions ensure that the person completing a process is the true owner of the provided information, preventing unauthorized access, false identities, and fraud. Offline methods include face-to-face verification, where individuals present themselves in person at a company location or institution. Online methods include multi-factor 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 like artificial intelligence (AI) and biometric technologies, verification techniques are becoming more sophisticated and efficient. The finance and healthcare sectors are major contributors to this industry, with strict regulations and AML requirements driving the demand for identity verification solutions. However, the increasing risk of data breaches and cyberattacks poses a significant challenge, making data privacy concerns and cybersecurity needs top priorities. In emerging markets, where internet penetration is growing rapidly, identity verification is essential for businesses to mitigate risks and comply with regulations. On-premise solutions are also gaining popularity, especially in lower-income countries, to provide secure and accessible identity verification services. Blockchain-based identity verification is another emerging trend, offering enhanced security and decentralization. Overall, the Identity Verification Industry is a critical component of the digital economy, ensuring secure and authentic transactions while addressing the evolving security risks and regulatory requirements.

Market Research Overview

The Identity Verification Market is a rapidly growing industry that addresses the security risks associated with online transactions and the management of digital identities. With the increasing use of digital services in finance, healthcare, emerging markets, and businesses, there is a growing need for advanced verification techniques to ensure security and prevent identity-related theft incidents. Artificial intelligence (AI) and biometric technologies, including facial recognition, video analytics, and liveness detection, are becoming increasingly popular for identity verification. These technologies offer efficiency, security, and accuracy, making them essential for industries such as finance, healthcare, border controls, and smart cities. However, the lack of awareness and potential losses from breaches and cyber threats necessitate  security measures, including security personnel, training, consulting, and system integrators. The industry also faces challenges from regulatory compliance, cybercrime, and digitization initiatives. Emerging technologies like machine learning (ML) and blockchain-based identity verification are expected to play a significant role in the future of identity verification. The market is diverse, encompassing various sectors, including BFSI, government & defense, healthcare & life sciences, retail & e-commerce, energy & utilities, IT & ITES, and more. Identity verification is crucial for industries dealing with confidential data, client financial details, login credentials, and personal identifiers. The market is expected to grow significantly due to the increasing need for real-time verification, diverse data sources, and fraud detection expertise.

Table of Contents:

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

ComponentSolutionsServicesTypeLarge EnterprisesSMEsBiometricNon-biometricGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And AfricaApplicationKYC, KYB, And OnboardingAccess Control And User MonitoringIdentity Fraud Compliance And ForensicsDeployment ModeCloudOn-premises

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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SOURCE Technavio

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commercetools Recognized as a Top Performer with 24 Medals in the 2026 Paradigm B2B Combine Reports

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Independent analyst firm Paradigm B2B recognizes commercetools across all 24 categories evaluated in its 2026 Enterprise and Midmarket Combine reports.commercetools earns 24 medals, including 16 gold, in strategic categories including Vision & Strategy, Ability to Execute, Customer Service & Support and Site Search.Recognition reinforces commercetools’ continued innovation for B2B enterprises seeking to modernize digital commerce for the AI era.

BOSTON, July 20, 2026 /PRNewswire/ — commercetools, the global leader in autonomous commerce, today announced it has been recognized as one of the strongest-performing vendors in the 2026 Paradigm B2B Combine reports, earning recognition in every category evaluated in both the Enterprise and Midmarket editions.

Published annually by Paradigm B2B, the Combine reports evaluate leading B2B commerce platforms across product capabilities, strategy, execution and customer success. Unlike traditional analyst reports that rank vendors against one another, the Combine reports independently assess vendors across 12 individual strategic and product capability categories using 38 weighted criteria, customer feedback and in-depth product evaluations.

The approach enables organizations to assess vendors according to the capabilities that matter most to their business rather than relying on a single overall ranking. This year, commercetools earned 24 medals across the two reports, including 16 gold medals, receiving recognition in every category evaluated across both the Enterprise and Midmarket editions.

“Our B2B customers are navigating one of the biggest shifts digital commerce has experienced, as AI changes how businesses sell and how buyers purchase,” said Doug McNary, Chief Executive Officer at commercetools. “This recognition validates both the strength of our platform today and our commitment to helping enterprises modernize faster for the AI era and prepare for agentic and B2B autonomous commerce. We’re proud to be recognized not only for product innovation, but also for execution, customer success and long-term vision.”

The results reinforce commercetools’ strength across both strategic business capabilities, including vision, execution and customer success, and core commerce functionality spanning search, transaction management, promotions and integrations.

Among the most significant improvements this year was Site Search, where commercetools advanced from Bronze to Gold in both the Enterprise and Midmarket evaluations, reflecting continued investment in delivering faster, more intelligent product discovery experiences for complex B2B catalogs and buying journeys.

The recognition reflects commercetools’ continued investment in helping enterprises build AI-ready digital commerce architectures. Over the past year, the company has expanded its platform Sphere with innovations that reduce the commercial and technical barriers to enterprise commerce modernization, including:

commercetools for Builders: Enables enterprises to build production-grade B2B commerce experiences in days using AI-powered development tools.Commerce Integration Layer: Simplifies integrations across enterprise commerce ecosystems.Modular Commerce: Enables organizations to modernize one commerce capability at a time without undertaking a full replatform.

Together, these innovations help enterprises modernize incrementally while preparing for increasingly intelligent buying experiences and autonomous commerce operations.

To learn more about how commercetools supports B2B organizations and to download a copy of the Paradigm B2B Combine Digital Commerce Solutions (Enterprise Edition) report, please visit the commercetools Analyst Report Access Center.

About commercetools

commercetools provides the leading autonomous commerce platform, helping enterprises transform digital commerce for the AI era. Built API-native from the start and AI-first by design, our technology enables agentic shopping experiences, automates commerce operations and gives businesses the agility to modernize faster, innovate continuously and operate more intelligently.

More than 600 global brands, retailers and enterprise companies rely on commercetools to power their digital commerce. Together, they process more than €120 billion in annualized GMV, over 700 million orders and more than one billion customer records on our platform.

Media Contact: comms@commercetools.com

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SOURCE commercetools

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New AI Therapy That Maps Entire Brain Tumor, Plus Anesthesia Impact on Stroke Outcomes and Racial Disparity Findings to Debut at SNIS Annual Meeting, July 20 in Seattle

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SEATTLE, July 20, 2026 /PRNewswire/ — Neurointerventionalistswill debut an AI-guided technique that maps an entire brain tumor — not just a single feeding artery — to deliver targeted chemotherapy to every vessel supplying the cancer. The breakthrough will be presented as part of the 23rd Annual Meeting of the Society of NeuroInterventional Surgery (SNIS), July 20-24 at the Seattle Convention Center.

Abstracts on stroke recovery and functional outcomes, the impact of anesthesia choices during stroke treatment, and racial disparities in cerebrovascular care will be part of the more than 70 studies presented across four days.

Attendees will gain access to new research and technology, paired with expert-led education, to empower clinicians to provide the highest standard of care for patients across practice settings.

“The pace of innovation in neurointervention continues to accelerate,” said SNIS President Guilherme Dabus, MD. “The work our members are presenting this week — on tumors, stroke, anesthesia and equity — isn’t incremental. It’s the kind of science that resets the standard of care. At the SNIS Annual Meeting, the premier forum for scientific exchange in neurointervention, the conversations that begin here drive the progress that ultimately saves lives.”

Past SNIS President Joshua Hirsch, MD, FSNIS, will present the Grant Hieshima Luminary Lecture “Neurointervention at the Intersection of Innovation, Evidence and Policy.” Dr. Hirsch is an interventional neuroradiologist who spent his career at Massachusetts General Hospital and Harvard Medical School and will soon begin a new role as chair of the Department of Radiology at the Keck School of Medicine of USC. Hirsch brings 650+ peer-reviewed publications and a proven record of leading interdisciplinary neurointerventional programs.

The 23rd Annual Meeting will highlight dozens of promising research studies, with press releases available under embargo on the following abstracts:

Health Equity: Racial Disparities in Endovascular Thrombectomy Widen with Stroke Severity: A National Inpatient Sample AnalysisHealthy Equity: Reducing Inequalities in Stroke Events-hemorrhagic Disparities (RISE-HD): A 10-year Statewide Analysis of Social Determinants of Mortality in Hemorrhagic StrokeHealth Equity: Dual Pathways to Hemorrhagic Stroke Mortality Across the U.S. Stroke Belt: Rural Neurointerventional Isolation and Urban Structural VulnerabilityAnesthesia: Center-level Utilization of General Anesthesia for Mechanical Thrombectomy is Associated with Mortality, A Neurovascular Quality Initiative Registry StudyAI Breakthrough: From Single-Pedicle to Whole Tumor Coverage: AI-guided Multi-territory Super-selective Endovascular Infusion for Brain TumorsNew Technique: Bilateral Targeted Segmental Artery Lidocaine-dexamethasone Infusion for Refractory Thoracolumbar Pain: Preliminary ExperiencePre-Stroke Disability: Impact of Successful Reperfusion on Functional Outcomes After Thrombectomy in Patients with Pre-stroke Disability

Virtual attendees can stream sessions live, engage with presenters through real-time Q&A and interactive polling, and revisit recorded sessions on demand. All registered participants will have access to meeting content and recordings for several months following the Annual Meeting.

Registration: To register for press credentials (in-person and virtual options), please email cjewell@vancomm.com.

Interview: To schedule an interview with SNIS President Dr. Guilherme Dabus or other SNIS physicians, please contact Camille Jewell at cjewell@vancomm.com or 202-248-5460.

The Society of NeuroInterventional Surgery (SNIS) is a scientific and educational association dedicated to advancing the specialty of neurointerventional surgery through research, standard-setting, and education and advocacy to provide the highest quality of patient care in diagnosing and treating diseases of the brain, spine, head and neck. Visit www.snisonline.org and follow us on X (@SNISinfo) Facebook (@SNISOnline), LinkedIn (@Society of NeuroInterventional Surgery), Instagram (@SNIS_info) and Bluesky (@snisinfo.bsky.social‬).

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SOURCE Society of NeuroInterventional Surgery

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Alpaca and Broadridge Announce Governance Solution for Tokenized Securities

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Broadridge enables proxy voting, investor communications, and voting entitlement reconciliation across Alpaca’s platform

NEW YORK, July 20, 2026 /PRNewswire/ — Alpaca, a global leader in agent-first brokerage infrastructure, and global Fintech leader, Broadridge Financial Solutions Inc., (NYSE: BR), today announced the integration of Broadridge’s governance infrastructure for retail and institutional investors into Alpaca’s Instant Tokenization Network. The partnership brings shareholder governance capabilities including proxy voting, investor communications, voting entitlement reconciliation, and regulatory disclosures across traditional and tokenized equities, helping investors retain the rights, transparency, and protections they expect in traditional capital markets.

Tokenization has the potential to expand access to global capital markets, but it must preserve the investor protections that market participants already expect,” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “Through our partnership with Broadridge, we’re combining modern tokenization infrastructure with trusted governance capabilities, enabling our partners to build tokenized investment products without compromising shareholder rights, regulatory compliance, or investor transparency.”

“Today’s announcement marks an important step forward in our goal of enabling the adoption of tokenized equities by ensuring that they are paired with institutional-grade governance capabilities regardless of where they are held or tokenized,” said Doug DeSchutter, President of Broadridge’s Investor Communication Solutions business. “For decades, Broadridge has invested in the platform that powers investor communications and shareholder engagement for more than 200 million retail and institutional investor accounts globally. We’re now bringing those same capabilities to tokenized equities—enabling accurate voting, specialized investor experiences, and regulatory disclosures.”

Alpaca will continue to provide the regulated brokerage infrastructure that supports the tokenization of equities, including custody and clearing services of the underlying asset. Broadridge complements the infrastructure with shareholder governance services, including proxy voting, investor communications, regulatory disclosures, and voting entitlement reconciliation. Together, the companies enable traditional and tokenized equities to support the ownership rights, transparency, and operational integrity expected in traditional markets.

As tokenized assets are issued and held across multiple blockchain networks and intermediaries, maintaining accurate shareholder records and voting entitlements becomes increasingly complex. Broadridge’s governance platform supports voting delivery and entitlement reconciliation for beneficial and registered holders of tokenized equities, ensuring investors receive required communications and can exercise their shareholder rights regardless of how their assets are held.

Key benefits include:

Institutional-grade proxy voting and shareholder communications for retail and institutional investors globallyConsistent and transparent governance capabilities for tokenized and traditional equitiesSingle platform for voting and regulatory disclosures for registered and beneficial holdersA unified operational view for brokers, custodians, corporate issuers, and funds

Institutional investors can integrate voting for tokenized equities into existing governance workflows and reporting, including voting choice programs, while retail investors can access eligible meetings through ProxyVote.com. The solution is supported by governance capabilities with the highest standards for auditability, accountability, and investor protection and designed to support compliance with applicable U.S. regulatory guidelines.

About Alpaca

Alpaca is a US-headquartered, self-clearing broker-dealer providing global agent-first brokerage infrastructure that powers access to traditional and on-chain asset classes. Today, Alpaca supports over 10 million brokerage accounts across hundreds of fintechs and institutions in more than 40 countries, backed by $400 million in funding. For more information, visit alpaca.markets.

About Broadridge’s Tokenization Solutions

Broadridge enables on-chain proxy voting and governance, digital asset infrastructure including post trade, wallets and custody, and the scaling of digital asset capabilities across multiple asset classes. Broadridge’s governance platform serves all models of tokenized securities, including issuer-listed models, synthetic securities issued outside the United States, and third-party tokenized shares within the Unted States, helping ensure investors receive the same rights and protections regardless of how assets are structured or owned.

Broadridge’s Distributed Ledger Repo (DLR) solution is the world’s largest institutional platform for settling tokenized real assets, tokenizing approximately over $357 billion a day. As tokenization gains momentum across financial services, Broadridge is meeting the complexity of operating across traditional and digital ecosystems with established scale, critical market knowledge, and technological expertise.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences. 

Our technology and operations platforms process and generate over 7 billion communications per year and underpin the daily trading of more than $15 trillion of securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries.

For more information about us, please visit www.broadridge.com.

Broadridge Contacts:

Investors:
broadridgeir@broadridge.com

Media:
Gregg.Rosenberg@broadridge.com

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SOURCE Broadridge Financial Solutions, Inc.

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