Growing Digital Literacy Favorable to Global Identity Verification Market Growth

1
Growing Digital Literacy Favorable to Global
Identity Verification Market Growth
As per Inkwood Research, the Global Identity
Verification Market is estimated to progress with
a CAGR of 15.57 in terms of revenue during the
forecasting years 2023-2032. "Browse 63 Market
Data Tables and 56 Figures spread over 230 Pages,
along with an in-depth TOC on the Global
Identity Verification Market Forecast
2023-2032." VIEW TABLE OF CONTENT LINK -
https//inkwoodresearch.com/reports/identity-verif
ication- market/table-of-contents Digital
technology literacy is on the rise, and
individuals worldwide are becoming more adept at
using a wide range of internet services. This
growing trend, particularly in developing
nations, is a key driver behind the flourishing
market for identity verification.
REQUEST FREE SAMPLE LINK https//inkwoodresearch
.com/reports/identity-verification-
market/request-free-sample Expanding Internet
Penetration and Digital Literacy Boost Growth
Prospects The surge in smart services offered by
businesses has sparked a demand for new trends in
virtual identity verification. As financial
transactions and online onboarding activities
become increasingly prevalent, the need for
business identity verification has grown
globally. Consequently, third-party
2
identity verification companies have emerged and
expanded their operations across the globe.
These companies leverage various internet
platforms to verify consumers' identities
securely. In 2022, a staggering 4.9 billion
people, equivalent to 69 of the world's
population, actively used the internet. This
number is projected to continue growing at an
annual rate of 4, adding over 196 million new
users to the online community each year. The
increasing internet penetration and digital
literacy across the globe indicate a rising
demand for online services. As a result, the
market for online identity verification is
expected to experience substantial growth in the
foreseeable future. Biometrics The
Fastest-Growing Type Biometric authentication is
at the forefront of security processes, utilizing
unique biological traits like retinas, irises,
facial characteristics, voice, and fingerprints
to verify a customer's identity. Biometric
systems securely store this information, enabling
swift verification when customers access their
accounts. Market players have made significant
advancements in biometric identity verification
technology in recent years. Notably, in 2023,
Norway-based IDEX Biometrics joined forces with
cyber tech firm PONE Biometrics to provide
biometric sensor modules for digital
authentication. These innovations are expected
to fuel the rapid expansion of biometric identity
verification. Asia-Pacific The Fastest-Growing
Region Asia-Pacific is witnessing a booming
identity verification market due to an increase
in identity- related cybercrimes and the surging
demand for cloud-based identity verification.
Businesses and individuals in the region seek
reliable identity verification solutions to
combat data breaches and facilitate secure,
paperless digital transactions. Furthermore, the
adoption of cutting-edge technologies such as
artificial intelligence, machine learning, and
automation in identity verification systems is on
the rise. Additionally, corporate and government
initiatives focused on digitalization present
lucrative opportunities for identity
verification vendors in the Asia-Pacific
region. Strategic initiatives undertaken by
well-established market players add to the
competitive rivalry in the market. Some of the
key players in the market are Intellicheck Inc,
TransUnion LLC, Nuance Communications Inc,
Trulioo Information Services Inc, etc. About
Inkwood Research Inkwood Research specializes in
syndicated customized research reports and
consulting services. Market intelligence studies
with relevant fact-based research are customized
across industry verticals such as technology,
automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that
acknowledges the business environments. Our
geographical analysis comprises North South
America, CEE, CIS, the Middle East, Europe, Asia,
and Africa. Contact Us https//www.inkwoodresearc
h.com sales_at_inkwoodresearch.com 1-[phone]
3
Related Reports GLOBAL BIOMETRICS MARKET GLOBAL
FACIAL RECOGNITION MARKET