Identity Verification Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2021-2026
Identity Verification Market Overview Identity Verification Market size is forecast to reach $11866.74 million by 2026, growing at a CAGR 14.05% from 2021 to 2026. Acceptance of digital payment method is predicted to increase following the COVID-19 outbreak and play a larger role in the long run. Governments and regulatory authorities are restricting the use of currency, which is considered as a potential carrier of the virus. For example, during a government-imposed shutdown, the use of currency in the United Kingdom was halved. Due to the COVID-19 epidemic in the United Kingdom, FATF guidelines have allowed consumers to transmit selfies and email scanned ID documents as proof of identification. Increased digitization initiatives, an increase in fraudulent activities and identity theft over the last decade, and an increase in use cases of digital identities across sectors are the primary reasons driving the identity verification industry. Furthermore, initiatives by governments a