Asia Pacific Identity Verification Market Forecast to 2030

According to the Research Team’ research, the Asia Pacific identity verification market was valued at US$ 2,333.20 million in 2022 and is expected to reach US$ 9,087.61 million by 2030, registering a CAGR of 18.5% from 2022 to 2030. Increase in adoption of bring your own device (BYOD) concept and rise in demand from BFSI sector are among the critical factors attributed to the Asia Pacific identity verification market expansion.

Over the years, and especially after the pandemic, the BYOD trend has gained traction to offer employees and corporations greater flexibility and mobility. Bring Your Own Device (BYOD) concept allows employees to use their personal phones and tablets to access office email and data. It becomes flexible for the employees to use the company data from anywhere, anytime. Thus, such benefits of BYOD lead to its widespread adoption in businesses. For example, according to Jamf, in July 2023, ~75% of people were using their personal devices for office work, which has resulted in a 34% increase in productivity, and ~US$ 250 per employee can be saved with a BYOD plus stipend policy. However, BYOD does pose some security risks, such as business ID theft. Using public or unsecured Wi-Fi, downloading apps from unauthorized sources, leaving phone unattended, and visiting unverified websites are a few prominent factors acting as a potential threat to data breach or cyberattack incidents. Thus, corporates are increasingly adopting identity verification solutions. Moreover, market players are launching innovative solutions. For example, in May 2023, OpenVPN launched Device Identity Verification & Enforcement (DIVE) for CloudConnexa, its cloud-based solution. The solution is made for BYOD and corporate-owned devices due to the rapid growth of remote and hybrid workforces. In September 2019, ImageWare Systems Inc-a provider of mobile and cloud-based identity authentication solutions-announced the launch of GoVerifyID, an end-to-end biometric authentication solution for macOS. The launch of this biometric solution helps businesses to utilize identity as a security measure. Therefore, the rise in BYOD adoption acts as a catalyst for the identity verification market growth.

On the contrary, data privacy and security concerns hamper the growth of Asia Pacific identity verification market.

Based on component, the Asia Pacific identity verification market is bifurcated into solution and services. The solution segment held 85.3% market share in 2022, amassing US$ 1,990.32 million. It is projected to garner US$ 7,839.28 million by 2030 to expand at 18.7% CAGR during 2022-2030.

In terms of deployment, the Asia Pacific identity verification market is bifurcated into cloud and on-premise. The cloud segment held 60.4% market share in 2022, amassing US$ 1,408.73 million. It is projected to garner US$ 5,900.91 million by 2030 to expand at 19.6% CAGR during 2022-2030.

By organization size, the Asia Pacific identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 63.2% market share in 2022, amassing US$ 1,474.69 million. It is projected to garner US$ 6,017.86 million by 2030 to expand at 19.2% CAGR during 2022-2030.

Based on type, the Asia Pacific identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 48.3% share of Asia Pacific identity verification market in 2022, amassing US$ 1,127.56 million. It is projected to garner US$ 4,420.52 million by 2030 to expand at 18.6% CAGR during 2022-2030.

In terms of industry vertical, the Asia Pacific identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 32.6% share of Asia Pacific identity verification market in 2022, amassing US$ 759.66 million. It is projected to garner US$ 3,242.26 million by 2030 to expand at 19.9% CAGR during 2022-2030.

Based on country, the Asia Pacific identity verification market has been categorized into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.5% share of Asia Pacific identity verification market in 2022. It was assessed at US$ 688.53 million in 2022 and is likely to hit US$ 3,072.17 million by 2030, exhibiting a CAGR of 20.6% during 2022-2030.

Key players operating in the Asia Pacific identity verification market are Trulioo, Onfido, Mitek Systems, Inc, IDology, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group., among others.

In Nov 2022, Experian’s Sentinel Commercial Entity Fraud Suite helps lenders and insurers prevent fraud for businesses of all sizes.

In Oct 2020, THALES LAUNCHES ITS IDENTITY VERIFICATION SUITE, A SECURE BIOMETRIC SOLUTION FOR CUSTOMER ONBOARDING.

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Identity Verification Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Asia Pacific Identity Verification Market – Key Industry Dynamics
5.1 Identity Verification Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Cases of Identity Fraud
5.2.2 Rise in Demand from BFSI Sector
5.2.3 Increase in Adoption of Bring Your Own Device (BYOD) Concept
5.3 Market Restraints
5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
5.4.1 Rising Need for Digitization in Small and Medium Enterprises
5.5 Future Trends
5.5.1 Integration of Artificial Intelligence and Other Advanced Technologies
5.6 Impact of Drivers and Restraints:
6. Identity Verification Market – Asia Pacific Market Analysis
6.1 Asia Pacific Identity Verification Market Revenue (US$ Million), 2022 – 2030
6.2 Identity Verification Market Forecast and Analysis
7. Asia Pacific Identity Verification Market Analysis – Component
7.1 Solution
7.1.1 Overview
7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Identity Verification Market Analysis – Deployment
8.1 Cloud
8.1.1 Overview
8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Identity Verification Market Analysis – Organization Size
9.1 Large Enterprises
9.1.1 Overview
9.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9.2 SMEs
9.2.1 Overview
9.2.2 SMEs Market, Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Identity Verification Market Analysis – Type
10.1 Biometric Verification
10.1.1 Overview
10.1.2 Biometric Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Online Verification
10.2.1 Overview
10.2.2 Online Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.3 Knowledge Based Authentication
10.3.1 Overview
10.3.2 Knowledge Based Authentication Market, Revenue and Forecast to 2030 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
11. Asia Pacific Identity Verification Market Analysis – Industry Vertical
11.1 BFSI
11.1.1 Overview
11.1.2 BFSI Market, Revenue and Forecast to 2030 (US$ Million)
11.2 Government and Defense
11.2.1 Overview
11.2.2 Government and Defense Market, Revenue and Forecast to 2030 (US$ Million)
11.3 Healthcare
11.3.1 Overview
11.3.2 Healthcare Market, Revenue and Forecast to 2030 (US$ Million)
11.4 IT and Telecom
11.4.1 Overview
11.4.2 IT and Telecom Market, Revenue and Forecast to 2030 (US$ Million)
11.5 Retail
11.5.1 Overview
11.5.2 Retail Market, Revenue and Forecast to 2030 (US$ Million)
11.6 Others
11.6.1 Overview
11.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
12. Asia Pacific Identity Verification Market – by Country Analysis
12.1 Asia Pacific: Identity Verification Market
12.1.1 Asia Pacific: Identity Verification Market, by Key Country
12.1.1.1 China: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.1.1 China DNS Security Software Market Breakdown by Component
12.1.1.1.2 China: Identity Verification Market, by Deployment
12.1.1.1.3 China: Identity Verification Market, by Organization Size
12.1.1.1.4 China: Identity Verification Market, by Type
12.1.1.1.5 China: Identity Verification Market, by Industry Vertical
12.1.1.2 Japan: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.2.1 Japan DNS Security Software Market Breakdown by Component
12.1.1.2.2 Japan: Identity Verification Market, by Deployment
12.1.1.2.3 Japan: Identity Verification Market, by Organization Size
12.1.1.2.4 Japan: Identity Verification Market, by Type
12.1.1.2.5 Japan: Identity Verification Market, by Industry Vertical
12.1.1.3 South Korea: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.3.1 South Korea DNS Security Software Market Breakdown by Component
12.1.1.3.2 South Korea: Identity Verification Market, by Deployment
12.1.1.3.3 South Korea: Identity Verification Market, by Organization Size
12.1.1.3.4 South Korea: Identity Verification Market, by Type
12.1.1.3.5 South Korea: Identity Verification Market, by Industry Vertical
12.1.1.4 India: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.4.1 India DNS Security Software Market Breakdown by Component
12.1.1.4.2 India: Identity Verification Market, by Deployment
12.1.1.4.3 India: Identity Verification Market, by Organization Size
12.1.1.4.4 India: Identity Verification Market, by Type
12.1.1.4.5 India: Identity Verification Market, by Industry Vertical
12.1.1.5 Australia: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.5.1 Australia DNS Security Software Market Breakdown by Component
12.1.1.5.2 Australia: Identity Verification Market, by Deployment
12.1.1.5.3 Australia: Identity Verification Market, by Organization Size
12.1.1.5.4 Australia: Identity Verification Market, by Type
12.1.1.5.5 Australia: Identity Verification Market, by Industry Vertical
12.1.1.6 Rest of Asia Pacific: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.6.1 Rest of Asia Pacific DNS Security Software Market Breakdown by Component
12.1.1.6.2 Rest of Asia Pacific: Identity Verification Market, by Deployment
12.1.1.6.3 Rest of Asia Pacific: Identity Verification Market, by Organization Size
12.1.1.6.4 Rest of Asia Pacific: Identity Verification Market, by Type
12.1.1.6.5 Rest of Asia Pacific: Identity Verification Market, by Industry Vertical
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 New Product Development
14.4 Merger and Acquisition
15. Company Profiles
15.1 Trulioo
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Onfido
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Mitek Systems, Inc
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 IDology
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Experian Plc
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Thales SA
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 IDEMIA
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 Jumio Corporation
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 LexisNexis Risk Solutions Group
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
16. Appendix
16.1 About the Research Team
16.2 Word Index

Table 1. Identity Verification Market Segmentation
Table 2. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Component
Table 4. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) -Deployment
Table 5. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Organization Size
Table 6. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Type
Table 7. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Industry Vertical
Table 8. China: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 9. China: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 10. China: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 11. China: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 12. China: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 13. Japan: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 14. Japan: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 15. Japan: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 16. Japan: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 17. Japan: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 18. South Korea: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 19. South Korea: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 20. South Korea: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 21. South Korea: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 22. South Korea: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 23. India: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 24. India: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 25. India: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 26. India: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 27. India: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 28. Australia: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 29. Australia: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 30. Australia: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million).
Table 31. Australia: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 32. Australia: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 33. Rest of Asia Pacific: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 34. Rest of Asia Pacific: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 35. Rest of Asia Pacific: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 36. Rest of Asia Pacific: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 37. Rest of Asia Pacific: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 38. Heat Map Analysis By Key Players
Table 39. List of Abbreviation

Figure 1. Identity Verification Market Segmentation, By Country
Figure 2. Ecosystem: Identity Verification Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Asia Pacific Identity Verification Market Revenue (US$ Million), 2022 – 2030
Figure 5. Identity Verification Market Share (%) – Component, 2022 and 2030
Figure 6. Solution Market Revenue and Forecasts To 2030 (US$ Million)
Figure 7. Services Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Identity Verification Market Share (%) – Deployment, 2022 and 2030
Figure 9. Cloud Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. On-Premise Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Identity Verification Market Share (%) – Organization Size, 2022 and 2030
Figure 12. Large Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. SMEs Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Identity Verification Market Share (%) – Type, 2022 and 2030
Figure 15. Biometric Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Online Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Knowledge Based Authentication Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Identity Verification Market Share (%) – Industry Vertical, 2022 and 2030
Figure 20. BFSI Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Government and Defense Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Healthcare Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. IT and Telecom Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Retail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 25. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 26. Asia Pacific: Identity Verification Market, by Key Country – Revenue (2022) (US$ Million)
Figure 27. Asia Pacific: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Figure 28. China: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 29. Japan: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 30. South Korea: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 31. India: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 32. Australia: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 33. Rest of Asia Pacific: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)