Middle East & Africa Identity Verification Market Forecast to 2030

According to the Research Team’ research, the Middle East & Africa identity verification market was valued at US$ 461.17 million in 2022 and is expected to reach US$ 1,334.17 million by 2030, registering a CAGR of 14.2% from 2022 to 2030. Increase in cases of identity fraud and increase in adoption of BYOD concept are among the critical factors attributed to the Middle East & Africa identity verification market expansion.

The digitalization has gained traction in the pandemic period across all industry verticals. People has shifted towards the e-commerce over the brick-and-mortar model. Majority of the transactions and exchange of critical information is taking place via digital platforms which has opened gates for the fraudsters to carry out identity fraud. The growing sophistication of security information platforms and IT security-based tools and solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyberattacks has further led to an increased need for robust security solutions across enterprises. According to Regula, ~95% of enterprises and approximately 90 percent of small businesses experienced identity fraud in 2022. On average, a company experienced ~30 cases in 2022. Such frauds result in business disruption, legal expenditures, and loss of existing and potential clients. Hence, companies are increasingly adopting several security solutions to help businesses confirm the identity of individuals to access sensitive transactions and interactions successfully. The prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication and verification, and mitigation of the risk of spoofing. The capabilities of identity verification solutions, such as identity verification, data identification, and fraud detection help the several market players to prevent identity frauds. All these benefits and capabilities offered by identity verification provide long-term benefits to enterprises and helps them to enhance their security. These benefits drive the identity verification market.

On the contrary, data privacy and security concerns hamper the growth of Middle East & Africa identity verification market.

Based on component, the Middle East & Africa identity verification market is bifurcated into solution and services. The solution segment held 87.1% market share in 2022, amassing US$ 401.82 million. It is projected to garner US$ 1,174.33 million by 2030 to expand at 14.3% CAGR during 2022-2030.

In terms of deployment, the Middle East & Africa identity verification market is bifurcated into cloud and on-premise. The cloud segment held 56.2% market share in 2022, amassing US$ 259.02 million. It is projected to garner US$ 816.03 million by 2030 to expand at 15.4% CAGR during 2022-2030.

By organization size, the Middle East & Africa identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 67.4% market share in 2022, amassing US$ 310.87 million. It is projected to garner US$ 935.89 million by 2030 to expand at 14.8% CAGR during 2022-2030.

Based on type, the Middle East & Africa identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 54.5% share of Middle East & Africa identity verification market in 2022, amassing US$ 251.31 million. It is projected to garner US$ 728.54 million by 2030 to expand at 14.2% CAGR during 2022-2030.

In terms of industry vertical, the Middle East & Africa identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 32.0% share of Middle East & Africa identity verification market in 2022, amassing US$ 147.47 million. It is projected to garner US$ 477.78 million by 2030 to expand at 15.8% CAGR during 2022-2030.

Based on country, the Middle East & Africa identity verification market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.6% share of Middle East & Africa identity verification market in 2022. It was assessed at US$ 191.69 million in 2022 and is likely to hit US$ 612.63 million by 2030, exhibiting a CAGR of 15.6% during 2022-2030.

Key players operating in the Middle East & Africa 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 Oct 2023, IDEMIA Selected as Identity Verification Provider to CentralAMS.

In Sep 2020, Jumio Launches KYX Platform, Empowering Fraud, and Risk Teams to Streamline and Centralize Onboarding and KYC Processes.

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. Middle East & Africa Identity Verification Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Middle East & Africa 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 – Middle East & Africa Market Analysis
6.1 Overview
6.2 Middle East & Africa Identity Verification Market Revenue (US$ Million), 2022 – 2030
6.3 Identity Verification Market Forecast and Analysis
7. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa 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. Middle East & Africa Identity Verification Market – by Country Analysis
12.1.1 Middle East & Africa: Identity Verification Market, by Key Country
12.1.1.1 UAE: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.1.1 UAE DNS Security Software Market Breakdown by Component
12.1.1.1.2 UAE: Identity Verification Market, by Deployment
12.1.1.1.3 UAE: Identity Verification Market, by Organization Size
12.1.1.1.4 UAE: Identity Verification Market, by Type
12.1.1.1.5 UAE: Identity Verification Market, by Industry Vertical
12.1.1.2 Saudi Arabia: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.2.1 Saudi Arabia DNS Security Software Market Breakdown by Component
12.1.1.2.2 Saudi Arabia: Identity Verification Market, by Deployment
12.1.1.2.3 Saudi Arabia: Identity Verification Market, by Organization Size
12.1.1.2.4 Saudi Arabia: Identity Verification Market, by Type
12.1.1.2.5 Saudi Arabia: Identity Verification Market, by Industry Vertical
12.1.1.3 South Africa: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.3.1 South Africa DNS Security Software Market Breakdown by Component
12.1.1.3.2 South Africa: Identity Verification Market, by Deployment
12.1.1.3.3 South Africa: Identity Verification Market, by Organization Size
12.1.1.3.4 South Africa: Identity Verification Market, by Type
12.1.1.3.5 South Africa: Identity Verification Market, by Industry Vertical
12.1.1.4 Rest of Middle East & Africa: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.4.1 Rest of Middle East & Africa DNS Security Software Market Breakdown by Component
12.1.1.4.2 Rest of Middle East & Africa: Identity Verification Market, by Deployment
12.1.1.4.3 Rest of Middle East & Africa: Identity Verification Market, by Organization Size
12.1.1.4.4 Rest of Middle East & Africa: Identity Verification Market, by Type
12.1.1.4.5 Rest of Middle East & Africa: 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. UAE: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 9. UAE: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 10. UAE: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 11. UAE: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 12. UAE: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 13. Saudi Arabia: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 14. Saudi Arabia: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 15. Saudi Arabia: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 16. Saudi Arabia: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 17. Saudi Arabia: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 18. South Africa: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 19. South Africa: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 20. South Africa: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 21. South Africa: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 22. South Africa: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 23. Rest of Middle East & Africa: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 24. Rest of Middle East & Africa: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 25. Rest of Middle East & Africa: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 26. Rest of Middle East & Africa: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 27. Rest of Middle East & Africa: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 28. Heat Map Analysis By Key Players
Table 29. 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. Middle East & Africa 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. Middle East & Africa: Identity Verification Market, by Key Country – Revenue (2022) (US$ Million)
Figure 27. Middle East & Africa: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Figure 28. UAE: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 29. Saudi Arabia: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 30. South Africa: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 31. Rest of Middle East & Africa: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)