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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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Prime Biome Warns Consumers About Unauthorized Sellers and Ensures Commitment to Product Authenticity

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NEW YORK, March 15, 2025 /PRNewswire/ — The official brand behind Prime Biome, a product developed under Bioventra’s portfolio of advanced formulations, has issued a public advisory regarding unauthorized third-party resellers misrepresenting the product online. Reports indicate that unverified vendors online have been listing non-official versions of Prime Biome across various platforms, leading to confusion among consumers.

The official Prime Biome brand has been receiving complaints from individuals who unknowingly made purchases from unverified sources, later realizing discrepancies in packaging, labeling, and ingredient details. This has raised concerns about product authenticity and integrity, as the formulation was developed exclusively under Bioventra’s stringent quality standards.

In response to these growing Prime Biome concerns, the company has issued an official statement emphasizing the importance of ordering from the official verified source only to ensure authenticity and product safety.

Unverified Resellers Causing Widespread Confusion

In recent weeks, multiple consumer reports have highlighted the increasing prevalence of unauthorized sellers listing Prime Biome outside of the brand’s verified distribution channels. This industry has faced similar challenges, with third-party vendors presenting themselves as legitimate sources while listing products that may not reflect official formulations.

The official Prime Biome team has been actively monitoring unauthorized listings and is committed to raising awareness about the potential risks associated with purchasing Prime Biome from unknown third-party vendors.

While some unauthorized sellers may claim to offer genuine Prime Biome, discrepancies in packaging, ingredient details, and overall product presentation have raised concerns. Consumers have reported receiving products that appear different from official branding, while others have struggled with Prime Biome returns and refund processes due to unclear seller policies.

Customer Complaints Highlight Need for Greater Awareness

Consumer reports received by the official Prime Biome brand have included concerns such as:

Product inconsistencies – Customers noted that labeling, logo placement, or product descriptions did not match official representations.Ingredient discrepancies – Since Prime Biome contains a proprietary blend of probiotics and botanical extracts, there have been concerns about whether third-party listings contain the expected formula.Unclear storage conditions – Prime Biome consumers have questioned whether unauthorized sellers store and handle the product correctly, as dietary supplements require specific conditions to maintain quality.Limited customer support – Many individuals who purchased Prime Biome from non-official sources reported that customer service inquiries went unanswered, leaving them unable to seek refunds or verify authenticity.

A spokesperson for the Prime Biome line commented:

“We take product integrity seriously and are committed to ensuring that consumers receive only authentic formulations. Unfortunately, unauthorized sellers sometimes misrepresent products, leading to confusion. We encourage Prime Biome customers to remain vigilant when verifying sources.”

The Rise of Unauthorized Third-Party Sellers

Unauthorized supplement resellers have become a growing issue across various e-commerce platforms, social media marketplaces, and third-party retail websites. Many third-party Prime Biome sellers attempt to capitalize on consumer demand, sometimes offering deep discounts or listing products in ways that do not align with official brand communications.

This trend has led to several industry-wide concerns, including:

Unverified product origins – Some Prime Biome sellers source products through unauthorized means, making it difficult for consumers to determine where and how the product was handled before purchase.Potential product substitutions – Some third-party vendors list a product under the Prime Biome name but ship alternative formulations or lookalike substitutes instead.Misleading discount strategies – Some resellers attempt to lure in customers with extremely low prices, which can indicate unverified stock or repackaged items.

While Prime Biome‘s official brand is actively monitoring unauthorized sales, the company emphasizes that consumers should take proactive steps to avoid misleading listings.

How Consumers Can Identify Official Product Sources

Consumers can take several steps to avoid misleading third-party listings and ensure they are purchasing authentic products. It is important to examine product details carefully, checking for inconsistencies in labeling, packaging, or branding that may indicate a non-official version. Prime Biome Pricing should also be reviewed with caution, as significantly lower prices than usual may suggest an unauthorized seller. Verifying the legitimacy of the seller by researching whether they are recognized as an authorized distributor can help prevent confusion. Lastly, consumers are encouraged to confirm product details through official channels to ensure accuracy and authenticity.

Company Response & Consumer Safety Commitment

The official Prime Biome brand has reaffirmed its commitment to consumer safety, product integrity, and transparency. With the increase in unauthorized sales, the company remains focused on educating customers about product authenticity.

“We are committed to making sure that individuals who seek out Prime Biome receive the correct formulation as originally designed. By raising awareness about misleading third-party listings, we hope to prevent unnecessary confusion and ensure a positive customer experience,” the spokesperson added.

Additionally, the company is actively monitoring third-party sales channels and taking steps to minimize unauthorized Prime Biome product listings that could misrepresent the brand.

Final Advisory for Consumers

With misleading third-party listings continuing to appear across various online marketplaces, consumers are encouraged to be diligent in verifying sources before making a purchase. The official Prime Biome brand has issued this advisory to help prevent further confusion and misinformation.

For updates regarding product authenticity and verification measures, consumers can refer to official sources.

Contact:
Bioventra, Inc.
contact@bioventra.com 
(888) 514-1489

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SOURCE Bioventra

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CHAI, A Leading Social AI Platform, Launches Creator Feed for UGAI

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CHAI, a Palo Alto-based social AI platform, launches creator feed, boasts 1M+ daily users, over $20M in revenue, and aims to deliver it’s mission of user-generated AI.

PALO ALTO, Calif., March 14, 2025 /PRNewswire/ — CHAI, a social AI platform based in Palo Alto, has launched it’s creator feed – it showcases the most popular user-generated AI, UGAI.

With more than one million daily active users and $20 million in revenue, CHAI is evolving into an app with broad, general adoption.

What is CHAI? CHAI is a social AI platform where users can create their own AI. Since its launch three years ago, CHAI has experienced significant growth, particularly among Gen Z users. Now, to support further growth and wider adoption, CHAI has redesigned its brand.

Can you use CHAI AI in a browser? As of March 2025, no. CHAI is focused on delivering the most engaging social AI experience by hiring talented engineers to refine its app. While there are currently no plans for a web app, this may change in the future.

Is CHAI AI safe? CHAI has implemented a range of safety features that allow users to engage in dynamic chats while encouraging them to stay within established guidelines. By building better AI, CHAI aims to enhance user value and experience.

What makes CHAI special? CHAI is designed to be the most engaging social AI, delivering highly entertaining conversations. Many users rely on it to craft interactive stories and immersive experiences.

Why do people love CHAI? CHAI employs advanced AI techniques to increase the entertainment value of its bots. Users chat with AI to write interactive novels and have engaging conversations, supported by a variety of genres that appeal to avid novel readers.

Sometimes regarded as the best free AI chatbot, CHAI is paving its way to widespread adoption of conversational social AI for entertainment.

Who is the founder? William Beauchamp first started building CHAI with his sister in Cambridge UK in 2020. After building the first AI chat platform they relocated to Palo Alto.

Are they hiring? CHAI is a rapidly growing company that is known for paying very high salaries with an intense culture focused on delivering results and iterating quickly. Apply on CHAI’s website.

Press Contact:

Tom Lu
+1 (626) 594-8966
https://www.chai-research.com/

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SOURCE Chai

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China on track to achieve growth target for 2025, say experts and business leaders

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BEIJING, March 14, 2025 /PRNewswire/ — A news report from chinadaily.com.cn:

China is expected to achieve its annual growth target of around 5 percent this year and present more business opportunities for both domestic and foreign companies, with its intensified efforts to spur innovation and further boost consumption and investment, economists and business leaders said at the “CEO: Grow with China” Roundtable hosted by China Daily on Friday.

“China’s economy is right on track to meet its preset annual growth target of around 5 percent for 2025, supported by its ultra-large domestic market, strong innovation capability, as well as a string of supportive policies aimed at boosting consumption and emerging industry investment,” said Lin Shen, a researcher at the Chinese Academy of Social Sciences’ Institute of World Economics and Politics.

Government policies aimed at fostering innovation and developing emerging industries have been steadily implemented. Fiscal policies and other innovation-friendly measures will play a crucial role in sustaining economic growth throughout the year, Lin said.

Lin highlighted the structural shifts in the economy, where new growth drivers are replacing old ones, and stressed that new quality productive forces, including AI-powered manufacturing, have begun to take hold. “Our new quality productive forces, coupled with AI empowerment, have integrated well with the manufacturing and the real economy. There will be significant progress in application scenarios.”

“Even though there are certain geopolitical headwinds, we are still very optimistic about China’s economic prospects this year as the country’s fiscal and monetary policies go hand in hand,” said Ole Gerdau, chief operating officer at Deutsche Bank China.

According to him, consumption will be the key driver of the economy, roughly contributing to two-thirds of China’s growth this year. The trade-in program, for which funding has been doubled, is expected to have a positive impact on consumption.

Gerdau said the emergence of Chinese AI startup DeepSeek is changing people’s perception about China’s innovation strength and technological advancements. “This creates a wake-up moment for the world that now might be the time to invest in China. We expect this year to be the turning point where international investors are going to shift their focuses and have a higher allocation into the Chinese market,” he said.

China is prioritizing new quality productive forces and enhancing financial services to enterprises in its economic agenda for the year, as policymakers announced recently the rollout of a raft of supportive measures aimed at creating new growth drivers for the world’s second-largest economy.

The People’s Bank of China, the country’s central bank, said late on Thursday that it will reduce the reserve requirement ratio and interest rates as appropriate based on the domestic and international economic and financial situation as well as the performance of financial markets.

The A-share benchmark Shanghai Composite Index rose 1.81 percent to close at 3419.56 points on Friday, while the ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, jumped 2.8 percent to close at 2226.72 points.

The National Development and Reform Commission recently announced that it would establish a national venture capital guidance fund, with the goal of enhancing, strengthening and expanding innovative enterprises. The fund is expected to attract nearly 1 trillion yuan ($138 billion) in capital from local governments and the private sector.

The participants at the roundtable emphasized that emerging sectors like artificial intelligence have great potential in China, presenting new opportunities for enterprises.

China’s AI-led innovation is also throwing up opportunities for businesses like Rolls-Royce, said Troy Wang, executive vice-president of Rolls-Royce Greater China.

“China’s focus on innovation-driven growth is making it continue to be an important country for Rolls-Royce, and it’s so much more than just a market for us,” Wang said.

“Rolls-Royce just achieved a record year in 2024 in terms of business performance and we’re confident about 2025,” he said, adding that the company is building Beijing Aero Engine Services Co Ltd, a joint venture in Beijing, into a world-leading digitally enabled aeronautical engine repair and overhaul shop.

Rani Jarkas, chairman of Cedrus Group, said that the development of AI requires a large amount of electricity, chips, and applications, and China has it all. “Technology speaks for itself,” he said.

“I think the innovation will continue and the opportunities will grow for Chinese companies going abroad and for foreign companies to come to explore the market and set up local units here,” he said.

Huang Yanxiang, co-founder and CEO of Shanghai CarbonNewture and ESG expert, said the current wave of AI-led innovation in China is transforming industries by integrating AI with manufacturing, boosting efficiency, and giving rise to new business models. For CarbonNewture, this means deeply integrating AI into its carbon accounting platforms, improving data analysis and reporting capabilities to deliver more precise and actionable insights.

The roundtable was jointly organized by China Daily Institute for Corporate Communication and China Services Information Platform.

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SOURCE chinadaily.com.cn

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