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Industry Landscape
The Identity Management industry is rapidly evolving, driven by increasing cyber threats, digital transformation initiatives, and stringent regulatory demands like GDPR and CCPA. Organizations prioritize seamless yet secure user experiences, leading to high demand for advanced identity verification solutions. AI and ML are central to enhancing fraud detection and automating processes.
Total Assets Under Management (AUM)
Digital Identity Solutions Market Size in United States
~30.9 billion USD (2023)
(17.8% CAGR)
Growth driven by:
- Increasing demand for secure digital transactions.
- Rise in online fraud and cyberattacks.
- Stricter regulatory compliance requirements.
Total Addressable Market
30.9 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Decentralized Identity (DID)
DID empowers individuals with self-sovereign control over their digital identities, enhancing privacy and security by reducing reliance on centralized authorities.
Generative AI for Fraud Detection
Generative AI can create synthetic data for training advanced fraud detection models and identify subtle anomalies indicative of new fraud patterns.
Behavioral Biometrics
Behavioral biometrics analyzes unique user interactions like keystroke dynamics and mouse movements to continuously verify identity and detect anomalies in real-time.
Impactful Policy Frameworks
California Consumer Privacy Act (CCPA) - 2018 (amended by CPRA 2020)
The California Consumer Privacy Act (CCPA), amended by the California Privacy Rights Act (CPRA) in 2020, grants California consumers extensive rights regarding their personal information collected by businesses, including the right to know, delete, and opt-out of the sale or sharing of their data.
This policy mandates stricter data handling practices and requires companies like Mastercard Identity Verification to provide greater transparency and control over consumer data, impacting data collection and storage processes.
New York Shield Act (SHIELD Act) - 2019
The Stop Hacks and Improve Electronic Data Security (SHIELD) Act of New York requires businesses to adopt reasonable safeguards to protect the private information of New York residents and expands the definition of 'private information' and 'data breach'.
The SHIELD Act necessitates enhanced data security measures and breach notification protocols, increasing the operational burden for identity verification providers to safeguard sensitive customer information.
Identity Theft and Assumption Deterrence Act (ITADA) - 1998
The Identity Theft and Assumption Deterrence Act of 1998 made identity theft a federal crime, establishing penalties for individuals who knowingly transfer or use, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity.
While an older act, ITADA continues to drive the fundamental need for robust identity verification solutions to prevent identity-related crimes, underscoring the core business value for Mastercard Identity Verification.
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