Identity Verification Market Growth 2022-2030 Global Industry Research report presents an in-depth analysis of the Identity Verification market size, growth, share, segments, manufacturers, and technologies, key trends, market drivers, challenges, standardization, deployment models, opportunities, future roadmap and 2030 forecast.
Global “Identity Verification Market“ (2022-2030) report provides key analysis on the market status of Identity Verification manufacturers with the best facts and figures, definitions, SWOT analysis, expert opinions and the latest developments around the world. The all-inclusive market research report also offers Porter’s Five Forces Analysis and profiles some of the leading players of the global Identity Verification Market. It sheds light on changing market dynamics and discusses about different growth drivers, market challenges and restraints, and trends and opportunities in detail. Interested parties are provided with market recommendations and business advice to ensure success in the global Identity Verification Market.
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Identity Verification Market Insight:
Product Overview
Identity Verification is the method of delivering security solutions to guarantee an individual’s unique identity verification and authentication. Security solutions provide physical documents in real-time, such as biometrics for artificial intelligence, voice recognition systems, and many others. The use of this device refuses unauthorized and invasive demands for entry. In the IT security operations centers, defense, and military industries, it is commonly used. D authentication is a robust solution to ensure a safe process for customer registration by offering a smooth onboarding experience in real-time and minimizing the possibility of identity fraud. In most systems and procedures, both online and off-line, ID verification processes are an integral requirement. Verification of identity is an important necessity in cases where confirmed identity is essential, such as border controls or access to digital services. The increasing incidence of fraud and data breaches related to identity will drive the growth of the ID verification market.
Market Highlights
Identity Verification Market is expected to project a notable CAGR of 15.7% in 2030.
Identity Verification Market to surpass USD 17.63 billion by 2030 from USD 7.2 billion in 2018 at a CAGR of 15.7% throughout the forecast period, i.e., 2019-30. Due to the increasing number of identity threats related to fraud, the Identity Verification Market is experiencing significant growth, and the rise of data breaches is the key factor contributing to market growth. Besides, digitalization initiatives by governments and companies to incorporate emerging technologies such as AI, ML, and automation in identity verification solutions will create lucrative opportunities for vendors of identity verification. Besides, other factors driving the market growth are the rising trend of building your own device (BYOD) and mobility in the enterprise. Besides, a positive impact factor on business growth is the need for enforcement and implementation of strict regulations.
Identity Verification Market: Segments
SMEs segment to grow with the highest CAGR during 2019-30
Identity Verification Market is segmented by Organization Size as SMEs and large enterprises. The solutions segment is further bifurcated into consulting and training. The greater market share in 2018 was accounted for by the large enterprises segment. Due to the presence of a large number of access points due to numerous divisions and massive organizational scale, large organizations are vulnerable to cyber-attacks of their subsidiaries/departments may often have their own IT security operation centers to track and handle cyber threats and security warnings across large organizations. In particular, SMEs are implementing identity authentication technologies and services that resolve enforcement responsibilities and fraud-related risks. The manual and conventional verification processes are time-consuming. To meet their increasing needs, SMEs find identity verification software a simple intuitive, low-cost, hassle-free, and reliable solution. Because of limited resources, availability of IT workers, and budget constraints, SMEs are more vulnerable to cyber fraud; and look forward to implementing identity verification software to save their money, time, resources, and properties.
Government and defense to grow with the highest CAGR during 2019-30
Identity Verification Market is segmented by vertical into BFSI, Retail and eCommerce, IT and ITeS, Energy, and Utilities, healthcare, government and defense, and others. During the forthcoming years, the BFSI segment is projected to hold the largest market share. The need for identity authentication around the world is also motivated by the increased digitalization of banking processes, such as digital onboarding and digital payments aimed at enhancing the customer experience. The vertical is exposed to several vulnerabilities with high technology adoption, which hackers may use to access sensitive information such as personal information, bank accounts, and credit card data. Financial institutions are actively developing security strategies to mitigate such vulnerabilities, which will boost the identity verification market in the future. Also, the presence of stringent legislation, such as the Bank Secrecy Act, GDPR, and PSD2, is fueling the demand for identity verification across the globe.
Identity Verification Market: Market Dynamics
Drivers
Rising cyber-attacks and growing security concerns
It is expected that the rising complexity of security information platforms and IT security-based tools and solutions will have a profound effect on the overall management of an enterprise’s security ecosystem. Furthermore, the alarming rise in the number of cybersecurity incidents has contributed to an increased need for comprehensive security solutions across organizations. Due to the flexible capabilities of these systems, such as identity authentication, data recognition, fraud detection, and others the market demand for identity verification solutions has gained considerable traction in the past few years. In the forecast period, the increasing popularity of digitization and automation in various vertical sectors ranging from BFSI to healthcare is also expected to drive the growth of the identity verification market.
Increasing initiatives for digitalization, such as E-ID and smart infrastructure
The world’s digitalization has brought to light so many identity-related frauds and urged corporations to take stringent steps to protect them. Identity verification has become a critical component in which checked identity is mandatory, such as border controls and access to digital services, with growing digitalization across governments and private sectors worldwide. With initiatives across countries, such as electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports where video analytics and liveness detection is used for ID verification, secure identity verification has become a crucial part of online security of these areas.
Restrain
High Cost During the Adoption of Identity Verification Solutions
The pricing of identity verification solutions and services is determined based on a few variables, such as verification costs, linguistics, storage of data, and technical support. Maximum firms offer pricing per verification on a monthly and annual basis that includes a limited number of ID verification tests. In certain instances of an annual package, some vendors often have adjustable pricing through check. The problem lies in the various prices paid by ID verification vendors. Due to this price difference, consumers get a little confused about which specific solution or service should be chosen.
Identity Verification Market: Key Players
Acuant Inc
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Authenteq
Equifax Inc.
Experian Plc.
IDEMIA
iDenfy
IDMERIT
Jumio
LexisNexis
Mitek Systems, Inc.
Onfido
Shufti Pro Limited
TransUnion LLC.
Trulioo
Thales Group (Gemalto)
Identity Verification Market: Regions
Identity Verification Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Identity Verification Market in North America held the largest market share of in the year 2018 and as it is a technologically advanced region with a high number of early adopters and the involvement of major market players, it is expected to continue its market dominance in the future. The demand for identity authentication markets is expected to be driven by factors such as the growth of government initiatives such as smart infrastructure, smart cities, digital identity-based driver’s licenses, and increasing integration of various technologies such as AI, ML, and blockchain, to protect digital identities. During the forecast era, Asia Pacific is expected to contribute to the fastest growing area with the highest CAGR, as it becomes technologically prepared with the early adoption of new technologies. Factors such as government measures to tackle identity-related fraud, in particular, to improve eKYC for identity verification, such as country-initiated enforcement legislation, growing demand for cloud-based identity verification, increasing identity, etc.
Competitive Landscape:
The Identity Verification market, which is highly competitive, consists of several major players such as GBG, Thales Group, Mitek Systems, IDEMIA, Jumio, Trulioo, and LexisNexis hold a substantial market share in the Identity Verification market. Other players analyzed in this report are IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Identify (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany) among others.
The market competition has been stepped up by the availability of many players offering Identity Verification. For Instance, In June 2020, GBG partnered with CredoLab to easily and confidently assess the creditworthiness of any Indonesian individual, including the unbanked and underbanked for CredoLab by using GBG’s digital/AI-driven risk management.
Identity Verification Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Identity Verification Market report also contains analysis on:
Identity Verification Market Segments:
By Component:
Solutions
Services
By Type:
Biometrics
Non- Biometrics
By Deployment Model:
On-premises
Cloud
By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Vertical:
BFSI
Government and defense
Healthcare and Life Sciences
Retail and eCommerce
IT and ITeS
Energy and Utilities
Others
Identity Verification Market Dynamics
Identity Verification Market Size
Supply and Demand
Current Trends/Issues/Challenges
Competition and Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
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Market Overview:
The globalIdentity Verificationmarket size is segmented on the basis of application, end user, and region, with focus on manufacturers in different regions. The study has detailed the analysis of different factors that increase the industries growth. This study also provides the scope of different segments and applications that can potentially influence the industry in the future. Pricing analysis is covered in this report according to each type, manufacturer, regional analysis, price.Identity VerificationMarket Share report provides overview of market value structure, cost drivers, various driving factors and analyse industry atmosphere, then studies global outline of industry size, demand, application, revenue, product, region and segments. In addition, this report introduces market competition situation among the distributers and manufacturers profile, besides, market value analysis and cost chain structure are covered in this report.
TheIdentity Verificationmarket has witnessed growth from USD milliontill2022. With the CAGR of, this market is estimated to reach USD million in 2030.The report focuses on theIdentity Verificationmarket size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behaviour analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing theIdentity Verificationmarket.
Identity Verification Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered. Identity Verification Market Report also mentions market share accrued by each product in the Identity Verification market, along with the production growth.
Top countries data covered in this report:
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil etc.)
- Middle East and Africa (Egypt and GCC Countries)
What our report offers:
- Identity Verification Market share assessments for the regional and country-level segments.
- Strategic recommendations for the new entrants.
- Identity Verification Market forecasts for all the mentioned segments, sub-segments, and the regional markets.
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations.
- Competitive landscaping mapping the key common trends.
- Company profiling with detailed strategies, financials, and recent developments.
- Supply chain trends mapping the latest technological advancements.
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Table of Content:
1. Executive Summary
2. Cloud-based Contact Center Market
2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms
3. Research Methodology
3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation
4. Average Pricing Analysis
5. Macro-Economic Indicators
Continued . . .
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