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Global Identity Verification Market: The major growth drivers for the global market include growing digitization initiatives and increasing uses of digital identities among verticals are expected to augment the market at a healthy CAGR of 14.30% during the forecast period of 2022 to 2030.
Market Research Future Insights
According to MRFR analysis, the global Identity Verification Market is expected to register a CAGR of 14.30% from 2022 to 2030 and hold a value of over USD 35.2 billion by 2030.
Identification and verification are services and solutions to confirm a person's physical identity or documents such as a passport or a national identity document, and a driving license, among other things. Identification verification is a vital step in ensuring a person's identity. While ID authentication is a significant security measure against new account fraud, Identity verification also plays a role in the Know Your Customer and anti-money laundering efforts at financial organizations that monitor customer risk. The emergence of COVID-19 has harshly affected almost all industries globally. Further, the lockdown limit on movement has disrupted the supply chain but gave opportunities to the identity confirmation market. The outburst of COVID-19 has encouraged everyone to adapt to the novel digital world owing to trends, such as Work from Home (WFH). In addition, the changes in consumer performance and demand, purchasing patterns, re-routing of the supply chain, present market forces, and substantial interventions of governments are noticeable.
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Key Players
Some of the key market players are Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), IDEMIA (France), Jumio (US), Experian (Ireland), GBG (UK), Equifax (US), Acuant (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Identify (Lithuania), WebID (Germany), IDnow (Germany)
Market Segmentation
The global Identity Verification Market has been segmented into component, type, deployment mode, organization size, and verticals
Based on the Component, the global Identity Verification Market has been segmented into solutions and services.
Based on Type, the global Identity Verification Market has been segmented into biometrics and non-biometrics.
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Based on Deployment Mode, the global Identity Verification Market has been segmented into on-premises and cloud.
Based on Organization Size, the global Identity Verification Market has been segmented into SMEs and large enterprises.
Based on Verticals, the global Identity Verification Market has been segmented into BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others.
Regional Analysis
North America dominated the market with an income share of more than 39.7% in 2021. It is an advanced technological region with many initial adopters and key market players. The demand for identity verification is anticipated to be driven by the development of government initiatives like smart cities, clever infrastructure, and digital identity-based driver's licenses. The growing integration of various technologies, such as blockchain AI and ML, for safeguarding digital identities.
Asia Pacific is projected to contribute to the fastest-growing region with the most substantial CAGR during the estimated period because it has become technologically prepared by accepting new technologies. The growth is driven by factors such as government initiatives to fight identity-related fraud and reinforcing eKYC to verify identities.
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