With 17.6% CAGR, Identity Verification Market to Reach US$ 22.9 Billion by 2027 | Global Industry Report

According to IMARC Group’s latest report, titled "Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global identity verification market reached a value of US$ 8.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027.

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Identity verification is a security solution that permits companies to secure and protect user and customer information while ensuring its accuracy. It uses the latest technologies, such as machine learning, face-based biometrics, and artificial intelligence, to verify a person's identity. It is used by various industry verticals, such as BFSI, government and defense, healthcare, life sciences, retail, e-commerce, IT & ITeS, and energy and utilities, to ensure whether the information provided by online users or customers is associated with the identity of a real person. While identity authentication is an important security measure against new account fraud, Identity verification also plays a role in the Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions that monitor customer risk.

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Identity Verification Market Trends:

The growing prevalence of cyber security attacks and the emerging trend of enterprise mobility are primarily driving the identity verification market. Additionally, the rising instances of fraudulent activities and identity thefts, the widespread adoption of data security, the implementation of stringent regulations by government bodies to comply with safety standards, and the inflating digitalization are further catalyzing the market growth. Besides this, the escalating demand for work-from-home (WFH) business models, on account of the sudden outbreak of the COVID-19 pandemic, is propelling the need for efficient verification solutions during the remote hiring of candidates, which is acting as another significant growth-inducing factor. Moreover, the increasing integration of Artificial Intelligence (AI), cloud computing, Machine Learning (ML), and 360-degree Virtual Reality (VR) solutions with identity verification platforms is positively influencing the global market. Apart from this, they are also utilized by organizations to verify the identity of individuals when they are not physically present. Furthermore, banks and other financial institutions use anti-money laundering (AML) solutions to monitor customer risk and prevent new account frauds and scams, which is expected to fuel the identity verification market over the forecasted period.

Identity Verification Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the identity verification market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Acuant Inc.
• AuthenticID Inc.
• Equifax Inc.
• Experian PLC
• Intellicheck Inc.
• Jumio Corporation
• Mastercard Inc.
• Mitek Systems Inc.
• Onfido
• Thales Group
• TransUnion and Trulioo.

Key Market Segmentation:

The report has segmented the identity verification market on the basis of type, component, deployment mode, organization size and vertical

Breakup by Type:

• Biometrics
• Non-Biometrics

Breakup by Component:

• Solutions
• Services

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by Vertical:

• BFSI
• Government and Defense
• Healthcare and Life Sciences
• Retail and E-Commerce
• IT and Telecommunication
• Energy and Utilities
• Others

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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The project report covers the following aspects:

• Market Snapshot (Market Performance, Segments, Regional Insights, Covid-19 Impact, and outlook)
• Project Details, Requirements, and Costs Involved
• Project Economics
• Regulatory Procedures and Approval
• Key Success and Risk Factors

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