According to a new report published by UnivDatos Markets Insights, the Identity Verification Market was valued at USD 8 billion in 2020 and is expected to witness a robust CAGR of around 16% from 2021-2027. The analysis has been segmented into Component (Solutions and Services); Type (Biometric and Non-Biometric); Deployment (On-premises and Cloud); Organization Size (Large Enterprises and SMEs); Industry (Information and Communication Technology, Banking and Financial Services, Retail, Healthcare, and Others); Region/Country.
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The Identity Verification market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Identity Verification market. The Identity Verification market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Identity Verification market at the global and regional levels.
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Market Overview
The global identity verification market is expected to register a CAGR of around 16% over the period of 2021-2027. The global identity verification market is rising on account of the growing digitalization, growing uses of digital identities among industries, and the increasing frequency of identity theft and cyberattacks. Increasing regulation and mandatory compliance with standards in all industries, especially in the financial sector, is expected to create many opportunities for market participants. Moreover, the increasing frequency of identity theft and cyberattacks are one of the most prominent factors driving the adoption of identity verification. For instance, according to the FBI's 2021 Internet Crime Report, record 847,376 cybercrime complaints were reported to the FBI by the general public, up 7% from 2020. Identity verification is used by businesses to ensure that a user or customer provides information related to the identity of a real person. Verifying an individual's identity is essential to prove that there is a real person behind the transaction or process. Scammers create fake profiles before misusing their business, such as defaulting online loans, creating multiple accounts to exploit promotion systems, or triggering affiliate rewards.
Some of the major players operating in the market include Experian Information Solutions Inc., GB Group plc, Equifax Inc., Mitek Systems Inc., LexisNexis Risk Solutions Group, Trulioo Information Services Inc., Acuant Inc., TransUnion LLC, Innovatrics s.r.o., and Applied Recognition Corp.
COVID-19 Impact
Following the outbreak of COVID-19, trends such as work-from-home (WFH) are forcing industries around the world to adapt to the new digital world. Provide employees and customers with stronger and more reliable authentication as all businesses operate in a digital world where cyber attackers will do anything to carry out attacks such as identity theft and identity theft. There is a growing need for and importance of stronger methods of identity verification to provide access to them.
The global Identity Verification market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· By organization size, the market is bifurcated into large enterprises and SMEs. Among these two, the large enterprises have a sizeable share of the global identity verification market, and this segment is expected to witness strong growth during the forecast period owing to the factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high-risk transactions, mandatory compliance with different regulations, and protected digital payments
· Based on industry, the identity verification market is segmented into information and communication technology, banking and financial services, government, healthcare, and others. The banking and financial services industry held a remarkable share of the global identity verification market. With the increasing digitization of banking processes such as digital onboarding and digital payments to improve the customer experience, the need for identity verification is increasing in this industry.
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Identity Verification Market Geographical Segmentation Includes:
· North America (US, Canada, Rest of North America)
· Europe (Germany, France, Spain, the UK, Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
· Rest of the World
North America is expected to grow at a steady growth rate as it is a technologically advanced region with the presence of many early adopters and major market players. In addition, factors such as the development of government initiatives such as smart infrastructure, smart cities, and digital identity-based driver's licenses, as well as increasing integration of various technologies such as AI, ML, and blockchain to secure digital identities are further contributing to the identity verification market.
The major players targeting the market include
· Experian Information Solutions Inc.
· GB Group plc
· Equifax Inc.
· Mitek Systems Inc.
· LexisNexis Risk Solutions Group
· Trulioo Information Services Inc.
· Acuant Inc.
· TransUnion LLC
· Innovatrics s.r.o.
· Applied Recognition Corp
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Identity Verification Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Identity Verification market?
• Which factors are influencing the Identity Verification market over the forecast period?
• What are the global challenges, threats, and risks in the Identity Verification market?
• Which factors are propelling and restraining the Identity Verification market?
• What are the demanding global regions of the Identity Verification market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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