Identity Verification Market
Identification verification refers to the services and products used to confirm the validity of a person’s physical identity or their documentation,
PUNE, MAHARASHTRA, INDIA, December 9, 2022 /EINPresswire.com/ — Identity Verification Market Research Report’, the report is complete with an elaborate research undertaken by prominent analysts and a detailed analysis of the global industry place. The study is inclusive of a well-elaborated, extensive scrutiny of this industry alongside major parameters that may most likely have an influence on the market commercialization matrix. Identity Verification Market is forecasted to grow at 13.0% with factor such as to prevent the organization from fraudulent activities.
Identity verification market has shown an exceptional penetration in countries such as India. Growing government initiatives for verification process is boosting the growth in developed countries. In developing countries, increasing BYOD trend across enterprises, is creating opportunity for the global identity verification market.
Global identity verification market was valued at USD 8.41 billion in 2021 and is expected to reach USD 26.34 billion by 2029, registering a CAGR of 15.34% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Industry Synopsis: –
Identification verification refers to the services and products used to confirm the validity of a person’s physical identity or their documentation, such as a driver’s licence, passport, or another identity document that is issued nationwide. Identity verification is a crucial procedure that makes sure a person’s identity corresponds to what it should.
Secure identity verification is sought after by many institutions operating in the digital domain due to an increase in fraudulent paper work and falsified personal identity certificates. Identity verification solution sales are expected to increase rapidly in the future years, reaching a total value of US$ 18.6 billion by the end of 2026.
REPORT METRIC
Forecast Period – 2022 to 2029
Base Year – 2021
Historic Years – 2020 (Customizable to 2014 – 2019)
Quantitative Units- Revenue in USD Billion, Volumes in Units, Pricing in USD
Key Market Competitors Covered in the Report
• Thales Group
• IDEMIA
• Experian Information Solutions, Inc.
• TransUnion LLC.
• LexisNexis Risk Solutions Group.
• AccuraTechnolabs
• Acuant, Inc.
• Authenteq
• Equifax, Inc.
• Finansiell ID-Teknik BID AB
• ForgeRock
• GB Group plc (‘GBG’)
• Jumio
• Mitek Systems, Inc.
• Okta.
• Onfido
• PENNEO A/S
• Ping Identity.
• Precise Biometrics AB
• ZignSec AB
• Stripe
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What are the key highlights of this report?
• A well-outlined evaluation of the pricing data has been conducted by prominent analysts, based on the product, application, as well as regional terrains
• A detailed scrutiny pertaining to the vendor landscape alongside the important companies that may help better evaluate the competitive scenario of the global marketplace
• Important, insightful information with respect to the regulatory spectrum that governs the market, coupled with the investments poured in by many stakeholders in the global industry
• A deep-dive scrutiny of the many parameters boosting the overall market share along with their influence on the projection as well as dynamics of the global industry
• A detailed understanding of the numerous opportunities available in the global market as well as the identification of important factors
• An intrinsic evaluation of the many trends prevailing in the global market that may help scrutinize the developments in the business space
Identity Verification Market Scenario
According to Data Bridge Market Research, the market for identity verification in North America has the highest market share, followed by Europe and Asia-Pacific. Market leader is Thales Group, which accounts an estimated market share of approximately 20% to 30%, globally. The company has gained outstanding sales through its wide range of identity verification and biometric solutions.
Identity Verification Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Growing digitalization across the world
As a result of the prevalence of identity-related scams in the modern world, organizations are under pressure to implement strict security measures. Identity verification has become a crucial component in areas where verified identity is required, such as border controls and access to digital services, as a result of growing digitization across governments and corporate sectors globally. This will bolster the growth of the market in the upward direction.
Increased concerns in regards to safety and security
The administration of the corporate security system will likely be significantly impacted by the rising complexity of security information platforms, IT-based tools, and solutions. Additionally, the worrisome rise in cyber security events has increased the demand for all firms to implement comprehensive security solutions
Furthermore, the factors such as rising urbanization, industrialization and growing number of end users globally have further contributed to the overall market expansion during the forecast period. Additionally, the evolution of the industrial internet of things (IIoT) and rising adoption of smart automation solutions are anticipated to drive the market’s growth rate.
Opportunities
Rising deployment of advanced technologies
Growing adoption of advanced technologies such as big data, cloud computing, artificial intelligence, and machine learning will positively influence market growth. Verification services like blockchain-based identity verification are actively addressing organizations’ growing cyber risks and vulnerabilities, the adoption of Bring Your Own Devices (BYOD) in organisations, Know Your Customer (KYC) and Anti-Money Laundering (AML), and identity verification in healthcare.
Identity Verification Market Development
In November 2020, Experian Information Solutions, Inc. (a subsidiary of Experian plc) acquired Tapad which is a provider of digital identity resolution. This acquisition enabled the company to help marketers create a more relevant experience for consumers, while continuing to protect consumer privacy. This acquisition helped the company to enhance their digital offerings for advertisers and to increase their customer base
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Segmentation: – Identity Verification Market
Application
• Credit Card Fraud
• Bank Fraud
• Phone or Utility Fraud
• Employment or Tax-related Fraud
Component
• Solutions
• Services
Type
• Non-Biometrics
• Biometrics
Deployment Type
• On-Premise
• Cloud
Organization Size
• Small and Medium-Sized Enterprises
• Large Enterprises
Vertical
• BFSI
• Government & Defense
• Energy & Utilities
• Retail & Ecommerce
• IT & Telecom
• Healthcare
• Gaming
• Others
Identity Verification Market Regional Analysis/Insights
The Global identity verification market is analysed and market size insights and trends are provided by country, application, component, type, deployment mode, organization size and vertical as referenced above.
The countries covered in the identity verification market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the identity verification market due to the increased investment on futuristic technologies and large scale presence of most technologically advanced leaders in the market. Prevalence of advanced infrastructure in in the region is another important factor determining the dominance of this region.
Asia-Pacific region is showing a promising potential and therefore, is set to grow with the highest growth rate during the forecast period. This is because of the increasing adoption of identity verifications and BYOD, expanding I.T. infrastructure and growing presence of major players in the region.
Key Pointers Covered in Identity Verification Market Industry Trends and Forecast to 2029
Market Size
Market Standards and Changes
Market Trials in Different Regions
Market Requirements in Different Regions
Market Shares in Different Regions
Recent Developments for Market Competitors
Recent Market Value for Different regions
Sales Data for Market Competitors
Market Key Vendors and Disruptors Study
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Trends Impacting the Market
Now the question is which other regions Thales Group, IDEMIA, and Experian Information Solutions, Inc. (a subsidiary of Experian plc) are targeting? Data Bridge Market Research has estimated moderate growth in North America identity verification market and the market leaders targeting U.S., and Canada to be their next revenue pockets for 2021.
The identity verification market is becoming more competitive every year with companies such Thales Group, IDEMIA, and Experian Information Solutions Inc. (a subsidiary of Experian plc) as they are the market leaders for identity verification market. Data Bridge Market Research new reports highlight the major growth factors and opportunities in the identity verification market.
Key Reasons to Purchase Identity Verification Report
• To gain insightful analyses of the market and have comprehensive understanding of the Global Identity Verification and its commercial landscape.
• Assess the Identity Verification production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the Identity Verification and its impact in the Global market.
• Learn about the market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for Global Identity Verification.
Queries Related to the Identity Verification Market
• Which application segments will perform better and achieve success in worldwide through the forecast years?
• What are the key factors driving the market growth?
• Who are the key vendors in this Industry?
• Which are the impressive business sectors where best players want their own expansion in future?
• What are the market dynamics?
• What are the limits ruining the development rate?
• What is the focused circumstance to advance development?
• What are the opportunities and threats faced by the performers in the global market?
• What are the development rates for this Industry?
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Browse More Reports: –
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https://www.databridgemarketresearch.com/reports/global-consumer-iam-market
Privileged Identity Management Market, By Component (Solutions, Services), Installation Type (Appliance-Based, Agent-Based), Deployment Mode (Cloud, On-Premises), Organization Size (Large Enterprises, Small and Medium Enterprises), Industry Vertical (Banking, Financial Services, and Insurance, Government and Defense, Healthcare and Pharmaceuticals, Manufacturing, Energy and Utilities, IT and Telecom, Retail, Others), Industry Trends and Forecast to 2028. https://www.databridgemarketresearch.com/reports/global-privileged-identity-management-market
Block chain Identity Management Market By Networks (Permissioned and Permission less), Provider (Application Providers, Middleware Providers and Infrastructure Providers), Organization Size (Large Enterprise, Small Enterprises and Medium-Sized Enterprises), Industry (BFSI, Government, Healthcare and Life Sciences, Telecom and IT, Retail and E-Commerce, Transport and Logistics, Real Estate, Media and Entertainment, Travel and Hospitality and Others), Industry Trends and Forecast to 2028 https://www.databridgemarketresearch.com/reports/global-blockchain-identity-management-market
Identity Governance and Administration Market, By Component (Solution and Services), Deployment Mode (Cloud, On-premises), Organization Size (Large enterprises, Small and Medium-sized Enterprises (SMEs)), Industry Vertical (BFSI, Government and Defense, Telecom and It, Healthcare and Life Sciences, Energy and Utilities, Retail and Consumer Goods, Manufacturing, Others), Industry Trends and Forecast to 2028 https://www.databridgemarketresearch.com/reports/global-identity-governance-and-administration-market
Biometric Identity Solutions Market, By Type (Fingerprints Identification, Voice Identification, Face Identification, Iris Identification, Gait Identification, Others), Application (Business Use, Government and Public Sector, Retail, BFSI, Education, Healthcare, Others), Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/global-biometric-identity-solutions-market
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