Ensuring Secure Business Operations: Trust, Verify, and Thrive in North America's Identity Verification and Authentication Market

Identity verification is essential in various business procedures and processes. It involves several methods such as biometric identity, security assertion markup language authentication (SAML) solutions, identity and access management (IAM) solutions, and biometric authentication. These services are utilized across industries to ensure security, prevent financial crimes, fraud, and identity theft. Implementing anti-money laundering solutions can help avoid penalties and enhance customer experience. Overall, identity verification and authentication services play a crucial role in maintaining security and trust in business operations.

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Data Bridge Market Research analyses that the North America Identity Verification and Authentication Market is expected to reach USD 36,546.91 million by 2030, which is USD 9,855.72 million in 2022, at a CAGR of 17.80% during the forecast period of 2023 to 2030. With the increasing adoption of digital services and online transactions in North America, the risk of fraud and data breaches rises as well. Reliable identity verification solutions are essential to authenticate users' identities, prevent unauthorized access, and protect sensitive information, fostering trust and security in the digital realm.

Key Findings of the Study

Stringent regulatory requirements is expected to drive the market's growth rate

In North America, the increasing enforcement of data protection and privacy regulations, such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in California, has a significant impact on businesses operating in the region. To meet these stringent regulatory requirements and ensure compliance, organizations are compelled to adopt advanced identity verification solutions that offer robust security measures and protect user data, thereby safeguarding their reputation and avoiding potential legal penalties.

Report Scope and Market Segmentation

Segment Analysis:

The North America identity verification and authentication market is segmented on the basis of component, type, deployment mode, organization size and vertical.

• On the basis of component, the North America identity verification and authentication market is segmented solution, services.
• On the basis of type, the North America identity verification and authentication market is segmented non-biometrics, biometrics.
• On the basis of deployment mode, the North America identity verification and authentication market is segmented into on-premise, cloud.
• On the basis of organization size, the North America identity verification and authentication market is segmented into large enterprises, SME’S.
• On the basis of vertical, the North America identity verification and authentication market is segmented into BFSI, government and defense, energy and utilities, retail and e-commerce, it and telecom, healthcare, gaming, and

Major Players

Data Bridge Market Research recognizes the following companies as the major North America identity verification and authentication market players in North America identity verification and Authentication market are IDkollen, (Sweden), Experian Information Solutions, Inc. (Ireland), G.B. Group plc (‘GBG’) (U.K.), Equifax, Inc. (U.S.), Mitek Systems, Inc. (U.S.), Thales (France), LexisNexis Risk Solutions Group. (U.S.), Onfido (U.K.)

Market Developments

• In 2022, Thales unveiled a new solution, Thales' multimodal biometric pod, an effective enrollment and identification solution that aids in the seamless management of border and immigration operations for travellers.
• In 2022, LexisNexis introduced a new product, AmplifyID. The LexisNexis AmplifyID is an identity-centric platform designed to place identity verification at the forefront of mission-critical decision-making. This product expands the company's knowledge across public and private sectors as well.
• In 2021, Experian partners with Citadel API, providing lenders access to 120 million consumer-permissioned payroll accounts for enhanced verification capabilities.
• In 2021, Equifax introduced a Digital Identity Suite solution designed to simplify the rental application process. The Suite includes a document verification tool that matches a selfie to the picture on a photo ID using facial recognition.
• In 2021, LexisNexis Risk Solutions Group launched Financial Crime Compliance Solution. The major characteristic of this solution was digital identity intelligence capabilities. This will aid the companies to fight against scam.
•  In 2020, Thales Group launched a solution named identity verification suite. The major characteristic feature of this solution was its secure biometric capabilities.

Regional Analysis

Geographically, the countries covered in the North America identity verification and authentication market report are U.S., Canada and Mexico in North America

As per Data Bridge Market Research analysis:

U.S. is the dominant region in North America identity verification and authentication market during the forecast period 2023-2030

The U.S. leads the identity verification and authentication market due to widespread adoption by diverse industries s manufacturing and financial organizations. The demand for authentication solutions has compelled manufacturers to create a variety of reliable and advanced verification solutions. This extensive adoption is driven by the need for robust security measures to protect sensitive data, prevent unauthorized access, and ensure trust in digital interactions, making the U.S. a dominant player in the market.

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