Identity verification is vital in various sectors. It has various applications such as online user registration, financial transactions, and access control. Key features of identity verification encompass biometrics, document authentication, and AI-driven algorithms for accuracy. Uses range from confirming user identities for secure online banking and e-commerce to enhancing border security through facial recognition. Identity verification ensures data protection and fraud prevention, and its versatility supports compliance with regulations, making it a cornerstone of trust and security in our increasingly digital world.
According to Data Bridge Market Research, the Global Identity Verification Market accounted for USD 8.41 billion in 2021 and is expected to reach USD 26.34 billion by 2029. The market is expected to grow with a CAGR of 15.34% in the forecast period of 2022 to 2029.
“Widespread digitalization of services and transactions boosts the market’s growth”
The global identity verification market is experiencing robust growth due to the widespread digitalization of services and transactions. As businesses and governments increasingly operate online, the need to verify the identity of users becomes critical for security and regulatory compliance. Identity verification solutions, using technologies like biometrics and AI, offer secure and efficient means of confirming identities in real time. This trend is driving market expansion as industries such as finance, e-commerce, and healthcare invest in these solutions to enhance customer trust, reduce fraud, and meet compliance requirements.
What restraints the growth of the global identity verification market?
“High costs and substantial investments required restraints the market’s growth”
The growth of the identity verification market can be hampered by high costs and substantial investments required for implementing robust identity verification solutions. Developing and maintaining sophisticated verification technologies, complying with stringent security standards, and adapting to evolving regulatory requirements demand substantial financial resources. This can deter smaller businesses from adopting. Additionally, extensive initial investment can extend the ROI period, slowing down market growth.
Segmentation: Global Identity Verification Market
The global identity verification market is segmented on the basis of application, component, type, deployment mode, organization size, and vertical.
- On the basis of application, the identity verification market is segmented into credit card fraud, bank fraud, phone or utility fraud, and employment or tax-related fraud.
- On the basis of component, the identity verification market is segmented into solution and services.
- On the basis of type, the identity verification market is segmented into non-biometrics and biometrics.
- On the basis of deployment mode, the market is segmented into on-premise and cloud.
- On the basis of organization size, the market is segmented into large enterprises and SME’S.
- On the basis of vertical, the market is segmented into BFSI, government and defense, energy and utilities, retail and e-commerce, IT and telecom, healthcare, gaming, and others.
Regional Insights: North America dominates the Global Identity Verification Market
North America dominates the identity verification market due to the dominance of this region is determined by increased investments in futuristic technologies and the substantial presence of technologically advanced leaders in the market. Another crucial factor contributing to its prominence is the prevalence of advanced infrastructure in the region.
Asia-Pacific region is showing promising potential due to the region's growing prominence in the identity verification sector can be attributed to several factors such as, there is rising adoption of identity verification solutions and bring your own device (BYOD) policies, driven by the need for secure digital transactions. Additionally, the continuous expansion of IT infrastructure provides a robust foundation for implementing these technologies.
Recent Developments
- In November 2021, Experian introduced its Work Report digital verification service, offering customers the choice to authorize the digital sharing of their payroll information with other companies. This service facilitates seamless access to an individual's payroll data, enabling quick verification of their gross and net income, employment status, and tenure with their employer.
- In June 2020, GBG partnered with CredoLab to utilize GBG's AI-powered risk management capabilities for the rapid and reliable assessment of the creditworthiness of individuals in Indonesia, including those who are unbanked or have limited access to banking services.
- In December 2019, GBG joined forces with What3words to enhance location data accuracy, aiding businesses in the retail and logistics sectors to better pinpoint specialized customer demographics.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-identity-verification-market
The Prominent Key Players Operating in the Global Identity Verification Market Include:
- 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.)
- Trulioo. (Canada)
- Acuant, Inc. (U.S.)
- IDEMIA (France)
- Jumio (U.S.)
- TransUnion LLC. (U.S.)
- AU10TIX (Israel)
- IDology. (U.S.)
- Innovatrics (Slovakia)
- Applied Recognition Corp. (Canada)
- Signicat (Norway)
- SecureKey Technologies Inc. (Canada)
- IDfy (India)
Above are the key players covered in the report, to know about more and exhaustive list of global identity verification market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Identity Verification Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
