Expanding GCC Identity Verification Market Surges with Advanced Technologies and Robust Security Solutions Growth

The GCC (Gulf Cooperation Council) identity verification market refers to the industry within the Gulf region that focuses on the processes and technologies used to authenticate and validate the identity of individuals. With advancements in technology, the market is witnessing the adoption of biometric authentication, document verification, and other sophisticated methods to enhance accuracy and security. The GCC identity verification market serves various sectors, including finance, healthcare, government, and e-commerce, where secure and reliable identification processes are crucial.

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Data Bridge Market Research analyzes that the GCC Identity Verification Market is expected to reach a value of USD 9,96,843.09 thousand by 2029, at a CAGR of 11.9% during the forecast period from 2022 to 2029 from USD 4,05,495.56 thousand in 2021. Escalating incidents of identity theft, fraud, and cyber threats have spurred a heightened demand for sophisticated identity verification solutions. Organizations are increasingly seeking advanced methods to fortify security measures, safeguard sensitive information, and counteract the evolving landscape of digital risks.

Key Findings of the Study

Cross-border transactions is expected to drive the market's growth rate

As global business activities surge, the demand for robust identity verification systems intensifies. Secure cross-border transactions and adherence to global regulatory standards are paramount. Organizations seek advanced identity verification solutions to ensure compliance and fortify the security of international transactions. In this climate of increased cross-border interactions, reliable identity verification not only fosters trust but also plays a crucial role in mitigating risks associated with fraud and non-compliance on the global stage.

Report Scope and Market Segmentation

Segment Analysis:

The GCC identity verification market is segmented into five notable segments based on component, type, deployment mode, organization size, and vertical.

• On the basis of component, the GCC identity verification market has been segmented into solutions and services
• On the basis of type, the GCC identity verification market has been segmented into biometrics and non-biometrics
• On the basis of deployment mode, the GCC identity verification market has been segmented into cloud and on-premise
• On the basis of organization size, the GCC identity verification market has been segmented into large enterprises and SMEs
• On the basis of vertical, the GCC identity verification market has been segmented into BFSI, government and defense, energy and utilities, retail and ecommerce, IT and telecom, healthcare, gaming, and others

Major Players

Data Bridge Market Research recognizes the following companies as the major GCC identity verification market players in GCC identity verification market are Onfido (U.K.), GB Group plc ('GBG') (U.K.), Acuant, Inc. (U.S.), IDEMIA (France), Thales Group (France), Shufti Pro (U.K.), Western Union Holdings, Inc. (U.S., Plaid Inc. (U.S.), IDMERIT. (U.S.), AccuraTechnolabs (India).

Market Developments

• In September 2022, Elm, based in Saudi Arabia, actively engaged in a global AI summit held in Riyadh. The strategic participation has positioned Elm at the forefront of evolving AI trends, empowering the company to address intricate challenges and explore future prospects. By proactively embracing advancements, Elm aims to enhance its brand image within the competitive market landscape, signaling its commitment to innovation and technological leadership in the burgeoning field of artificial intelligence
• August 2022: Melissa, a company that offers address management and global data quality solutions, recently announced a partnership with ID-Pal. Melissa ID, a groundbreaking, fully customizable, out-of-the-box SaaS solution using a multi-layered approach that includes biometrics, facial matching, liveness testing, address verification, and document checks for automated identity verification, is the result of the collaboration between the two businesses. This new software covers over 6000 identification documents from 200 nations and jurisdictions and is supported by Melissa's 35+ years of experience in address standardization, rectification, and verification
• In June 2022, Onfido strategically aligned with The Investing and Saving Alliance (TISA) to actively contribute to the advancement of its Digital ID program. This collaboration underscores Onfido's commitment to fostering the adoption of reusable identity solutions. The move follows TISA's rapid expansion of the Digital ID initiative, boasting members such as Barclays, Signicat, OneSpan, and Daon. Onfido's participation in this growing consortium signals a collective industry push towards enhancing digital identity practices within the market

Regional Analysis

Geographically, the countries covered in the GCC identity verification market report are U.A.E, Kingdom of Saudi Arabia, Qatar, Kuwait, Oman, Bahrain.

As per Data Bridge Market Research analysis:

U.A.E is the dominant region in the GCC identity verification market during the forecast period 2022-2029

U.A.E dominates the GCC identity verification market, leveraging its technological prowess and hosting major market players. The region's advanced infrastructure and strategic position fuel the adoption of identity verification solutions. With a robust technological landscape and widespread influence, the U.A.E. plays a pivotal role in propelling the growth of the GCC identity verification market. The convergence of innovation and market leadership positions the U.A.E. as a key driver in shaping the trajectory of identity verification adoption across the Gulf Cooperation Council.

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