North America Identity Verification and Authentication Market – Industry Trends and Forecast to 2030

North America Identity Verification and Authentication Market Analysis and Size

Identity verification is a significant necessity in many business procedures and processes. Many procedures for identity verification and authentication services comprise biometric identity, security assertion mark-up language authentication (SAML) solutions, identity and access management (IAM) solutions and biometric authentication solutions. The verification of identity process can be carried out in several different ways depending on the verification and the channel. Identity verification and authentication services are used in numerous industries to offer complete security, to avoid financial crimes, fraud and identity theft. One such method to ignore this can be deploying anti-money laundering solutions to avoid expensive fines and other benefits and surge customer experience.

 Data Bridge Market Research analyses that the identity verification and authentication market is expected to reach USD 36546.91 million by 2030, which is USD 9855.72 million in 2022, at a CAGR of 17.80% during the forecast period. 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.

Identity Verification and Authentication Market Scope and Segmentation

Market Definition

Identity verification and authentication refers to the solutions and services which is used to verify the authenticity of a person's physical documents or identity such as a driver’s passport, license or nationally issued identity document. Identity verification and authentication is a significant process that confirms an identity matches of person the one that is supposed to be. Identity verification and authentication services and solutions confirm that a real person is working behind a process and proves the one they claim to be, preventing committing fraud or false identities.

Identity Verification and Authentication Market

Drivers

• Rising demand for privacy and security solutions

Increasing demand for privacy and security solutions among enterprises may increase the growth of the Identity verification and authentication market. The consumers can take the control of their information and data and centralize it by using Identity verification and authentication. These determinants may increase the demand for the Identity verification and authentication in the market and drive the market growth rate during the forecast period.

• Growing digitization

The expanding need for digitization will upsurge market growth in the forecast period. Numerous industries such as consumer products, healthcare, manufacturing, and retail are embracing digitalization more broadly. These industries are more susceptible to cyber-attacks due to IT resources' utilization. Identity verification and authentication solution aids to stop invasions which is becoming more popular among numerous industries.

Opportunities

• Surging product launches

The increasing product launches and other innovations by major market players will provide numerous growth opportunities in the targeted market. For instance, LexisNexis Risk Solutions Group has announced the launch of LexisNexis Fraud Intelligence In November 2020. LexisNexis Fraud Intelligence is a tool that helps businesses decrease the risk of account opening fraud.  This solution helps enterprises in minimalizing the risk of new account fraud by combining consumer identity events and application activity to produce a robust and comprehensive score that delivers a complete picture of identity proof.

• Increasing research and development activities

The major companies in the identity verification and authentication market invest in constant research and development activities and launch innovative products to fight security and cyber-attacks concerns. For instance, Experian has launched Work Report in November 2021. This is an automated verification solution which enables users to agree to digitally share their details related to payment with another organization.

Restraints

• Lack of technical expertise

Dearth of technical expertise and expert knowledge particularly in the developing and developed economies and lack of awareness and skilled professionals among management level individuals will create problems for the market. Further, lack of skilled professionals and low experience quotient will yet again hinder the market's growth rate.

• High costs and investment

High maintenance and deployment expenses of the technology will hamper the market's growth rate. Moreover, increasing overhead prices will narrow down the scope of the market. Maximum companies deliver pricing per verification, and per yearly and month basis, in which a limited number of identity verification checks are comprised. Some wholesalers also deliver flexible estimating per verification in some cases. The challenge lies in this different expense charged by the wholesalers of ID verification. The government's lack of regulations and standardization will yet again disrupt the market growth rate.

This identity verification and authentication market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the identity verification and authentication market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• 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. This will also strengthen identity verification capabilities of companies.
• In 2020, Thales Group launched a solution named identity verification suite. The major characteristic feature of this solution was its secure biometric capabilities. Furthermore, this solution was 100% automated offered high-level security, privacy and deployment flexibility, using artificial intelligence and alsousing artificial intelligence. This solution aided the company to reinforce its product portfolio

Identity Verification and Authentication Market Scope

The identity verification and authentication market is segmented on the component, type, deployment mode, organization size and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Services

Type

• Non-Biometrics
• Biometrics

Deployment Mode

• On-Premise
• Cloud

Organization Size

• Large Enterprises
• SME’s

Vertical

• BFSI
• Government and Defence
• Energy and Utilities
• Retail and E-commerce
• IT and Telecom
• Healthcare
• Gaming
• Others

Identity Verification and Authentication Market Regional Analysis/Insights

The identity verification and authentication market is analyzed and market size insights and trends are provided by country, component, type, deployment mode, organization size and vertical as referenced above.

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

U.S. dominates the identity verification and authentication market in terms of revenue and market share owing to the extensive adoption of authentication and verification solutions by numerous industries such as manufacturing companies, financial organizations, and others. This is compelling manufactures to create numerous authentication and verification solutions for the consumer.                                                                                                                                                                      

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Identity Verification and Authentication Market Share Analysis

The identity verification and authentication market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to identity verification and authentication market.

Some of the major players operating in the identity verification and authentication market are:

• Authenteq (U.S.)
• Ping Identity (U.S.)
• Okta (U.S.)
• ZignSec (Sweden)
• PENNEO A/S (Denmark)
• Finansiell ID-Teknik BID AB (Sweden)
• Precise Biometrics (Sweden)
• 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.)
• 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)

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