In October 2021, Thales Group Launched a Voice Biometric Authentication Solution. The Key Feature of this Solution was Improved Fraud Identity Capabilities and Knowledge-Based Authentication Capabilities

To stop fictitious identities from accessing sensitive data and using it to commit fraud, identity verification and authentication are essential. Its key features are the safety and dependability of the identity verification and authentication process. Although numerous methods for identity verification and authentication are currently available, each level of security differs greatly. Streaming-video identity verification, the eKYC procedure, electronic signatures, and face authentication are some of the most popular ways to confirm an individual's identification.   ​

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Global identity verification and authentication market is expected to reach USD 77,525.03 million by 2028 from USD 24,183.21 million in 2020 growing with the healthy CAGR of 16.9% in the forecast period of 2021 to 2028. Rising digitization initiatives primarily drive the market for identity verification, an increase in identity theft and fraud over the past ten years, and a rise in the number of verticals adopting digital identities. In addition, governments and businesses' initiatives that strongly emphasize digitalization and the integration of new technologies, such as AI, ML, and automation in identity verification solutions, would present attractive potential for identity verification vendors.   

Increasing demand for near-field communication (NFC) technologies will drive the market's growth rate

Near Field Communication (NFC) is a contactless communication technology based on a radio frequency (RF), with a working frequency of 13.56 MHz. NFC technology is designed to exchange data between two electronic devices through a simple touch. In recent times, NFC technology has gained immense popularity owing to factors such as COVID-19 and the contactless services offered by these devices during these cries. This is driving the growth of the market. Increased expenditure by public and private players on the development of infrastructure will also promote the market growth rate. Continuous research and development pertaining to the deployment of advanced technologies will yet again widen the scope of growth.  

Report Scope and Market Segmentation

Segment Analysis:

Global identity verification and authentication market is segmented into five notable segments which are based on the component, type, deployment mode, organization size and vertical.

• On the basis of component, the identity verification and authentication market is segmented into solution and services. In 2021, solution segment is expected to dominate the global identity verification and authentication market with 52.71% market share owing to factors such as shift toward digital transformation by various industries, increasing need to fight against data breach and fraud, requisite to fulfill KYC and AML compliance and easy onboarding of customers as well as employees.
• On the basis of type, the global identity verification and authentication market has been segmented into non-biometrics and biometrics. In 2021, biometrics segment is expected to dominate the global identity verification and authentication market with 52.7% market share due to factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, growing demand for NFC technologies that enhanced customer satisfaction and rising trend for contactless biometric solutions.
• On the basis of deployment mode, the global identity verification and authentication market has been segmented into on-premise and cloud. In 2021, cloud segment is expected to dominate the global identity verification market with 53.3% market share as cloud-based identity verification and authentication solutions is gaining popularity among government and defense agencies. Moreover, rapid digitalization across all industries is sphere heading the growth of cloud-based solutions.
• On the basis of organization size, the global identity verification and authentication market has been segmented into large enterprises and SME’S. In 2021, large enterprises segment is expected to dominate the global identity verification and authentication market with 55.64% market share due to factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high risk transactions, mandatory compliant to different regulations and protected digital payments.

The large enterprises segment will dominate the organization size segment of the identity verification and authentication market

The large enterprises segment will emerge as the dominating segment under organization size in 2021 with approximately 56% market share. This is because of the growing number of large enterprises in the market especially in the developing economies. Further, growth and expansion of the IT industry all around the globe will further bolster the growth of this segment.

• On the basis of vertical, the global identity verification and authentication market has been segmented into BFSI, government & defence, energy & utilities, retail & ecommerce, IT & telecom, healthcare, gaming and others. In 2021, government & defence segment is expected to dominate the global identity verification and authentication market with 20.54% market share owing to factors such as strong need to minimize cyber threats, adoption of risk-based fraud defense strategy, reducing the spread of fake information through stolen identities, ease of convenience in government agency onboarding process and ensuring the safety of citizens.

The government & defence segment will dominate the vertical segment of the identity verification and authentication market

The government & defence segment will emerge as the dominating segment under vertical segment in 2021. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

Major Players              

Data Bridge Market Research recognizes the following companies as the market players in identity verification and authentication market: Thales Group (France), LexisNexis Risk Solutions Group (U.S.), AccuraTechnolabs (India), GB Group plc (U.K.), Experian Information Solutions, Inc. (U.S.), IDkollen i Sverige AB (Sweden), IDEMIA (France), Precise Biometrics AB (Sweden), Finansiell ID-Teknik BID AB (Sweden), PENNEO A/S (Denmark), Equifax, Inc. (U.S.), Mitek Systems, Inc. (U.S.), TransUnion LLC (U.S.), Authenteq (Germany), Acuant, Inc. (U.S.), Jumio (U.S.), Onfido (U.K.), Okta (U.S.), Ping Identity (U.S.), ZignSec AB (Sweden)

Market Development

• In October 2021, Thales Group launched a voice biometric authentication solution. The key feature of this solution was improved fraud identity capabilities and knowledge-based authentication capabilities. This solution was designed for mobile id verifications for call center operators. This solution helped the company to expand its market and improve its solution portfolio.
• In June 2021, LexisNexis Risk Solutions Group launched Financial Crime Compliance Solution. The key feature of this solution was its digital identity intelligence capabilities. This solution will help the companies to fight against fraud. This solution strengthen the companies identity verification capabilities
• In October 2020, Thales Group launched identity verification suite solution. The key feature of this solution launch was its secure biometric capabilities. Moreover, this solution was 100% automated solution using artificial intelligence and provided privacy, high-level security and deployment flexibility. This solution helped the company to strengthen its product portfolio

Regional Analysis

Geographically, the countries covered in the identity verification and authentication market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, 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), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in identity verification and authentication market during the forecast period 2021 - 2028

North America dominates the market and will continue to flourish its dominance during the forecast period. The development of government initiatives, such as smart infrastructure, smart cities, and digital identity-based driver's licenses, as well as the growing integration of different technologies, such as AI, ML, and blockchain, for securing digital identities, are factors that are anticipated to fuel the demand for identity verification.

Asia-Pacific is estimated to be the fastest growing region in identity verification and authentication market the forecast period 2021 - 2028

Asia-Pacific is expected to increase significantly as well and will register the highest growth rate owing to increased investments in the IT sector. The government's initiatives to combat identity-related fraud, particularly their efforts to strengthen eKYC to verify identities, as well as country-initiated compliance regulations, rising demand for cloud-based identity verification, and an increase in identity-related cyberattacks, are factors that are fueling this region's revenue growth.

COVID-19 Impact Analysis

Due to work From Home trends, verticals worldwide were forced to compulsorily adjust to the new digital reality following the COVID-19 outbreak (WFH). The need for stronger identity verification methods to provide stronger and reliable authentication for the employees as well as clients and grant access to them has increased with all the enterprises operating more in the digital world where cyber attackers are not leaving any stone unturned to carry out attacks, such as identity thefts and identity spoofing.

Additionally, it has become even more crucial for industries such as BFSI and healthcare to maintain compliance with the laws as there has been a rise in online operations from online onboarding to online transactions due to COVID-19.

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