According
to market research report on "Identity Verification Market by Component
(Solutions and Services), Deployment Mode, Organization Size, Industry
Vertical, and Region (North America, Europe, APAC, Middle East and Africa,
Latin America) - Global Forecast to 2024",published by MarketsandMarkets™, is expected to grow from USD 6.0
billion in 2019 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate
(CAGR) of 16.0% during the forecast period.
Browse and
in-depth TOC on “Identity Verification Market”
77
- Tables
38
- Figures
143
- Pages
Identity
verification solutions enable organizations to verify the digital identities of
new and existing clients quickly.
The
solutions use the power of the latest technologies, such as machine learning,
face-based biometrics, and AI, to ensure whether an individual is who they
claim to be. They are the next-generation of identity authentication solutions
that deliver a significantly higher level of assurance and establish trusted
identities. The major factors driving the growth of the Identity Verification
Market are the increasing emphasis on compliance management, and rising number
of identity-related frauds and data breaches.
North America is estimated to dominate the
Identity Verification Marketin 2019
The global
Identity Verification Market is segmented by region into North America, Europe,
Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North
America, being a technologically advanced region, houses the highest number of
identity verification vendors. The region has witnessed prominent identity
verification solutions implementation across industry verticals, such as
Banking, Financial Services, and Insurance (BFSI), retail, healthcare,
government, and IT and telecom. As a result, the region is expected to be the
largest market for identity verification solutions. Moreover, several APAC industry
verticals are investing heavily in the adoption of identity verification
solutions to streamline their internal operations and minimize costs.
Among components, the solutions segment is
expected to grow at the highest CAGR during the forecast period
The
solutions segment is growing at a significant rate, due to the increasing
demand for digital identity verification, identity authentication, and ID
verification, which include compliance management and fraud prevention. ID
verifications help detect digital manipulations with genuine ID images or
content, such as names, addresses, date of births, and face photo replacements,
with the help of advanced technologies. There is a huge adoption of ID
verification solutions across the globe. The market size of the ID verification
in the solutions segment is expected to grow at the highest CAGR during the
forecast period.
The services segment is expected to be the
fastest market during the forecast period
The
Identity Verification Market by component is segmented into solutions and
services. The services segment is expected to grow at a higher CAGR from 2019
to 2024. As the market for identity verification solutions is continuing to
grow, the market for services associated with identity verification is also
expanding. Services offered, whether managed or professional, enable enterprises
to safeguard their users and devices from unauthenticated accesses. The market
for identity verification services is growing, due to the increasing demand
among organizations to offer enhanced customer services and convenience to
users.
The report
encompasses the different strategies, such as partnerships and collaborations,
mergers and acquisitions, and product developments, adopted by the major
players to increase their market shares. Some of the major technology vendors
in the Identity Verification Market
are Experian (Ireland), LexisNexis (US), Equifax (US), Mitek Systems (US),
Gemalto (Netherlands), Onfido (England), Trulioo (Canada), Acuant (US), IDEMIA
(France), Jumio (US), Authenteq (Iceland), Shufti Pro (UK), IDMERIT (US),
iDenfy (Lithuania), and TransUnion (US).
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Content Source: https://www.marketsandmarkets.com/PressReleases/identity-verification.asp
Report: https://www.marketsandmarkets.com/Market-Reports/identity-verification-market-178660742.html
Report: https://www.marketsandmarkets.com/Market-Reports/identity-verification-market-178660742.html
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