According to market research report on "Identity Verification Market by Component (Solutions and Services),
Type (Non-Biometric and Biometric), Organization Size, Deployment Mode,
Vertical (BFSI, Government and Defense, and Healthcare and Life Sciences), and
Region - Global Forecast to 2025", published by
MarketsandMarkets™, the Identity Verification Market size to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025,
at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period.
Increasing digitalization with initiatives,iIncrease in fraudulent activities
and identity theft, and increasing use cases of digital identities are
major growth factors for the market.
Initiatives by
governments and enterprises with focus on digitalization and increased adoption
of cloud-based identity verification and increasing need to improve customer
expectations among verticals such as BFSI would provide lucrative opportunities
for vendors in the Identity Verification Market.
Browse and
in-depth TOC on “Identity
Verification Market”
331 – Tables
39 - Figures
280 - Pages
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In the type segment, non-biometrics segment to hold the largest market size
during the forecast period
Non-biometrics identity
verification solutions are used to verify documents, such as government IDs,
passport, driving license, and credit or debit cards. The non-biometrics
solutions are majorly used for remote customer onboarding, fraudulent ID
detection, KYC/AML compliance, and business process automation. The
introduction and integration of AI and ML technologies into identity
verification solutions help organizations be proactive and make highly
effective detection and remediation of suspicious activities and unauthorized
and invasive access requests on an enterprise network. With the rapidly growing
identity-based attacks and frauds, identity verification solutions are becoming
essential. The non-biometrics solution segment is an essential part of identity
verification solutions and is expected to witness a huge growth in the coming
years.
In deployment mode, cloud
deployment to grow at a higher CAGR during the forecast period
Cloud-based identity
verification solutions are not only enabling organizations to manage their
costs but also helping them in improving business agility. It is the
fastest-growing deployment model in the identity verification market. SMEs
prefer cloud-based deployment, as it is cost-effective and easy to deploy. With
the cloud-based deployment of these solutions, small enterprises can assess
vulnerabilities and reduce threat landscape at a much lower cost, thus
improving their customer services. The cloud-based platform offers a
centralized way to verify identities. For organizations having strict budgets
on security investments, cloud-based identity verification solutions are a good
fit.
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North America to hold the largest market size during the forecast period
North America, a
technologically advanced region with a high number of early adopters and the
presence of major market players, is expected to contribute the highest market
share in terms of revenues during the forecast period. Factors such as the
development of government initiatives, such as smart infrastructure, smart
cities, digital identity-based driver’s license, and the use of identity
verification by the US police to track criminals suspected of major and minor
crimes, as well as to find out missing persons, are also driving the need of
identity verification across North America. Additionally, increasing demand for
cloud-based identity verification services among enterprises, especially SMEs,
due to advantages such as scalability and cost effectiveness are expected to
fuel the growth of identity verification in the region
Major vendors in the
global Identity Verification
Market include Experian
(Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France),
LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US),
IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US),
Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway),
SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India),
PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Idenfy (Lithuania),
WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany).
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