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
2026", published
by MarketsandMarkets™, the global
Identity Verification Market size to grow from USD 8.6 billion in 2021 to USD
18.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.6% during
the forecast period.
The global market size
of the Identity Verification Market is expected to grow from 8.6 billion to
18.6 billion at a CAGR of 16.6% during the forecast period. Increasing
digitalization with initiatives, increase 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
the increasing need to improve customer expectations among verticals such as
BFSI would provide lucrative opportunities for vendors in the Identity
Verification Market.
Browse in-depth TOC on "Identity
Verification Market”
325- Tables
39- Figures
271- 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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