Market Overview:
Identity verification market size is expected to grow USD 35.2 billion at a CAGR 14.30% during the forecast 2022-2030. Identity verification market is a security solution that permits companies to secure and protect user and customer information and ensure its accuracy. Identity verification uses the latest technologies, such as machine learning, face-based biometrics, and artificial intelligence.
These solutions and services are used by various verticals such as BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, Energy and Utilities, and others to ensure whether the information provided by online users or customers is associated with the identity of a real person. The major growth drivers for the Identity Verification Market include growing digitization initiatives and increasing uses of digital identities among verticals.
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The increasing regulations and need to comply with standards across every industry, primarily for financial institutions, are expected to offer various opportunities for the vendors in the market. Moreover, the increasing frequency of identity-related frauds and data breaches are influencing the market growth.
Key Players
The key players 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).
Based on organization size, the identity verification market has been segmented into SMEs and large enterprises.
Based on verticals, the identity verification market has been segmented into BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others. The others segment is further sub-segmented into Education, Travel, and Gaming
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Market Highlights
The global identity verification market has been segmented based on component, deployment mode, organization size, verticals, and region.
Based on the component, the identity verification market has been bifurcated into solutions and services.
Based on type, the identity verification market has been divided into biometrics and non- biometrics.
Based on deployment mode, the identity verification market has been segmented into on-premises and cloud.
Regional Analysis:
North America is expected to be the dominating region in adopting identity Verification Services And Solutions. The market has been divided into the US, Canada, and Mexico. The US is expected to hold the largest market share during the forecast period, while Canada is expected to witness the highest growth rate. The main factor driving the identity verification market in this region is the strong presence of key industry players offering identity verification solutions. Recognizing the potential of this technology, the US Government increased focus on regulating identity verification technology. Moreover, increasing adoption of various technologies, such as AI, ML, and blockchain, to secure digital identities drives the market growth in this region.
The European market has been divided into the UK, Germany, France, and the rest of Europe. In terms of market size, Europe is expected to be the second-largest regional market. The UK is projected to be the leading country-level market, while Germany is expected to register the highest growth over the review period. The increasing need for enterprises to adhere to stringent regulations boosts the regional market growth.
The market in Asia-Pacific is projected to register the fastest growth rate over the forecast period, with the regional market being segmented into China, Japan, India, and the rest of Asia-Pacific. The demand for these services is the highest in China. The growing adoption of cloud technology has led to a rise in the number of cyberattacks. Government initiatives to stop identity-related fraud, especially for strengthening eKYC to verify identities, mainly drive the need for identity verification solutions in Asia-Pacific. The growing demand for identity verification by large enterprises and mid-sized businesses as well as service providers in this region offer lucrative opportunities for identity verification vendors.
The Middle East & Africa and South America have started adopting these services recently. The service providers and enterprises operating in the BFSI, government, and defense sectors have started adopting identity verification solutions in this region.
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