Identity verification market size is projected to grow USD 35.2 billion at a CAGR 14.30% by 2030
Market Overview:
IdentityverificationmarketsizeisexpectedtogrowUSD35.2billionataCAGR14.30%during theforecast2022-2030.Identityverificationmarketisasecuritysolutionthatpermits companiestosecureandprotectuserandcustomerinformationandensureitsaccuracy. Identityverificationusesthelatesttechnologies,suchasmachinelearning,face-based biometrics,andartificialintelligence.
ThesesolutionsandservicesareusedbyvariousverticalssuchasBFSI,governmentand defense,healthcare&lifesciences,retailandeCommerce,IT&ITeS,EnergyandUtilities,and otherstoensurewhethertheinformationprovidedbyonlineusersorcustomersisassociated withtheidentityofarealperson.ThemajorgrowthdriversfortheIdentityVerificationMarket includegrowingdigitizationinitiativesandincreasingusesofdigitalidentitiesamongverticals.
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Theincreasingregulationsandneedtocomplywithstandardsacrosseveryindustry,primarily forfinancialinstitutions,areexpectedtooffervariousopportunitiesforthevendorsinthe market.Moreover,theincreasingfrequencyofidentity-relatedfraudsanddatabreachesare influencingthemarketgrowth.
Key Players
ThekeyplayersintheglobalidentityverificationmarketincludeExperian(Ireland),GBG(UK), Equifax(US),MitekSystems(US),ThalesGroup(France),LexisNexisRiskSolutions(US),Onfido (UK),Trulioo(Canada),Acuant(US),IDEMIA(France),Jumio(US),TransUnion(US),AU10TIX (Israel),IDology(US),Innovatrics(Slovakia),AppliedRecognition(Canada),Signicat(Norway), SecureKey(Canada),IDfy(India),Authenteq(Iceland),Veri5Digital(India),PXLVision (Switzerland),IDMERIT(US),ShuftiPro(UK),Idenfy(Lithuania),WebID(Germany),IDnow (Germany),Signzy(India),andPassbase(Germany).
Basedonorganizationsize,theidentityverificationmarkethasbeensegmentedintoSMEsand largeenterprises.
Basedonverticals,theidentityverificationmarkethasbeensegmentedintoBFSI,government anddefense,healthcare&lifesciences,retailandeCommerce,IT&ITeS,energyandutilities, andothers.Theotherssegmentisfurthersub-segmentedintoEducation,Travel,andGaming
Market Highlights
Theglobalidentityverificationmarkethasbeensegmentedbasedoncomponent,deployment mode,organizationsize,verticals,andregion.
Basedonthecomponent,theidentityverificationmarkethasbeenbifurcatedintosolutionsand services.
Basedontype,theidentityverificationmarkethasbeendividedintobiometricsandnonbiometrics.
Basedondeploymentmode,theidentityverificationmarkethasbeensegmentedintoonpremisesandcloud.
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Regional Analysis:
NorthAmericaisexpectedtobethedominatingregioninadoptingidentityVerificationServices AndSolutions.ThemarkethasbeendividedintotheUS,Canada,andMexico.TheUSisexpected toholdthelargestmarketshareduringtheforecastperiod,whileCanadaisexpectedtowitness thehighestgrowthrate.Themainfactordrivingtheidentityverificationmarketinthisregionis thestrongpresenceofkeyindustryplayersofferingidentityverificationsolutions.Recognizing thepotentialofthistechnology,theUSGovernmentincreasedfocusonregulatingidentity verificationtechnology.Moreover,increasingadoptionofvarioustechnologies,suchasAI,ML, andblockchain,tosecuredigitalidentitiesdrivesthemarketgrowthinthisregion.
TheEuropeanmarkethasbeendividedintotheUK,Germany,France,andtherestofEurope.In termsofmarketsize,Europeisexpectedtobethesecond-largestregionalmarket.TheUKis projectedtobetheleadingcountry-levelmarket,whileGermanyisexpectedtoregisterthe highestgrowthoverthereviewperiod.Theincreasingneedforenterprisestoadhereto stringentregulationsbooststheregionalmarketgrowth.
ThemarketinAsia-Pacificisprojectedtoregisterthefastestgrowthrateovertheforecast period,withtheregionalmarketbeingsegmentedintoChina,Japan,India,andtherestofAsiaPacific.ThedemandfortheseservicesisthehighestinChina.Thegrowingadoptionofcloud technologyhasledtoariseinthenumberofcyberattacks.Governmentinitiativestostop identity-relatedfraud,especiallyforstrengtheningeKYCtoverifyidentities,mainlydrivethe needforidentityverificationsolutionsinAsia-Pacific.Thegrowingdemandforidentity verificationbylargeenterprisesandmid-sizedbusinessesaswellasserviceprovidersinthis regionofferlucrativeopportunitiesforidentityverificationvendors.
TheMiddleEast&AfricaandSouthAmericahavestartedadoptingtheseservicesrecently.The serviceprovidersandenterprisesoperatingintheBFSI,government,anddefensesectorshave startedadoptingidentityverificationsolutionsinthisregion.
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