Identity Verification Market Overview
The identity verification industry is growing because of the growing use cases of data security across verticals. Additionally, policies implemented by organizations and governments that prioritize digitization and the integration of cutting-edge technologies—like automation, machine learning, and artificial intelligence (AI)—into identity verification systems would create favorable opportunities for identity verification vendors. Tight laws and the necessity for compliance are the main factors driving the identity verification market. Customers rely heavily on the government to protect their personal information. In response, governmental entities all around the world have developed several legislations that are aimed at decreasing fraudulent operations. Market Research Future (MRFR) report highlights Identity Verification Market Information By Application, Distribution Channel And Region - Forecast till 2030 the market will achieve USD 35.25 billion in 2030 at a 14.30% CAGR. Initiatives to digitize have grown in number as identity-related fraud and cybercrime become more common.
Identity verification solutions are becoming necessary because of the tighter laws implemented in response to the pandemic's increasing identity thefts. Amid the COVID-19 pandemic, some companies intensified their identity verification protocols to protect their clientele from fraud. Businesses are moving to digital channels and services because of the evolution of citizens' relationships with technology and digital gadgets. Because digitization increases the potential of cyberattacks and security issues, it positively impacts the expansion of identity verification to address security concerns. One of the main concepts of such strict laws is identity verification. Identity verification, which addresses security concerns, is growing since digitalization raises the likelihood of cyberattacks and security problems. Organizations' growing cyber threats and vulnerabilities are being actively addressed by verification services, including blockchain-based identity verification, BYOD use in workplaces, KYC standards, Anti-money Laundering (AML), and identity verification in the healthcare industry.
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Market Competitive Landscape:
- IDEMIA (France)
- Jumio (US)
- Experian (Ireland)
- LexisNexis Risk Solutions (US)
- Onfido (UK)
- Trulioo (Canada)
- Applied Recognition (Canada)
- Signicat (Norway)
- SecureKey (Canada)
- IDfy (India)
- Authenteq (Iceland)
- Veri5Digital (India)
- GBG (UK)
- Equifax (US)
- Mitek Systems (US)
- Thales Group (France)
- PXL Vision (Switzerland)
Market Segmentation
Biometrics and non-biometrics are included in the market segmentation of identity verification based on kind. Based on deployment mode, the market data for identity verification has been split into on-premises and cloud categories. The identity verification market has been divided into major corporations and small and medium-sized businesses based on Organization Size. Solutions and services are included in the market segmentation of identity verification based on components. BFSI, government & protection, healthcare & life sciences, commerce & e-commerce, IT & ITeS, and energy & utilities are the divisions of the industry based on verticals.
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Regional Insights
Throughout the study, a notable CAGR rise is anticipated in the identity verification market in North America. This is a technologically sophisticated area with many early adopters and significant players in the market. The need for identity verification is expected to increase with the growth of government initiatives like smart cities, smart infrastructure, and driver's licenses based on digital identification. The identity verification market in Europe holds the second-largest market share. Thanks to many inventions and AI research centers, the country has emerged as one of the most potential global marketplaces for developing AI-based identity verification solutions.
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