1. Market Research
  2. > ICT
  3. > Cybersecurity Market Trends
Identity Verification Market: Market Segments: By Component ; By Type ; By Organization Size ; By Deployment Model ; By Vertical ; and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030

Identity Verification Market: Market Segments: By Component ; By Type ; By Organization Size ; By Deployment Model ; By Vertical ; and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030

  • November 2021
  • 171 pages
  • ID: 6191741
  • Format: PDF
  • Fatpos Global Pvt. Ltd.

Summary

Table of Contents

Product overview
Identity Verification is the method of delivering security solutions to guarantee an individual’s unique identity verification and authentication. Security solutions provide physical documents in real-time, such as biometrics for artificial intelligence, voice recognition systems, and many others. The use of this device refuses unauthorized and invasive demands for entry. In the IT security operations centers, defense, and military industries, it is commonly used. D authentication is a robust solution to ensure a safe process for customer registration by offering a smooth onboarding experience in real-time and minimizing the possibility of identity fraud. In most systems and procedures, both online and off-line, ID verification processes are an integral requirement. Verification of identity is an important necessity in cases where confirmed identity is essential, such as border controls or access to digital services. The increasing incidence of fraud and data breaches related to identity will drive the growth of the ID verification market.

Market Highlights
Identity Verification Market is expected to project a notable CAGR of 15.7% in 2030.
Identity Verification Market to surpass USD 17.63 billion by 2030 from USD 7.2 billion in 2018 at a CAGR of 15.7% throughout the forecast period, i.e., 2019-30. Due to the increasing number of identity threats related to fraud, the Identity Verification Market is experiencing significant growth, and the rise of data breaches is the key factor contributing to market growth. Besides, digitalization initiatives by governments and companies to incorporate emerging technologies such as AI, ML, and automation in identity verification solutions will create lucrative opportunities for vendors of identity verification. Besides, other factors driving the market growth are the rising trend of building your own device (BYOD) and mobility in the enterprise. Besides, a positive impact factor on business growth is the need for enforcement and implementation of strict regulations.

Identity Verification Market: Segments
SMEs segment to grow with the highest CAGR during 2019-30
Identity Verification Market is segmented by Organization Size as SMEs and large enterprises. The solutions segment is further bifurcated into consulting and training. The greater market share in 2018 was accounted for by the large enterprises segment. Due to the presence of a large number of access points due to numerous divisions and massive organizational scale, large organizations are vulnerable to cyber-attacks of their subsidiaries/departments may often have their own IT security operation centers to track and handle cyber threats and security warnings across large organizations. In particular, SMEs are implementing identity authentication technologies and services that resolve enforcement responsibilities and fraud-related risks. The manual and conventional verification processes are time-consuming. To meet their increasing needs, SMEs find identity verification software a simple intuitive, low-cost, hassle-free, and reliable solution. Because of limited resources, availability of IT workers, and budget constraints, SMEs are more vulnerable to cyber fraud; and look forward to implementing identity verification software to save their money, time, resources, and properties.

Government and defense to grow with the highest CAGR during 2019-30
Identity Verification Market is segmented by vertical into BFSI, Retail and eCommerce, IT & ITeS, Energy, and Utilities, healthcare, government and defense, and others. During the forthcoming years, the BFSI segment is projected to hold the largest market share. The need for identity authentication around the world is also motivated by the increased digitalization of banking processes, such as digital onboarding and digital payments aimed at enhancing the customer experience. The vertical is exposed to several vulnerabilities with high technology adoption, which hackers may use to access sensitive information such as personal information, bank accounts, and credit card data. Financial institutions are actively developing security strategies to mitigate such vulnerabilities, which will boost the identity verification market in the future. Also, the presence of stringent legislation, such as the Bank Secrecy Act, GDPR, and PSD2, is fueling the demand for identity verification across the globe.

Identity Verification Market: Market Dynamics
Drivers
Rising cyber-attacks and growing security concerns
It is expected that the rising complexity of security information platforms and IT security-based tools & solutions will have a profound effect on the overall management of an enterprise’s security ecosystem. Furthermore, the alarming rise in the number of cybersecurity incidents has contributed to an increased need for comprehensive security solutions across organizations. Due to the flexible capabilities of these systems, such as identity authentication, data recognition, fraud detection, and others the market demand for identity verification solutions has gained considerable traction in the past few years. In the forecast period, the increasing popularity of digitization and automation in various vertical sectors ranging from BFSI to healthcare is also expected to drive the growth of the identity verification market.

Increasing initiatives for digitalization, such as E-ID and smart infrastructure
The world’s digitalization has brought to light so many identity-related frauds and urged corporations to take stringent steps to protect them. Identity verification has become a critical component in which checked identity is mandatory, such as border controls and access to digital services, with growing digitalization across governments and private sectors worldwide. With initiatives across countries, such as electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports where video analytics and liveness detection is used for ID verification, secure identity verification has become a crucial part of online security of these areas.

Restrain
High Cost During the Adoption of Identity Verification Solutions
The pricing of identity verification solutions and services is determined based on a few variables, such as verification costs, linguistics, storage of data, and technical support. Maximum firms offer pricing per verification on a monthly and annual basis that includes a limited number of ID verification tests. In certain instances of an annual package, some vendors often have adjustable pricing through check. The problem lies in the various prices paid by ID verification vendors. Due to this price difference, consumers get a little confused about which specific solution or service should be chosen.

Identity Verification Market:

Key Players

Acuant Inc
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Authenteq
Equifax Inc.
Experian Plc.
IDEMIA
iDenfy
IDMERIT
Jumio
LexisNexis
Mitek Systems, Inc.
Onfido
Shufti Pro Limited
TransUnion LLC.
Trulioo
Thales Group (Gemalto)
Identity Verification Market: Regions
Identity Verification Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Identity Verification Market in North America held the largest market share of XX.X% in the year 2018 and as it is a technologically advanced region with a high number of early adopters and the involvement of major market players, it is expected to continue its market dominance in the future. The demand for identity authentication markets is expected to be driven by factors such as the growth of government initiatives such as smart infrastructure, smart cities, digital identity-based driver’s licenses, and increasing integration of various technologies such as AI, ML, and blockchain, to protect digital identities. During the forecast era, Asia Pacific is expected to contribute to the fastest growing area with the highest CAGR, as it becomes technologically prepared with the early adoption of new technologies. Factors such as government measures to tackle identity-related fraud, in particular, to improve eKYC for identity verification, such as country-initiated enforcement legislation, growing demand for cloud-based identity verification, increasing identity, etc.

Competitive Landscape:
The Identity Verification market, which is highly competitive, consists of several major players such as GBG, Thales Group, Mitek Systems, IDEMIA, Jumio, Trulioo, and LexisNexis hold a substantial market share in the Identity Verification market. Other players analyzed in this report are 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), Identify (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany) among others.

The market competition has been stepped up by the availability of many players offering Identity Verification. For Instance, In June 2020, GBG partnered with CredoLab to easily and confidently assess the creditworthiness of any Indonesian individual, including the unbanked and underbanked for CredoLab by using GBG’s digital/AI-driven risk management.

Identity Verification Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Identity Verification Market report also contains analysis on:

Identity Verification Market Segments:

By Component:
Solutions
Services

By Type:
Biometrics
Non- Biometrics

By Deployment Model:
On-premises
Cloud

By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)

By Vertical:
BFSI
Government and defense
Healthcare & Life Sciences
Retail and eCommerce
IT & ITeS
Energy and Utilities
Others
Identity Verification Market Dynamics
Identity Verification Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Payment Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

  • $ 2499
  • April 2022
  • 145 pages

The global payment security market reached a value of US$ 20.5 Billion in 2021. Looking forward, the analyst expects the market to reach a value of US$ 47.7 Billion by 2027, exhibiting a CAGR of 14.40% ...

  • World
  • Cybersecurity
  • ICT
  • Industry analysis

ref:plp2021

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on