According to IMARC Group’s latest report, titled “Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global identity verification market reached a value of US$ 8.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027.
Identity verification is the process of authenticating the credentials of an individual for security purposes. It commonly uses smartphone applications, multi-factor authentication, document verification, web-based platforms, voice recognition, and biometrics systems for monitoring access requests. In addition to this, identity verification solutions also assist in confirming the nationality, immigration status, personal credentials, employment, business registration, etc. Consequently, they find extensive applications in several industries, including defense, military, information technology (IT), telecommunications, banking, financial services and insurance (BFSI), etc., across the globe.
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Identity Verification Market Trends:
The growing prevalence of cyber security attacks and the emerging trend of enterprise mobility are primarily driving the identity verification market. Additionally, the rising instances of fraudulent activities and identity thefts, the widespread adoption of data security, the implementation of stringent regulations by government bodies to comply with safety standards, and the inflating digitalization are further catalyzing the market growth. Besides this, the escalating demand for work-from-home (WFH) business models, on account of the sudden outbreak of the COVID-19 pandemic, is propelling the need for efficient verification solutions during the remote hiring of candidates, which is acting as another significant growth-inducing factor. Moreover, the increasing integration of Artificial Intelligence (AI), cloud computing, Machine Learning (ML), and 360-degree Virtual Reality (VR) solutions with identity verification platforms is positively influencing the global market. Apart from this, they are also utilized by organizations to verify the identity of individuals when they are not physically present. Furthermore, banks and other financial institutions use anti-money laundering (AML) solutions to monitor customer risk and prevent new account frauds and scams, which is expected to fuel the identity verification market over the forecasted period.
Identity Verification Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the identity verification market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Acuant Inc.
- AuthenticID Inc.
- Equifax Inc.
- Experian PLC
- Intellicheck Inc.
- Jumio Corporation
- Mastercard Inc.
- Mitek Systems Inc.
- Onfido
- Thales Group
- TransUnion and Trulioo.
Key Market Segmentation:
The report has segmented the identity verification market on the basis of type, component, deployment mode, organization size and vertical
Breakup by Type:
- Biometrics
- Non-Biometrics
Breakup by Component:
- Solutions
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Vertical:
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Retail and E-Commerce
- IT and Telecommunication
- Energy and Utilities
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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