TORONTO – Data Bridge Market Research has recently published a Report, titled, “Identity Verification Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. The Identity Verification market research report highlights the ongoing patterns, state-of-the-art techniques, market estimates, and market piece for the estimate time frame will upgrade the fundamental specialist procedure of the business. The report overviews that incorporate sub-factors like imperatives, drivers, dangers, openings, speculation openings, difficulties, and suggestions. This report clarifies valuing procedures, topographical information, key philosophies, and competitive organization analysis, advancement plans, and distinctive financials frameworks of Identity Verification market. Various items accessible in the market are followed regarding the matter of creation volume, income, marketing structure, and request and supply figures.

Global identity verification market was valued at USD 8.41 billion in 2021 and is expected to reach USD 26.34 billion by 2029, registering a CAGR of 15.34% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Industry Synopsis:

Identification verification refers to the services and products used to confirm the validity of a person’s physical identity or their documentation, such as a driver’s licence, passport, or another identity document that is issued nationwide. Identity verification is a crucial procedure that makes sure a person’s identity corresponds to what it should.

Secure identity verification is sought after by many institutions operating in the digital domain due to an increase in fraudulent paper work and falsified personal identity certificates. Identity verification solution sales are expected to increase rapidly in the future years, reaching a total value of US$ 18.6 billion by the end of 2026.

Rising deployment of advanced technologies

Growing adoption of advanced technologies such as big data, cloud computing, artificial intelligence, and machine learning will positively influence market growth.  Verification services like blockchain-based identity verification are actively addressing organizations’ growing cyber risks and vulnerabilities, the adoption of Bring Your Own Devices (BYOD) in organisations, Know Your Customer (KYC) and Anti-money Laundering (AML), and identity verification in healthcare.

Key Market Competitors Covered in the Report

  • Thales Group
  • IDEMIA
  • Experian Information Solutions, Inc.
  • TransUnion LLC.
  • LexisNexis Risk Solutions Group.
  • AccuraTechnolabs
  • Acuant, Inc.
  • Authenteq
  • Equifax, Inc.
  • Finansiell ID-Teknik BID AB
  • ForgeRock
  • GB Group plc (‘GBG’)
  • Jumio
  • Mitek Systems, Inc.
  • Okta.
  • Onfido
  • PENNEO A/S
  • Ping Identity.
  • Precise Biometrics AB
  • ZignSec AB
  • Stripe

Recent Developments

  • Experian will launch its Work Report digital verification service in November 2021, giving customers the option to approve the digital sharing of their payroll data with another company. It offers connectivity to payroll data from an employer to instantly authenticate a customer’s gross and net income as well as their employment status and tenure.
  • In June 2020, GBG teamed with CredoLab to use GBG’s digital/AI-driven risk management to quickly and confidently evaluate the creditworthiness of any Indonesian person, including the unbanked and underbanked.
  • GBG and What3words partnered in December 2019 to improve location data for merchants and logistic organisations to more easily target niche customers.

What are the key highlights of this report?

  • A well-outlined evaluation of the pricing data has been conducted by prominent analysts, based on the product, application, as well as regional terrains
  • A detailed scrutiny pertaining to the vendor landscape alongside the important companies that may help better evaluate the competitive scenario of the global marketplace
  • Important, insightful information with respect to the regulatory spectrum that governs the market, coupled with the investments poured in by many stakeholders in the global industry
  • A deep-dive scrutiny of the many parameters boosting the overall market share along with their influence on the projection as well as dynamics of the global industry
  • A detailed understanding of the numerous opportunities available in the global market as well as the identification of important factors
  • An intrinsic evaluation of the many trends prevailing in the global market that may help scrutinize the developments in the business space

Identity Verification Market: Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Key Growth Drivers:

  • Growing digitalization across the world

As a result of the prevalence of identity-related scams in the modern world, organizations are under pressure to implement strict security measures. Identity verification has become a crucial component in areas where verified identity is required, such as border controls and access to digital services, as a result of growing digitization across governments and corporate sectors globally. This will bolster the growth of the market in the upward direction.

  • Increased concerns in regards to safety and security

The administration of the corporate security system will likely be significantly impacted by the rising complexity of security information platforms, IT-based tools, and solutions. Additionally, the worrisome rise in cyber security events has increased the demand for all firms to implement comprehensive security solutions

Furthermore, the factors such as rising urbanization, industrialization and growing number of end users globally have further contributed to the overall market expansion during the forecast period. Additionally, the evolution of the industrial internet of things (IIoT) and rising adoption of smart automation solutions are anticipated to drive the market’s growth rate.0

Restraints/Challenges

  • High costs and investment

High deployment and maintenance costs of the technology will impede the growth rate. Also, rising overhead costs will narrow down the scope of growth. Maximum companies provide pricing per verification, and per month and yearly basis, in which a limited number of I.D. verification checks are included. Some vendors also provide flexible pricing per verification in some cases of an annual package. The challenge lies in this different price charged by the vendors of I.D. verification. The government’s lack of standardization and regulations will yet again derail the market growth rate.

  • Lack of technical expertise

Dearth of expert knowledge and technical expertise especially in the developed and developing economies and lack of skilled professionals and awareness among management level individuals will create hurdles for the market in regards to the smooth growth in the market value. Further, lack of skilled professionals in combination with low experience quotient will yet again hamper the market growth rate.

This identity verification market research provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the identity verification market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Market Segmentation:  Identity Verification Market

The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications

By Application

  • Credit Card Fraud
  • Bank Fraud
  • Phone or Utility Fraud
  • Employment or Tax-related Fraud

By Component

  • Solutions
  • Services

By Type

  • Non-Biometrics
  • Biometrics

By Deployment Type

  • On-Premise
  • Cloud

By Organization Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

By Vertical

  • BFSI
  • Government & Defense
  • Energy & Utilities
  • Retail & Ecommerce
  • IT & Telecom
  • Healthcare
  • Gaming

Identity Verification Market Regional Analysis/Insights

The countries covered in the identity verification market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the identity verification market due to the increased investment on futuristic technologies and large scale presence of most technologically advanced leaders in the market. Prevalence of advanced infrastructure in in the region is another important factor determining the dominance of this region.

Asia-Pacific region is showing a promising potential and therefore, is set to grow with the highest growth rate during the forecast period. This is because of the increasing adoption of identity verifications and BYOD, expanding I.T. infrastructure and growing presence of major players in the region.

Table of Contents:

1.  Introduction

2.  Market Segmentation

3.  Executive Summary

4.  Premium Insights

5.  Global Identity Verification Market Regulations

6.  Market Overview

7.  Global Identity Verification Market, By Application

8.  Global Identity Verification Market, By Component

9.  Global Identity Verification Market, By Type

10.  Global Identity Verification Market, By Deployment Type

11.  Global Identity Verification Market, By Organization Size

12.  Global Identity Verification Market, By Vertical

13.  Global Identity Verification Market, By Region

14.  Global Identity Verification Market: Company Landscape

15.  SWOT Analyses

16.  Company Profile

17.  Questionnaires

18.  Related Reports

Source: Data Bridge Market Research