IMARC Group has recently released a new research study 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 represents the process of authenticating the credentials of an individual for security purposes. It generally uses web-based platforms, smartphone applications, multi-factor authentication, document verification, voice recognition, and biometrics systems for monitoring access requests. These solutions aid in confirming the nationality, immigration status, personal credentials, employment and business registration of users, etc. As a result, identity verification finds extensive applications across numerous sectors, including defense, military, information technology (IT), telecommunications, medical, banking, financial services and insurance (BFSI), etc.
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Identity Verification Market Trends:
The growing instances of fraudulent activities across countries are primarily augmenting the identity verification market. Furthermore, the widespread adoption of this process in the BFSI sector is positively influencing the global market. Apart from this, the escalating demand for know your customer (KYC) and anti-money laundering (AML) solutions among banks and other financial institutions to monitor risk and prevent new account frauds and financial scams is acting as another significant growth-inducing factor. Moreover, the widespread adoption of work-from-home (WFH) business models is propelling the need for efficient verification solutions during the remote hiring of candidates, which is also bolstering the market growth. Besides this, continuous technological advancements, including the rising integration of artificial intelligence (AI), cloud computing, machine learning (ML), and 360-degree virtual reality (VR) solutions with identity verification platforms, are further catalyzing the global market. Additionally, the inflating digitalization and the increasing number of small and medium-sized enterprises (SMEs) that are more prone to cybercrimes are expected to fuel the identity verification market in the coming years.
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 (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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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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