Research Nester published a report titled “Identity Verification Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global identity verification market in terms of market segmentation by component type, verification type, deployment type, organization size, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global identity verification market is anticipated to grow with a CAGR of 16.32% over the forecast period, i.e., 2021 – 2030. The market is segmented by verification type into knowledge-based authentication, SMS-based two factor authentication, IC chip-based authentication, database solutions, AL/ML-based authentication, biometric authentication, and others, out of which, the biometric authentication segment is anticipated to garner the largest revenue of USD 11702.06 Million by the end of 2030. Moreover, in the year 2020, the segment generated the largest revenue of USD 2634.46 Million.
The global identity verification market is estimated to garner a revenue of USD 33189.19 Million by the end of 2030, up from a revenue of USD 7632.60 Million in the year 2020. Increasing fraudulent activities worldwide, such as cyberattacks, and identity thefts, along with the increasing awareness for the adoption of identity verification systems to avoid such activities, are some of the major factors anticipated to drive the market growth.
By region, the global identity verification market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in North America region is anticipated to register the largest revenue of USD 12661.67 Million by the end of 2030. Moreover, in the year 2020, the market in the region registered a revenue of USD 2855.35 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Cases of Identity Theft to Drive Market Growth
The Consumer Sentinel Network of the Federal Trade Commission (FTC) of the United States, stated in one of its statistics that in the year 2020, the total number of identity theft cases recorded in the United States was 1387615 cases. Moreover, amongst all the other categories, identity thefts registered to have the highest share of 29.39% in the same year.
The growing prevalence of fraudulent activities, such as identity thefts, cyberattacks, and others is driving the need amongst business organizations to adopt safety measures so as to protect the data of their customers. Moreover, the surge in the adoption of the internet and the rising use of online banking services worldwide is also expected to create numerous opportunities for market growth in the coming years.
However, the high cost of deployment is expected to operate as key restraint to the growth of global identity verification market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global identity verification market which includes company profiling of Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Acuant, Inc., Onfido, Liquid Inc., Intellicheck, Inc., IDEMIA, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global identity verification market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.