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Identity Verification Market Segmentation by Component Type (Solutions, and Services); by Verification Type (Knowledge-Based Authentication, SMS-Based Two Factor Authentication, IC Chip-Based Authentication, Database Solutions, AL/ML-Based Authentication, Biometric Authentication, and Others); by Deployment Type (Cloud, and On-Premise); by Organization Size (Large Enterprises, and Small & Medium Enterprises); and by End-User Industry – Global Demand Analysis & Opportunity Outlook 2020-2030

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Extensive insights into the Growth of Identity Verification Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • June 1st, 2021: Mitek Systems, Inc. announced that it has acquired ID R&D, a company that provides AI-based voice and face biometrics and liveness detection. The acquisition would help Mitek to increase its capabilities for identity theft and other dangerous fraud techniques.

  • August 25th, 2021: One of the subsidiaries of RELX, LexisNexis Risk Solutions UK Limited, announced that it has acquired TruNarrative. The acquisition would help LexisNexis to expand its services for the prevention of financial crime and fraud.

Global Identity Verification Market Highlights Over 2020 - 2030

The global identity verification market is estimated to garner a revenue of USD 33189.19 Million by the end of 2030, by growing at a CAGR of 16.32% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market generated a revenue of USD 7632.60 Million. The growth of the market can be attributed to the growing number of fraudulent activities, such as identity theft & cyberattack worldwide, and the rising awareness amongst businesses as well as governmental institutions for the adoption of identity theft protection services to avoid such fraudulent activities. According to the statistics by the Consumer Sentinel Network of the Federal Trade Commission (FTC) of the United States, the total number of identity theft cases recorded in the United States in the year 2020 was 1387615 cases, registering the highest share of 29.39% amongst all other categories. Besides this, with the surge in internet use globally, and the rise in the number of users using online banking services, there is a growing need amongst individuals to safeguard their personal data, which also includes loads of financial information. The identity verification systems provide cyber security by helping businesses safeguard their customer’s personal data, such as names, addresses, email IDs, passwords, and others from cyber criminals and also help in fraud detection and prevention. Such factors are therefore anticipated to drive the growth of the global identity verification market in the coming years.

Identity Verification Market Graph

The market is also anticipated to grow on account of the growing initiatives of the government of countries worldwide to form stringent policies and address the rising prevalence of online security. Several nations around the globe are increasingly opting for solutions, such as know your customer (KYC) and anti-money laundering (AML). Moreover, with the increasing trends of bring your own device (BYOD), organizations are working on formulating policies and standards to adopt zero trust security features.

Global Identity Verification Market Regional Synopsis

Regionally, the global identity verification market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is anticipated to register the largest revenue of USD 12661.67 Million by the end of 2030, up from a revenue of USD 2855.35 Million in the year 2020. The growth of the market in the region can primarily be attributed to the availability of stringent government norms and policies to reduce cybercrime activities, as well the growing prevalence of identity thefts in the region. In the other statistics by the Consumer Sentinel Network of the FTC, the total number of frauds, identity theft and other reports recorded in the United States grew from 325519 cases in the year 2001 to 4720743 cases in the year 2020. CLICK TO DOWNLOAD SAMPLE REPORT 

Total Number of Reported Frauds Graph

On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR of 17.44% during the forecast period. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Out of these, the market in China is expected to generate the largest revenue of USD 3550.32 Million by the end of 2030, up from a revenue of USD 677.93 Million in the year 2020.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, 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).

Growth Drivers and Challenges Impacting the Growth of the Global Identity Verification Market

Growth Drivers

  • Rising Incidences of Identity Theft and Cyberattack
  • Increasing Initiatives by the Government to Promote Cyber Security

Challenges

  • High Cost of Deployment

Global Identity Verification Market Segmentation Synopsis

The global identity verification market is segmented by component type into solutions, and services, out of which, the services segment is anticipated to grow with the highest CAGR of 16.80% during the forecast period. Further, by verification type, the market is segmented 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 these, the biometric authentication segment is anticipated to garner the largest revenue of USD 11702.06 Million by the end of 2030, up from a revenue of USD 2634.46 Million in the year 2020. By deployment type, the market is segmented into cloud, and on-premise, out of which, the cloud segment is anticipated to grow with the highest CAGR of 17.08% during the forecast period. By organization size, the market is segmented into small & medium enterprises, and large enterprises. Out of these, the small & medium enterprises segment is anticipated to grow with the highest CAGR during the forecast period. The market is also segmented on the basis of end-user industry into BFSI, government & defense, retail, healthcare, IT & telecom, entertainment & gaming, transportation, logistics, & mobility, energy & utility, hospitality, and others. Out of these, the BFSI segment is anticipated to register the largest revenue of USD 9852.40 Million by the end of 2030, up from a revenue of USD 2180.38 Million in the year 2020.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global identity verification market that are included in our report are Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Acuant, Inc., Onfido, Liquid Inc., Intellicheck, Inc., IDEMIA, and others.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

Global Identity Verification Market TOC

  1. Market Definition
    1. Definition
    2. Market Segmentation
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
    3. Secondary Research
  4. Executive Summary – Global Identity Verification Market
  5. Market Dynamics
    1. Market Drivers
    2. Market Trends
  6. Key Market Opportunities
  7. Major Roadblocks for the Market Growth
  8. Regulatory and Standards Landscape
  9. Industry Risk Analysis
  10. Impact of COVID-19 on the Identity Verification Market
  11. Assessment on the Demand of Identity Verification
  12. Competitive Landscape
    1. Market Share Analysis, 2020
    2. Competitive Benchmarking
    3. Company Profiles
      1. Experian plc
      2. Mastercard International Incorporated
      3. Equifax, Inc.
      4. Mitek Systems, Inc.
      5. LexisNexis Risk Solutions Group
      6. Acuant, Inc.
      7. Onfido, Liquid Inc.
      8. Intellicheck, Inc.
      9. IDEMIA
  13. Product Feature Analysis
  14. Competitive Positioning
  15. Global Identity Verification Market 2020-2030
    1. Market Overview
    2. By Value (USD Million)
  16. Global Identity Verification Market – Segmentation Analysis 2020-2030
    1. Component Type
      1. Solutions, 2020-2030F (USD Million)
        1. Document Verification, 2020-2030F (USD Million)
        2. Identity Authentication, 2020-2030F (USD Million)
        3. Digital Identity Verification, 2020-2030F (USD Million)
        4. AML Screening and Monitoring, 2020-2030F (USD Million)
        5. Business Verification, 2020-2030F (USD Million)
        6. Others, 2020-2030F (USD Million)
      2. Services, 2020-2030F (USD Million)
        1. Professional Services, 2020-2030F (USD Million)
        2. Managed Services, 2020-2030F (USD Million)
    2. Verification Type
      1. Knowledge-Based Authentication, 2020-2030F (USD Million)
      2. SMS-Based Two Factor Authentication, 2020-2030F (USD Million)
      3. IC Chip-Based Authentication, 2020-2030F (USD Million)
      4. Database Solutions, 2020-2030F (USD Million)
      5. AL/ML-Based Authentication, 2020-2030F (USD Million)
      6. Biometric Authentication, 2020-2030F (USD Million)
      7. Others, 2020-2030F (USD Million)
    3. Deployment Type
      1. Cloud, 2020-2030F (USD Million)
      2. On-Premise, 2020-2030F (USD Million)
    4. Organization Size Type
      1. Small & Medium Enterprises, 2020-2030F (USD Million)
      2. Large Enterprises, 2020-2030F (USD Million)
    5. End-User Industry Type
      1. BFSI, 2020-2030F (USD Million)
      2. Government & Defense, 2020-2030F (USD Million)
      3. Retail, 2020-2030F (USD Million)
      4. Healthcare, 2020-2030F (USD Million)
      5. IT & Telecom, 2020-2030F (USD Million)
      6. Entertaining & Gaming, 2020-2030F (USD Million)
      7. Transportation, Logistics, & Mobility, 2020-2030F (USD Million)
      8. Energy & Utility, 2020-2030F (USD Million)
      9. Hospitality, 2020-2030F (USD Million)
      10. Others, 2020-2030F (USD Million)
    6. Region
      1. North America, 2020-2030F (USD Million)
      2. Europe, 2020-2030F (USD Million)
      3. Asia Pacific, 2020-2030F (USD Million)
      4. Latin America, 2020-2030F (USD Million)
      5. Middle East & Africa, 2020-2030F (USD Million)
    7. Cross Analysis of Identity Verification End-User Industry w.r.t. Verification Type, 2020
  17. North America Identity Verification Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Component Type
        1. Solutions, 2020-2030F (USD Million)
          1. Document Verification, 2020-2030F (USD Million)
          2. Identity Authentication, 2020-2030F (USD Million)
          3. Digital Identity Verification, 2020-2030F (USD Million)
          4. AML Screening and Monitoring, 2020-2030F (USD Million)
          5. Business Verification, 2020-2030F (USD Million)
          6. Others, 2020-2030F (USD Million)
        2. Services, 2020-2030F (USD Million)
          1. Professional Services, 2020-2030F (USD Million)
          2. Managed Services, 2020-2030F (USD Million)
      2. Verification Type
        1. Knowledge-Based Authentication, 2020-2030F (USD Million)
        2. SMS-Based Two Factor Authentication, 2020-2030F (USD Million)
        3. IC Chip-Based Authentication, 2020-2030F (USD Million)
        4. Database Solutions, 2020-2030F (USD Million)
        5. AL/ML-Based Authentication, 2020-2030F (USD Million)
        6. Biometric Authentication, 2020-2030F (USD Million)
        7. Others, 2020-2030F (USD Million)
      3. Deployment Type
        1. Cloud, 2020-2030F (USD Million)
        2. On-Premise, 2020-2030F (USD Million)
      4. Organization Size Type
        1. Small & Medium Enterprises, 2020-2030F (USD Million)
        2. Large Enterprises, 2020-2030F (USD Million)
      5. End-User Industry Type
        1. BFSI, 2020-2030F (USD Million)
        2. Government & Defense, 2020-2030F (USD Million)
        3. Retail, 2020-2030F (USD Million)
        4. Healthcare, 2020-2030F (USD Million)
        5. IT & Telecom, 2020-2030F (USD Million)
        6. Entertaining & Gaming, 2020-2030F (USD Million)
        7. Transportation, Logistics, & Mobility, 2020-2030F (USD Million)
        8. Energy & Utility, 2020-2030F (USD Million)
        9. Hospitality, 2020-2030F (USD Million)
        10. Others, 2020-2030F (USD Million)
      6. Country
        1. United States
        2. Canada
  18. Europe Identity Verification Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Component Type
      2. Verification Type
      3. Deployment Type
      4. Organization Size Type
      5. End-User Industry Type
      6. Country
        1. United Kingdom
        2. Germany
        3. Italy
        4. France
        5. Spain
        6. Russia
        7. Netherlands
        8. Rest of Europe
  19. Asia Pacific Identity Verification Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Component Type
      2. Verification Type
      3. Deployment Type
      4. Organization Size Type
      5. End-User Industry Type
      6. Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Rest of Asia Pacific
  20. Latin America Identity Verification Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Component Type
      2. Verification Type
      3. Deployment Type
      4. Organization Size Type
      5. End-User Industry Type
      6. Country
        1. Brazil
        2. Argentina
        3. Mexico
        4. Rest of Latin America
  21. Middle East & Africa Identity Verification Market
    1. Market Overview
    2. Market Value (USD Million)
    3. Market Segmentation by:
      1. Component Type
      2. Verification Type
      3. Deployment Type
      4. Organization Size Type
      5. End-User Industry Type
      6. Country
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
  22. Analyst Review

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