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Global Identity Verification Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast 2024-2035

  • PUBLISHED ON
  • 10/11/2022
  • NO OF PAGES
  • 281
  • CATEGORY
  • Information Technology

Market Overview:

The global Identity Verification Market size was valued at USD 9.56 billion in 2022, and is projected to reach USD 18.57 billion by 2032 at a CAGR of 14.5% from 2022 to 2032.

Identity verification is a process of verifying the identity of an individual or entity to ensure that they are who they claim to be. The process involves verifying personal information, such as name, address, date of birth, social security number, and other identifying details. Identity verification is used in various industries, such as finance, healthcare, e-commerce, and government, to prevent fraud, money laundering, and other illegal activities. The identity verification market is growing rapidly, driven by the increasing adoption of digital technologies, the rise in online fraud and identity theft, and the growing need for secure and compliant identity verification processes. Identity Verification Market is expected to continue to grow in the coming years, with the increasing demand for digital identity verification solutions and the rise in mobile and online transactions.

Some of the key trends and opportunities in the identity verification market include: Biometric Verification: Biometric verification is becoming increasingly popular in the identity verification market, as it offers a higher level of security and accuracy compared to traditional identity verification methods. Biometric verification includes facial recognition, voice recognition, fingerprint scanning, and other biometric authentication methods. AI and Machine Learning: The use of AI and machine learning is becoming more prevalent in the identity verification market, as it offers greater accuracy and efficiency in verifying identities. AI and machine learning can help to detect fraud and identify suspicious behavior in real-time, improving the overall security of identity verification processes. Regulatory Compliance: The increasing focus on regulatory compliance, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, is driving the demand for more robust and compliant identity verification solutions. Companies are investing in identity verification solutions that are compliant with industry standards and regulations, to avoid fines and penalties for non-compliance. Mobile and Online Transactions: The rise in mobile and online transactions is driving the demand for digital identity verification solutions that can verify identities quickly and securely, without requiring in-person verification. Mobile and online identity verification solutions offer greater convenience and speed for customers, while also improving the security of transactions.

In conclusion, the identity verification market is growing rapidly, driven by the increasing adoption of digital technologies and the growing need for secure and compliant identity verification processes. Identity Verification Market offers many opportunities for companies that can provide innovative and effective identity verification solutions, such as biometric verification, AI and machine learning, and mobile and online identity verification.

Growing demand for digital identity verification solutions is propelling Identity Verification Market growth.

With the rise of e-commerce, online banking, and mobile transactions, there is a growing need for secure and convenient ways to verify the identities of individuals and entities in real-time. Traditional methods of identity verification, such as in-person verification or paper-based documentation, are often slow and cumbersome, and can lead to delays and errors in the verification process. Digital identity verification solutions offer a faster and more efficient way to verify identities, using advanced technologies such as biometric authentication, machine learning, and AI. These solutions can verify identities in real-time, without requiring in-person verification or manual documentation, making the verification process faster and more convenient for customers. The increasing demand for digital identity verification solutions is also driven by the rise in online fraud and identity theft. According to a report by Javelin Strategy & Research, identity fraud losses reached USD 16.9 billion in 2019 in the United States alone. Digital identity verification solutions can help to prevent fraud and identity theft by verifying the authenticity of identities and detecting suspicious behavior in real-time.

Moreover, regulatory compliance is another important factor driving the demand for digital identity verification solutions. Financial institutions, government agencies, and other organizations are required to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations to prevent fraud and illegal activities.

Segmentation:

By Type of Solution:

·         Biometric verification

·         Document verification

·         Two-factor authentication

·         Others

By Deployment:

·         Cloud-based

·         On-premises

By Industry Vertical:

·         BFSI

·         Healthcare

·         Retail and e-commerce

·         Government

·         IT and Telecommunications

·         Others

Geography:

North America dominated the identity verification market due to the increasing demand for digital identity verification solutions in various industries such as banking, financial services, and e-commerce. The region also has well-established regulatory frameworks and advanced technological infrastructure, which further drives the growth of Identity Verification Market. However, Identity Verification Market is expected to witness significant growth in the Asia Pacific region in the coming years, owing to the increasing adoption of digitalization, government initiatives for digital identity verification, and the growing number of startups in the region offering identity verification solutions.

Impact of COVID-19 on the global Identity Verification Market:

The COVID-19 pandemic has had a significant impact on the identity verification market. With the increasing need for remote verification solutions due to the restrictions on physical interactions and the shift towards online transactions, the demand for digital identity verification solutions has seen a significant surge. This has led to the accelerated adoption of identity verification technologies across various industries, including banking, financial services, e-commerce, and healthcare. The pandemic has also increased the need for secure and reliable identity verification solutions to prevent fraud and identity theft in online transactions. As a result, businesses are investing more in advanced identity verification technologies, such as biometric verification and document verification, to enhance the security and accuracy of their verification processes. Moreover, the pandemic has highlighted the importance of digital identity verification solutions in ensuring business continuity and providing seamless customer experiences in the new normal. As a result, many businesses are expected to continue investing in identity verification technologies in the post-pandemic era.

Impact of the Russia-Ukraine War on the global Identity Verification Market:

The Russia-Ukraine war has the potential to impact the global market in various ways, including the identity verification market. The war could lead to an increase in geopolitical tensions, which may affect the global economy, disrupt supply chains, and increase trade barriers. This could impact businesses that rely on global trade and have operations in the affected regions. The identity verification market may also be impacted by the war as it could lead to changes in regulatory frameworks and increased scrutiny on cross-border transactions. This could lead to a greater demand for secure and reliable identity verification solutions to prevent fraud and money laundering. Additionally, the war may increase the demand for identity verification technologies in industries such as defense, security, and law enforcement. However, it is important to note that the impact of the war on the identity verification market would depend on various factors, including the duration and intensity of the conflict, the response of the international community, and the geopolitical and economic developments in the affected regions.

Company Profiles:

·         Acuant

·         Authenteq

·         BioID

·         CyberInt

·         Experian

·         Gemalto

·         Idemia

·         Jumio

·         Mitek

·         Onfido

·         RSA Security

·         Sift Science

·         Sumsub

·         Trulioo

·         Veriff

Global Identity Verification Market: Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the market and to estimate the size of various other dependent sub-markets of various marketspaces. The key players in the markets are identified through secondary research, and their market contributions in different applications across regions and globally were determined through primary and secondary research. This entire process included the study of the annual and financial reports of the top market players and extensive interviews for key insights with industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to arrive at the final quantitative and qualitative data. This data has been consolidated, and detailed inputs and analysis from Analytics Market Research added before being presented in this report.

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Base Year: 2023
Historic Year: 2016-2022
Forecast: 2024-2035


1 Identity Verification Market Definition and Overview
1.1 Objectives of the Study
1.2 Overview of Identity Verification
1.3 Identity Verification Market Scope and Market Size Estimation
1.4 Market Segmentation
1.4.1 Types of Identity Verification
1.4.2 Applications of Identity Verification
1.5 Market Exchange Rate

2 Research Method and Logic
2.1 Methodology
2.2 Research Data Source

3 Market Competition Analysis
3.1 Experian information solutions, Inc. Market Performance Analysis
3.1.1 Experian information solutions, Inc. Basic Information
3.1.2 Product and Service Analysis
3.1.3 Strategies for Company to Deal with the Impact of COVID-19
3.1.4 Experian information solutions, Inc. Sales, Value, Price, Gross Margin 2016-2021
3.2 LexisNexis Market Performance Analysis
3.2.1 LexisNexis Basic Information
3.2.2 Product and Service Analysis
3.2.3 Strategies for Company to Deal with the Impact of COVID-19
3.2.4 LexisNexis Sales, Value, Price, Gross Margin 2016-2021
3.3 Mitek systems, Inc. Market Performance Analysis
3.3.1 Mitek systems, Inc. Basic Information
3.3.2 Product and Service Analysis
3.3.3 Strategies for Company to Deal with the Impact of COVID-19
3.3.4 Mitek systems, Inc. Sales, Value, Price, Gross Margin 2016-2021
3.4 Authenteq Market Performance Analysis
3.4.1 Authenteq Basic Information
3.4.2 Product and Service Analysis
3.4.3 Strategies for Company to Deal with the Impact of COVID-19
3.4.4 Authenteq Sales, Value, Price, Gross Margin 2016-2021
3.5 Trulioo Market Performance Analysis
3.5.1 Trulioo Basic Information
3.5.2 Product and Service Analysis
3.5.3 Strategies for Company to Deal with the Impact of COVID-19
3.5.4 Trulioo Sales, Value, Price, Gross Margin 2016-2021
3.6 Acuant, Inc. Market Performance Analysis
3.6.1 Acuant, Inc. Basic Information
3.6.2 Product and Service Analysis
3.6.3 Strategies for Company to Deal with the Impact of COVID-19
3.6.4 Acuant, Inc. Sales, Value, Price, Gross Margin 2016-2021
3.7 Jumio Market Performance Analysis
3.7.1 Jumio Basic Information
3.7.2 Product and Service Analysis
3.7.3 Strategies for Company to Deal with the Impact of COVID-19
3.7.4 Jumio Sales, Value, Price, Gross Margin 2016-2021
3.8 Gemalto N.V. (Thales group) Market Performance Analysis
3.8.1 Gemalto N.V. (Thales group) Basic Information
3.8.2 Product and Service Analysis
3.8.3 Strategies for Company to Deal with the Impact of COVID-19
3.8.4 Gemalto N.V. (Thales group) Sales, Value, Price, Gross Margin 2016-2021
3.9 Onfido Market Performance Analysis
3.9.1 Onfido Basic Information
3.9.2 Product and Service Analysis
3.9.3 Strategies for Company to Deal with the Impact of COVID-19
3.9.4 Onfido Sales, Value, Price, Gross Margin 2016-2021
3.10 Idemia Market Performance Analysis
3.10.1 Idemia Basic Information
3.10.2 Product and Service Analysis
3.10.3 Strategies for Company to Deal with the Impact of COVID-19
3.10.4 Idemia Sales, Value, Price, Gross Margin 2016-2021

4 Market Segment by Type, Historical Data and Market Forecasts
4.1 Global Identity Verification Production and Value by Type
4.1.1 Global Identity Verification Production by Type 2016-2021
4.1.2 Global Identity Verification Market Value by Type 2016-2021
4.2 Global Identity Verification Market Production, Value and Growth Rate by Type 2016-2021
4.2.1 Solution Market Production, Value and Growth Rate
4.2.2 Services Market Production, Value and Growth Rate
4.3 Global Identity Verification Production and Value Forecast by Type
4.3.1 Global Identity Verification Production Forecast by Type 2022-2030
4.3.2 Global Identity Verification Market Value Forecast by Type 2022-2030
4.4 Global Identity Verification Market Production, Value and Growth Rate by Type Forecast 2022-2030
4.4.1 Solution Market Production, Value and Growth Rate Forecast
4.4.2 Services Market Production, Value and Growth Rate Forecast

5 Market Segment by Application, Historical Data and Market Forecasts
5.1 Global Identity Verification Consumption and Value by Application
5.1.1 Global Identity Verification Consumption by Application 2016-2021
5.1.2 Global Identity Verification Market Value by Application 2016-2021
5.2 Global Identity Verification Market Consumption, Value and Growth Rate by Application 2016-2021
5.2.1 BFSI Market Consumption, Value and Growth Rate
5.2.2 Government & Defense Market Consumption, Value and Growth Rate
5.2.3 Healthcare Market Consumption, Value and Growth Rate
5.2.4 IT & Telecom Market Consumption, Value and Growth Rate
5.2.5 Retail Market Consumption, Value and Growth Rate
5.2.6 Others Market Consumption, Value and Growth Rate
5.3 Global Identity Verification Consumption and Value Forecast by Application
5.3.1 Global Identity Verification Consumption Forecast by Application 2022-2030
5.3.2 Global Identity Verification Market Value Forecast by Application 2022-2030
5.4 Global Identity Verification Market Consumption, Value and Growth Rate by Application Forecast 2022-2030
5.4.1 BFSI Market Consumption, Value and Growth Rate Forecast
5.4.2 Government & Defense Market Consumption, Value and Growth Rate Forecast
5.4.3 Healthcare Market Consumption, Value and Growth Rate Forecast
5.4.4 IT & Telecom Market Consumption, Value and Growth Rate Forecast
5.4.5 Retail Market Consumption, Value and Growth Rate Forecast
5.4.6 Others Market Consumption, Value and Growth Rate Forecast

6 Global Identity Verification by Region, Historical Data and Market Forecasts
6.1 Global Identity Verification Sales by Region 2016-2021
6.2 Global Identity Verification Market Value by Region 2016-2021
6.3 Global Identity Verification Market Sales, Value and Growth Rate by Region 2016-2021
6.3.1 North America
6.3.2 Europe
6.3.3 Asia Pacific
6.3.4 South America
6.3.5 Middle East and Africa
6.4 Global Identity Verification Sales Forecast by Region 2022-2030
6.5 Global Identity Verification Market Value Forecast by Region 2022-2030
6.6 Global Identity Verification Market Sales, Value and Growth Rate Forecast by Region 2022-2030
6.6.1 North America
6.6.2 Europe
6.6.3 Asia Pacific
6.6.4 South America
6.6.5 Middle East and Africa

7 United State Market Size Analysis 2016-2030
7.1 United State Identity Verification Value and Market Growth 2016-2021
7.2 United State Identity Verification Sales and Market Growth 2016-2021
7.3 United State Identity Verification Market Value Forecast 2022-2030

8 Canada Market Size Analysis 2016-2030
8.1 Canada Identity Verification Value and Market Growth 2016-2021
8.2 Canada Identity Verification Sales and Market Growth 2016-2021
8.3 Canada Identity Verification Market Value Forecast 2022-2030

9 Germany Market Size Analysis 2016-2030
9.1 Germany Identity Verification Value and Market Growth 2016-2021
9.2 Germany Identity Verification Sales and Market Growth 2016-2021
9.3 Germany Identity Verification Market Value Forecast 2022-2030

10 UK Market Size Analysis 2016-2030
10.1 UK Identity Verification Value and Market Growth 2016-2021
10.2 UK Identity Verification Sales and Market Growth 2016-2021
10.3 UK Identity Verification Market Value Forecast 2022-2030

11 France Market Size Analysis 2016-2030
11.1 France Identity Verification Value and Market Growth 2016-2021
11.2 France Identity Verification Sales and Market Growth 2016-2021
11.3 France Identity Verification Market Value Forecast 2022-2030

12 Italy Market Size Analysis 2016-2030
12.1 Italy Identity Verification Value and Market Growth 2016-2021
12.2 Italy Identity Verification Sales and Market Growth 2016-2021
12.3 Italy Identity Verification Market Value Forecast 2022-2030

13 Spain Market Size Analysis 2016-2030
13.1 Spain Identity Verification Value and Market Growth 2016-2021
13.2 Spain Identity Verification Sales and Market Growth 2016-2021
13.3 Spain Identity Verification Market Value Forecast 2022-2030

14 Russia Market Size Analysis 2016-2030
14.1 Russia Identity Verification Value and Market Growth 2016-2021
14.2 Russia Identity Verification Sales and Market Growth 2016-2021
14.3 Russia Identity Verification Market Value Forecast 2022-2030

15 China Market Size Analysis 2016-2030
15.1 China Identity Verification Value and Market Growth 2016-2021
15.2 China Identity Verification Sales and Market Growth 2016-2021
15.3 China Identity Verification Market Value Forecast 2022-2030

16 Japan Market Size Analysis 2016-2030
16.1 Japan Identity Verification Value and Market Growth 2016-2021
16.2 Japan Identity Verification Sales and Market Growth 2016-2021
16.3 Japan Identity Verification Market Value Forecast 2022-2030

17 South Korea Market Size Analysis 2016-2030
17.1 South Korea Identity Verification Value and Market Growth 2016-2021
17.2 South Korea Identity Verification Sales and Market Growth 2016-2021
17.3 South Korea Identity Verification Market Value Forecast 2022-2030

18 Australia Market Size Analysis 2016-2030
18.1 Australia Identity Verification Value and Market Growth 2016-2021
18.2 Australia Identity Verification Sales and Market Growth 2016-2021
18.3 Australia Identity Verification Market Value Forecast 2022-2030

19 Thailand Market Size Analysis 2016-2030
19.1 Thailand Identity Verification Value and Market Growth 2016-2021
19.2 Thailand Identity Verification Sales and Market Growth 2016-2021
19.3 Thailand Identity Verification Market Value Forecast 2022-2030

20 Brazil Market Size Analysis 2016-2030
20.1 Brazil Identity Verification Value and Market Growth 2016-2021
20.2 Brazil Identity Verification Sales and Market Growth 2016-2021
20.3 Brazil Identity Verification Market Value Forecast 2022-2030

21 Argentina Market Size Analysis 2016-2030
21.1 Argentina Identity Verification Value and Market Growth 2016-2021
21.2 Argentina Identity Verification Sales and Market Growth 2016-2021
21.3 Argentina Identity Verification Market Value Forecast 2022-2030

22 Chile Market Size Analysis 2016-2030
22.1 Chile Identity Verification Value and Market Growth 2016-2021
22.2 Chile Identity Verification Sales and Market Growth 2016-2021
22.3 Chile Identity Verification Market Value Forecast 2022-2030

23 South Africa Market Size Analysis 2016-2030
23.1 South Africa Identity Verification Value and Market Growth 2016-2021
23.2 South Africa Identity Verification Sales and Market Growth 2016-2021
23.3 South Africa Identity Verification Market Value Forecast 2022-2030

24 Egypt Market Size Analysis 2016-2030
24.1 Egypt Identity Verification Value and Market Growth 2016-2021
24.2 Egypt Identity Verification Sales and Market Growth 2016-2021
24.3 Egypt Identity Verification Market Value Forecast 2022-2030

25 UAE Market Size Analysis 2016-2030
25.1 UAE Identity Verification Value and Market Growth 2016-2021
25.2 UAE Identity Verification Sales and Market Growth 2016-2021
25.3 UAE Identity Verification Market Value Forecast 2022-2030

26 Saudi Arabia Market Size Analysis 2016-2030
26.1 Saudi Arabia Identity Verification Value and Market Growth 2016-2021
26.2 Saudi Arabia Identity Verification Sales and Market Growth 2016-2021
26.3 Saudi Arabia Identity Verification Market Value Forecast 2022-2030

27 Market Dynamic Analysis and Development Suggestions
27.1 Market Drivers
27.2 Market Development Constraints
27.3 PEST Analysis
27.3.1 Political Factors
27.3.2 Economic Factors
27.3.3 Social Factors
27.3.4 Technological Factors
27.4 Industry Trends Under COVID-19
27.4.1 Risk Assessment on COVID-19
27.4.2 Assessment of the Overall Impact of COVID-19 on the Industry
27.4.3 Pre COVID-19 and Post COVID-19 Market Scenario
27.5 Market Entry Strategy Analysis
27.5.1 Market Definition
27.5.2 Client
27.5.3 Distribution Model
27.5.4 Product Messaging and Positioning
27.5.5 Price
27.6 Advice on Entering the Market

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Case Study- Automotive Sector

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