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Identity Verification Market Prospects, Competitive Analysis, Trend, Regulatory Landscape & Forecasts 2029

New York, Global Identity Verification Market from Global Insight Services is the only authoritative source for intelligence on the Identity Verification Market . The report will provide you with an analysis of the impact of the latest market disruptions such as the Russo-Ukrainian War and Covid-19 on the market. The report provides a qualitative analysis of the market using various frameworks such as Porters Analysis and PESTLE. The report includes in-depth segmentation and market size data by categories, product types, applications, and geographic regions. The report also includes a comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as mergers and acquisitions activities in the market.

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In many cases, identity verification is simply a matter of verifying that the information provided matches what is on file. However, in some cases, it may also involve more sophisticated methods, such as biometric data or knowledge-based authentication.

Key Players

  • Experian
  • GBG
  • Equifax
  • Mitek Systems
  • Thales Group
  • LexisNexis Risk Solutions
  • Onfido
  • Trulioo
  • Acuant
  • IDEMIA

Key Trends

There are three key trends in Identity Verification technology:

The move towards biometric-based authentication: This trend is being driven by the increasing availability of biometric devices (such as fingerprint scanners and iris scanners) and the need for more secure authentication methods.

The increasing use of artificial intelligence: AI is being used to verify identities more accurately and efficiently.

The rise of mobile ID verification: With the increasing use of smartphones, more businesses are offering mobile ID verification solutions.

Key Drivers

There are a few key drivers of the identity verification market. The first is the increasing need for organizations to verify the identities of their customers and employees. This is driven by the need to comply with regulations and to protect against fraud.

The second driver is the increasing availability of data and technology that can be used for identity verification. This includes data from social media, government databases, and private companies.

The third driver is the increasing awareness of the importance of identity verification. This is driven by the media coverage of identity theft and fraud, as well as the increasing number of data breaches.

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Market Segments

By Component

  • Solutions
  • Services

By Type

  • Biometrics
  • Non-Biometrics

By Deployment Mode

  • On-Premises
  • Cloud

By Organization Size

  • SMEs
  • Large enterprises

By Verticals

  • BFSI
  • Government
  • Defense
  • Healthcare & Life Sciences
  • Retail and eCommerce
  • IT & ITeS
  • Energy and Utilities
  • Others

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Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

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Identity Verification market Demand and Growth Analysis Report 2022-2028 | IDEMIA, Jumio, Experian

Identity Verification

The increasing frequency of identity fraud and cybercrime fueled digitization initiatives, and the increasing use case of data security across all industries is driving the market. In addition, actions by governments and companies that focus on digitization and the use of new technologies in identity verification systems such as AI, machine learning and automation would present attractive prospects for identity verification providers.

Identity Verification Market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well-explained SWOT analysis, revenue share, and contact information are shared in this report analysis.

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Top Companies in this Market includes:

IDEMIA (France)
Jumio (US)
Experian (Ireland)
GBG (UK)
Equifax (US)
Mitek Systems (US)
Thales Group (France)
LexisNexis Risk Solutions (US)
Onfido (UK)
Trulioo (Canada)
Acuant (US)

This report provides a detailed and analytical look at the various companies that are working to achieve a high market share in the global Identity Verification market. Data is provided for the top and fastest growing segments. This report implements a balanced mix of primary and secondary research methodologies for analysis. Markets are categorized according to key criteria. To this end, the report includes a section dedicated to the company profile. This report will help you identify your needs, discover problem areas, discover better opportunities, and help all your organization’s primary leadership processes. You can ensure the performance of your public relations efforts and monitor customer objections to stay one step ahead and limit losses.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Identity Verification market.

Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.

Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Identity Verification market.

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The cost analysis of the Global Identity Verification Market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend. Other factors such as Supply chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market. Buyers of the report will also be exposed to a study on market positioning with factors such as target client, brand strategy, and price strategy taken into consideration.

Global Identity Verification Market Segmentation:

Market Segmentation by Type:

solutions
services

Market Segmentation by Application:

BFSI
government and defense
healthcare & life sciences
retail and eCommerce
IT & ITeS
energy and utilities

Reasons for buying this report:

  • It offers an analysis of changing competitive scenario.
  • For making informed decisions in businesses, it offers analytical data with strategic planning methodologies.
  • It offers a seven-year assessment of Identity Verification Market.
  • It helps in understanding the major key product segments.
  • Researchers throw light on the dynamics of the market such as drivers, restraints, trends, and opportunities.
  • It offers a regional analysis of Identity Verification Market along with business profiles of several stakeholders.
  • It offers massive data about trending factors that will influence the progress of the Identity Verification Market.

Table of Contents

Global Identity Verification Market Research Report 2020

Chapter 1 Identity Verification Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Identity Verification Market Forecast

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Identity Verification Market Huge Growth Opportunities and Trends to 2025

The report provides a detailed assessment of the ‘Global Identity Verification Market’. This includes enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmaps, value chains, ecosystem player profiles, and strategies included. The report also presents a SWOT analysis and forecast for Identity Verification investments from 2020 to 2025. The report explores the current outlook in global and key regions (North America, Europe, Asia-Pacific, and Latin America) from the perspective of players, countries (U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc.), product types, and end industries.

The identity verification market is expected to witness a CAGR of 13.1% over the forecast period, 2020-2025.

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Key players are- Acuant Inc., Authenteq Ltd, etc.

Key Market Trends:

Asia-Pacific to Witness Significant Market Growth

– Asia-Pacific is expected to provide significant market growth for identity verification over the forecast period. In recent years, the region witnessed accelerated growth in Asia’s digital banking sector, where more fintech and newly licensed virtual banks are approaching this market to address the unbanked segment, while traditional banks are being in transformation stage to manage costs and achieve operational efficiency in this increasingly competitive landscape. However, digitization has exposed businesses to new risks, such as online identity fraud, account takeovers, and data breaches.
– Fraudsters are increasingly growing advanced with the sophisticated technologies they now use to impersonate legitimate users. Deepfake technology poses a growing identity threat by using advanced artificial intelligence (AI) for creating seemingly real videos that take a person in an existing image or video, and it replaces them with someone else’s likeness.
– More Asian companies are integrating real-time liveness detection capabilities into their eKYC systems that ensure the remote user is physically present and can defend against spoofing attacks. As the digital economy grows, multi-factor biometric identity verification and certified liveness detection technologies are trending to evolve accordingly, to better serve and address the changing security needs of business and consumers.
– India experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. According to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen. With the increasing number of malware and ransomware attacks in the country, it states a significant factor in driving the adoption of identity verification solutions.
– Furthermore, in China, in March 2020, China Ever bright Bank (CEB) announced a blockchain-based supply chain finance solution by Ant Financial. By implementing Ant Financial’s Duo Chain technology, China Ever bright Bank intends to improve the security of SCF, and eliminate fraudulent transactions. As reported by Sina, the Duo Chain plat-form allows users to complete identity verification and electronic signatures with CEB, while recording all relevant transactions to a distributed ledger for tracking purposes.
– Furthermore, in March 2020, the government of Singapore is preparing for the transition to a facial recognition program, which will eliminate the need for ID cards by 2022. The announcement of the installation of Photo kiosks in government agencies across Singapore will effectively inhibit the growth of the market.

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Significant Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of the Identity Verification Market

– Changes in industry market dynamics

– Detailed market segmentation by type, application, etc.

– Historical, current and projected market size in terms of quantity and value

– Recent industry trends and developments

– Competition situation of Identity Verification Market

– Key companies and product strategies

– Potential niche segment/region showing promising growth.

The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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How we have factored the effect of Covid-19 in our report:
All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.

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