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North America Identity Verification Market Forecast to 2030 - Regional Analysis - Component, Deployment, Organization Size, Type, and Industry Vertical

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    Report

  • 99 Pages
  • March 2024
  • Region: North America
  • The Insight Partners
  • ID: 4825263
UP TO OFF until Dec 31st 2024
The North America identity verification market was valued at US$3.43 billion in 2022 and is expected to reach US$11.11 billion by 2030; it is estimated to grow at a CAGR of 15.8% from 2022 to 2030.

Increase in Cases of Identity Fraud Boost North America Identity Verification Market

The digitalization has gained traction in the pandemic period across all industry verticals. People has shifted towards the e-commerce over the brick-and-mortar model. Majority of the transactions and exchange of critical information is taking place via digital platforms which has opened gates for the fraudsters to carry out identity fraud. The growing sophistication of security information platforms and IT security-based tools and solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyberattacks has further led to an increased need for robust security solutions across enterprises. According to Regula, ~95% of enterprises and approximately 90 percent of small businesses experienced identity fraud in 2022. On average, a company experienced ~30 cases in 2022. Such frauds result in business disruption, legal expenditures, and loss of existing and potential clients. Hence, companies are increasingly adopting several security solutions to help businesses confirm the identity of individuals to access sensitive transactions and interactions successfully. The prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication and verification, and mitigation of the risk of spoofing. The capabilities of identity verification solutions, such as identity verification, data identification, and fraud detection help the several market players to prevent identity frauds. All these benefits and capabilities offered by identity verification provide long-term benefits to enterprises and helps them to enhance their security. These benefits drive the identity verification market.

North America Identity Verification Market Overview

North America is one of the fastest-growing regions in terms of both technological innovations and the adoption of advanced technologies. The region also has a well-established IT & cloud infrastructure. In the past three years, the region has witnessed significant adoption of emerging technologies such as artificial intelligence and blockchain across all the major industry verticals. With the increasing penetration of digitization in various industries, identity verification has become a vital component of business transaction ecosystems, especially in financial institutions and online retail. The demand for identity verification solutions in companies is increasing rapidly as these solutions allow companies to comply with various rules and regulations. A few of these regulations include anti-money laundering (AML), know your customer (KYC), and digital fraud prevention. The North America identity verification market growth is primarily driven by rising demand from industrial sectors such as BFSI, government, defense, and healthcare, where correct identification of users and customers is a crucial business requirement for successful operations. In 2018, North America contributed the largest market share in terms of overall revenue of the global identity verification market, and it is estimated to continue its dominance during the forecast period.

North America Identity Verification Market Segmentation

The North America identity verification market is segmented based on component, deployment, organization size, type, industry vertical, and country. Based on component, the North America identity verification market is bifurcated into solution and services. The solution segment held a larger market share in 2022.

Based on deployment, the North America identity verification market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.

In terms of organization size, the North America identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2022.

By type, the North America identity verification market is segmented into biometric verification, online verification, knowledge based authentication, and others. The biometric verification segment held the largest market share in 2022.

Based on industry vertical, the North America identity verification market is segmented into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held the largest market share in 2022.

Based on country, the North America identity verification market is segmented into the US, Canada, and Mexico. The US dominated the North America identity verification market share in 2022.

Trulioo, Onfido, Mitek Systems, Inc, IDology, Authenteq, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group are some of the leading companies operating in the North America identity verification market.

Table of Contents

1. Introduction
1.1 Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Identity Verification Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. North America Identity Verification Market - Key Industry Dynamics
5.1 Identity Verification Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Cases of Identity Fraud
5.2.2 Rise in Demand from BFSI Sector
5.2.3 Increase in Adoption of Bring Your Own Device (BYOD) Concept
5.3 Market Restraints
5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
5.4.1 Rising Need for Digitization in Small and Medium Enterprises
5.4.2 Increasing Regulatory Initiatives and Investments by Governments
5.5 Future Trends
5.5.1 Integration of Artificial Intelligence and Other Advanced Technologies
5.6 Impact of Drivers and Restraints:
6. Identity Verification Market - North America Market Analysis
6.1 North America Identity Verification Market Revenue (US$ Million), 2022 - 2030
6.2 Identity Verification Market Forecast and Analysis
7. North America Identity Verification Market Analysis - Component
7.1 Solution
7.1.1 Overview
7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Identity Verification Market Analysis - Deployment
8.1 Cloud
8.1.1 Overview
8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. North America Identity Verification Market Analysis - Organization Size
9.1 Large Enterprises
9.1.1 Overview
9.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9.2 SMEs
9.2.1 Overview
9.2.2 SMEs Market, Revenue and Forecast to 2030 (US$ Million)
10. North America Identity Verification Market Analysis - Type
10.1 Biometric Verification
10.1.1 Overview
10.1.2 Biometric Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Online Verification
10.2.1 Overview
10.2.2 Online Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.3 Knowledge Based Authentication
10.3.1 Overview
10.3.2 Knowledge Based Authentication Market, Revenue and Forecast to 2030 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
11. North America Identity Verification Market Analysis - Industry Vertical
11.1 BFSI
11.1.1 Overview
11.1.2 BFSI Market, Revenue and Forecast to 2030 (US$ Million)
11.2 Government and Defense
11.2.1 Overview
11.2.2 Government and Defense Market, Revenue and Forecast to 2030 (US$ Million)
11.3 Healthcare
11.3.1 Overview
11.3.2 Healthcare Market, Revenue and Forecast to 2030 (US$ Million)
11.4 IT and Telecom
11.4.1 Overview
11.4.2 IT and Telecom Market, Revenue and Forecast to 2030 (US$ Million)
11.5 Retail
11.5.1 Overview
11.5.2 Retail Market, Revenue and Forecast to 2030 (US$ Million)
11.6 Others
11.6.1 Overview
11.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
12. North America Identity Verification Market - by Country Analysis
12.1 North America: Identity Verification Market
12.1.1 North America: Identity Verification Market, by Key Country
12.1.1.1 US: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.1.1 US DNS Security Software Market Breakdown by Component
12.1.1.1.2 US: Identity Verification Market, by Deployment
12.1.1.1.3 US: Identity Verification Market, by Organization Size
12.1.1.1.4 US: Identity Verification Market, by Type
12.1.1.1.5 US: Identity Verification Market, by Industry Vertical
12.1.1.2 Canada: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.2.1 Canada DNS Security Software Market Breakdown by Component
12.1.1.2.2 Canada: Identity Verification Market, by Deployment
12.1.1.2.3 Canada: Identity Verification Market, by Organization Size
12.1.1.2.4 Canada: Identity Verification Market, by Type
12.1.1.2.5 Canada: Identity Verification Market, by Industry Vertical
12.1.1.3 Mexico: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.3.1 Mexico DNS Security Software Market Breakdown by Component
12.1.1.3.2 Mexico: Identity Verification Market, by Deployment
12.1.1.3.3 Mexico: Identity Verification Market, by Organization Size
12.1.1.3.4 Mexico: Identity Verification Market, by Type
12.1.1.3.5 Mexico: Identity Verification Market, by Industry Vertical
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 New Product Development
14.4 Merger and Acquisition
15. Company Profiles
15.1 Trulioo
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Onfido
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Mitek Systems, Inc
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 IDology
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Authenteq
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Experian Plc
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 Thales SA
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 IDEMIA
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Jumio Corporation
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 LexisNexis Risk Solutions Group
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments
16. Appendix
16.1 About the Publisher
16.2 Word Index
List of Tables
Table 1. Identity Verification Market Segmentation
Table 2. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Component
Table 4. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) -Deployment
Table 5. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Organization Size
Table 6. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Type
Table 7. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Industry Vertical
Table 8. North America: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Table 9. US: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 10. US: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 11. US: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 12. US: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 13. US: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 14. Canada: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 15. Canada: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 16. Canada: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 17. Canada: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 18. Canada: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 19. Mexico: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 20. Mexico: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 21. Mexico: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 22. Mexico: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 23. Mexico: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 24. Heat Map Analysis By Key Players
Table 25. List of Abbreviation
List of Figures
Figure 1. Identity Verification Market Segmentation, By Country
Figure 2. Ecosystem: Identity Verification Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. North America Identity Verification Market Revenue (US$ Million), 2022 - 2030
Figure 5. Identity Verification Market Share (%) - Component, 2022 and 2030
Figure 6. Solution Market Revenue and Forecasts To 2030 (US$ Million)
Figure 7. Services Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Identity Verification Market Share (%) - Deployment, 2022 and 2030
Figure 9. Cloud Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. On-Premise Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Identity Verification Market Share (%) - Organization Size, 2022 and 2030
Figure 12. Large Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. SMEs Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Identity Verification Market Share (%) - Type, 2022 and 2030
Figure 15. Biometric Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Online Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Knowledge Based Authentication Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Identity Verification Market Share (%) - Industry Vertical, 2022 and 2030
Figure 20. BFSI Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Government and Defense Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Healthcare Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. IT and Telecom Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Retail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 25. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 26. North America: Identity Verification Market, by Key Country - Revenue (2022) (US$ Million)
Figure 27. North America: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Figure 28. US: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 29. Canada: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 30. Mexico: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)

Companies Mentioned

  • Trulioo
  • Onfido
  • Mitek Systems, Inc
  • IDology
  • Authenteq
  • Experian Plc
  • Thales SA
  • IDEMIA
  • Jumio Corporation
  • LexisNexis Risk Solutions Group