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Identity Verification Market by Component (Solutions and Services), Deployment Mode, Organization Size, Industry Vertical, and Region (North America, Europe, APAC, Middle East and Africa, Latin America) - Global Forecast to 2024

  • ID: 4770788
  • Report
  • Region: Global, Africa, Asia Pacific, Europe, Middle East, North America, United States
  • 146 Pages
  • Markets and Markets
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The Identity Verification Market Size is Expected to Grow from USD 6.0 Billion in 2019 to USD 12.8 Billion By 2024, at a CAGR of 16.0%

FEATURED COMPANIES

  • Acuant
  • Equifax
  • Gemalto
  • iDenfy
  • Jumio
  • Mitek Systems
  • MORE

The rising number of identity-related frauds and data breaches are expected to drive the identity verification market

The identity verification market size is expected to grow from USD 6.0 billion in 2019 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period. The factors expected to drive the identity verification market are the rising number of identity-related frauds and data breaches, stringent regulations, and need for compliance to drive the adoption of identity verification solutions, enterprise mobility, and Bring Your Own Device (BYOD) trends. However, aggregating critical enterprise data distributed across multiple locations within a business is still a point of concern for organizations.

The services segment is expected to grow at a higher CAGR during the forecast period

The identity verification market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their identity verification solutions and related processes. The solutions segment is expected to hold a larger market size during the forecast period. The identity verification solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) due to an increasing need to secure the business-sensitive applications from unauthorized accesses.

Increasing deployment of cloud-based identity verification solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period

The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based identity verification solutions by them to secure their web applications, mobile applications, mobile devices, infrastructure, and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks. SMEs are small in terms of their size but cater to a large number of customers globally. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations’ applications, platforms, and infrastructure. However, the rising level of cyber-attacks, and the increasing need to protect their infrastructure and confidential data from unauthorized access, and identity impersonification will drive the demand for identity verification solutions among SMEs. These solutions not only enhance the security portfolio of SMEs but also enable them to comply with regulations by ensuring customer data protection as well as organization data protection from identity theft.

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period

APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the identity verification solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC identity verification market is gaining traction, as this region is showing the highest growth of the Internet of Things (IoT), BYOD, and web applications adoption for their business functions and this, in turn, increases the need to secure these solutions against cyber threats, identity-based threats, and attacks. SMEs as well as large organizations in the APAC region have become more aware of identity verification services and have started adopting them to combat identity-based threats and data thefts to their infrastructures, endpoints, and cloud-based applications. Furthermore, North America is expected to have the largest market size in 2019 owing to the presence of a large number of vendors and initial adoption of identity verification solutions owing to the rising sophistication level of cyber-attacks and heavy financial losses in the advent of any identity attack.

In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the identity verification market.

  • By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
  • By Designation: C-Level: 35%, Director Level: 25%, and Others: 40%
  • By Region: North America: 45%, Europe: 20%, APAC: 30%, and RoW: 5%

The report includes the study of key players, such as Experian (Ireland), LexisNexis (US), Equifax (US), Mitek Systems (US), Gemalto (Netherlands), Onfido (England), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), Authenteq (Iceland), Shufti Pro (UK), IDMERIT (US), iDenfy (Lithuania), and TransUnion (US).

Research Coverage:
The report covers identity verification solutions and services across segments. It aims at estimating the market size and growth potential of this market across segments, such as components, organization size, deployment type, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in this market with information about the closest approximations of the revenue numbers for the overall identity verification market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to better their positions and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Acuant
  • Equifax
  • Gemalto
  • iDenfy
  • Jumio
  • Mitek Systems
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Identity Verification Market
4.2 Identity Verification Market, By Component, 2019
4.3 Identity Verification Market, By Service, 2019
4.4 Identity Verification Market, Market Share of Top 3 Industry Verticals and Regions, 2019
4.5 Identity Verification Market, By Organization Size, 2019
4.6 Identity Verification Market, By Deployment Mode, 2019
4.7 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Number of Identity Related Frauds and Data Breaches
5.2.1.2 Stringent Regulations and Need for Compliance to Drive the Adoption of Identity Verification Solutions
5.2.1.3 Enterprise Mobility and Byod Trends
5.2.2 Restraints
5.2.2.1 Budgetary Limitations Inhibiting the Adoption of Identity Verification Solutions
5.2.3 Opportunities
5.2.3.1 Integration of AI and Ml Technologies to Enhance Identity Verification Solutions
5.2.3.2 Proliferation of Cloud-Based Identity Verification Solutions and Services
5.2.4 Challenges
5.2.4.1 Aggregating Critical Enterprise Data Distributed Across Multiple Locations Within A Business
5.3 Regulatory Landscape
5.3.1 Payment Services Directive 2
5.3.2 Electronic Identification, Authentication, and Trust Services
5.3.3 Know Your Customer
5.3.4 Anti-Money Laundering
5.3.5 General Data Protection Regulation
5.3.6 Payment Card Industry Data Security Standard
5.3.7 Health Insurance Portability and Accountability Act
5.3.8 Federal Information Processing Standards
5.4 Innovation Spotlight
5.5 Use Cases
5.5.1 Adoption of Identity Verification Solution By A Financial Organization in Canada
5.5.2 Reliance on Identity Verification Solution By A Brokerage Firm in the US
5.5.3 Adoption of Identity Verification Solution By A Credit Union in the US

6 Identity Verification Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Digital Identity Verification
6.2.1.1 Rapidly Growing Identity-Based Attacks and Frauds to Drive the Growth of Digital Identity Verification Solutions in the Identity Verification Market
6.2.2 Identity Authentication
6.2.2.1 Need for Enhanced Identity Authentication Solutions to Drive the Growth of the Identity Verification Market
6.2.3 ID Verification
6.2.3.1 Evolving Online Identity-Related Frauds to Drive the Growth of ID Verification Solutions in the Identity Verification Market
6.2.4 Others
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
 6.3.1.1.1 Need for Right Recommendations for Deploying Security Solutions to Combat With Cyber Threats
6.3.1.2 Training and Education
 6.3.1.2.1 Growing Need Among Enterprises for Eliminating Knowledge Gaps to Boost the Growth of Training and Education Services
6.3.1.3 Support and Maintenance
 6.3.1.3.1 Support and Maintenance Services to Continue to Gain Popularity During the Forecast Period
6.3.2 Managed Services
6.3.2.1 Managed Services to Continue to Gain Popularity During the Forecast Period

7 Identity Verification Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Low Cost of Installation, Upgrade, and Maintenance to Increase the Adoption of Cloud-Based Identity Verification Solutions
7.3 On-Premises
7.3.1 Need to Maintain Strict Confidentiality of Identity Records in Government and Defense, and Banking Verticals to Fuel the Demand for On-Premises Identity Verification Solutions

8 Identity Verification Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.2.1 Increasing Identity-Based Attacks on Small and Medium-Sized Enterprises to Contribute to the Greater Adoption of Identity Verification Solutions
8.3 Large Enterprises
8.3.1 Need for Meeting KYC and AML Compliance to Propel the Adoption of Identity Verification Solutions

9 Identity Verification Market, By Industry Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Growing Digital Identity Thefts Encourage BFSI Organizations to Deploy Identity Verification Solutions
9.3 Government and Defense
9.3.1 Increase in Bribery, Corruption, and Data Theft to Drive the Adoption of Identity Verification Solutions in Government Institutions
9.4 Retail
9.4.1 Constant Risk to the Huge Amount of Confidential Customer Data and Consumer Identity in the Retail Industry Vertical to Drive the Demand for Identity Verification Solutions
9.5 Healthcare
9.5.1 Increasing Number of Patient Identity Thefts to Boost the Demand for Identity Verification Solutions in the Healthcare Industry Vertical
9.6 IT and Telecom
9.6.1 IT and Telecom Companies Deploy Identity Verification Solutions to Address the Challenges Related to the Security and Privacy of Digital Identities
9.7 Energy and Utilities
9.7.1 Identity Verification Solutions to Enhance Operational Efficiency and Mitigate Potential Identity-Based Threats in Energy and Utilities Industry Vertical
9.8 Others

10 Identity Verification Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Leveraging Machine Learning and Blockchain Technologies for Protecting Digital Identities in the US
10.2.2 Canada
10.2.2.1 Rising Fraudulent Transactions Across Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Introduction of Nation ID Scheme Across the UK to Spur the Growth of Identity Verification Market
10.3.2 Germany
10.3.2.1 Need to Provide Enhanced Customer Services and Secure Critical Assets From Unethical Users in Germany
10.3.3 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Need for Real-Time Online Identity Verification to Prove Chinese National’s Identity
10.4.2 Japan
10.4.2.1 Rising Money Laundering and Identity Impersonation to Fuel the Growth of Identity Verification Market
10.4.3 India
10.4.3.1 Need to Shift From Outdated Legacy IT Infrastructures Across the Region
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Middle East
10.5.1.1 Rising Need to Prevent Identity Thefts Across the Middle East Fueling the Growth for Identity Verification Market
10.5.2 Africa
10.5.2.1 Increase in the Number of Tech Startups to Create Growth Opportunities for Identity Verification Vendors in Africa
10.6 Latin America
10.6.1 Mexico
10.6.1.1 Adoption of Cloud-Based Services to Spur the Growth of Identity Verification Solutions in Mexico
10.6.2 Brazil
10.6.2.1 Rising Digital Transformation Initiative Forcing Enterprises to Deploy Identity Verification Solutions
10.6.3 Rest of Latin America

11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.1.1 Visionary Leaders
11.1.2 Innovators
11.1.3 Dynamic Differentiators
11.1.4 Emerging Companies
11.2 Strength of Product Portfolio
11.3 Business Strategy Excellence
11.4 Competitive Scenario
11.4.1 Partnerships, Agreements, and Collaborations
11.4.2 New Product Launches/Product Enhancements
11.4.3 Mergers and Acquisitions
11.4.4 Business Expansions

12 Company Profiles
12.1 Introduction
12.2 Experian
12.3 Lexisnexis Risk Solutions
12.4 Equifax
12.5 Mitek Systems
12.6 Gemalto
12.7 Onfido
12.8 Trulioo
12.9 Acuant
12.10 Idemia
12.11 Jumio
12.12 Authenteq
12.13 Shufti Pro
12.14 Idmerit
12.15 Transunion
12.16 Idenfy

13 Appendix
13.1 Discussion Guide
13.2 Knowledge Store: Subscription Portal
13.3 Available Customizations
13.4 Related Reports
13.5 Author Details

List of Tables
Table 1 United States Dollar Exchange Rate, 2016–2018
Table 2 Factor Analysis
Table 3 Identity Verification Market Size and Growth, 2017–2024 (USD Million, Y-O-Y %)
Table 4 Innovation Spotlight: Latest Identity Verification Solutions
Table 5 Identity Verification Market Size, By Component, 2017–2024 (USD Million)
Table 6 Solutions: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 7 Digital Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 8 Identity Authentication Market Size, By Region, 2017–2024 (USD Million)
Table 9 ID Verification Market Size, By Region, 2017–2024 (USD Million)
Table 10 Others Market Size, By Region, 2017–2024 (USD Million)
Table 11 Services: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 12 Services: Identity Verification Market Size, By Type, 2017–2024 (USD Million)
Table 13 Professional Services Market Size, By Region, 2017–2024 (USD Million)
Table 14 Professional Services Market Size, By Type, 2017–2024 (USD Million)
Table 15 Consulting Market Size, By Region, 2017–2024 (USD Million)
Table 16 Training and Education Market Size, By Region, 2017–2024 (USD Million)
Table 17 Support and Maintenance Market Size, By Region, 2017–2024 (USD Million)
Table 18 Managed Services Market Size, By Region, 2017–2024 (USD Million)
Table 19 Identity Verification Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 20 Cloud: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 21 On-Premises: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 22 Identity Verification Market Size, By Organization Size, 2017–2024 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 24 Large Enterprises: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 25 Identity Verification Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 26 Banking, Financial Services, and Insurance: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 27 Government and Defense: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 28 Retail: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 29 Healthcare: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 30 IT and Telecom: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 31 Energy and Utilities: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 32 Others: Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 33 Identity Verification Market Size, By Region, 2017–2024 (USD Million)
Table 34 North America: Identity Verification Market Size, By Component, 2017–2024 (USD Million)
Table 35 North America: Identity Verification Market Size, By Solution, 2017–2024 (USD Million)
Table 36 North America: Identity Verification Market Size, By Service, 2017–2024 (USD Million)
Table 37 North America: Identity Verification Market Size, By Professional Service, 2017–2024 (USD Million)
Table 38 North America: Identity Verification Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 39 North America: Identity Verification Market Size, By Organization Size, 2017–2024 (USD Million)
Table 40 North America: Identity Verification Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 41 North America: Identity Verification Market Size, By Country, 2017–2024 (USD Million)
Table 42 Europe: Identity Verification Market Size, By Component, 2017–2024 (USD Million)
Table 43 Europe: Identity Verification Market Size, By Service, 2017–2024 (USD Million)
Table 44 Europe: Identity Verification Market Size, By Professional Service, 2017–2024 (USD Million)
Table 45 Europe: Identity Verification Market Size, By Solution, 2017–2024 (USD Million)
Table 46 Europe: Identity Verification Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 47 Europe: Identity Verification Market Size, By Organization Size, 2017–2024 (USD Million)
Table 48 Europe: Identity Verification Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 49 Europe: Identity Verification Market Size, By Country, 2017–2024 (USD Million)
Table 50 Asia Pacific: Identity Verification Market Size, By Component, 2017–2024 (USD Million)
Table 51 Asia Pacific: Identity Verification Market Size, By Service, 2017–2024 (USD Million)
Table 52 Asia Pacific: Identity Verification Market Size, By Professional Service, 2017–2024 (USD Million)
Table 53 Asia Pacific: Identity Verification Market Size, By Solution, 2017–2024 (USD Million)
Table 54 Asia Pacific: Identity Verification Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 55 Asia Pacific: Identity Verification Market Size, By Organization Size, 2017–2024 (USD Million)
Table 56 Asia Pacific: Identity Verification Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 57 Asia Pacific: Identity Verification Market Size, By Country, 2017–2024 (USD Million)
Table 58 Middle East and Africa: Identity Verification Market Size, By Component, 2017–2024 (USD Million)
Table 59 Middle East and Africa: Identity Verification Market Size, By Service, 2017–2024 (USD Million)
Table 60 Middle East and Africa: Identity Verification Market Size, By Professional Service, 2017–2024 (USD Million)
Table 61 Middle East and Africa: Identity Verification Market Size, By Solution, 2017–2024 (USD Million)
Table 62 Middle East and Africa: Identity Verification Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 63 Middle East and Africa: Identity Verification Market Size, By Organization Size, 2017–2024 (USD Million)
Table 64 Middle East and Africa: Identity Verification Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 65 Middle East and Africa: Identity Verification Market Size, By Subregion, 2017–2024 (USD Million)
Table 66 Latin America: Identity Verification Market Size, By Component, 2017–2024 (USD Million)
Table 67 Latin America: Identity Verification Market Size, By Service, 2017–2024 (USD Million)
Table 68 Latin America: Identity Verification Market Size, By Professional Service, 2017–2024 (USD Million)
Table 69 Latin America: Identity Verification Market Size, By Solution, 2017–2024 (USD Million)
Table 70 Latin America: Identity Verification Market Size, By Deployment Mode, 2017–2024 (USD Million)
Table 71 Latin America: Identity Verification Market Size, By Organization Size, 2017–2024 (USD Million)
Table 72 Latin America: Identity Verification Market Size, By Industry Vertical, 2017–2024 (USD Million)
Table 73 Latin America: Identity Verification Market Size, By Country, 2017–2024 (USD Million)
Table 74 Partnerships, Agreements, and Collaborations, 2019
Table 75 New Product Launches/Product Enhancements, 2017–2019
Table 76 Mergers and Acquisitions, 2018–2018
Table 77 Business Expansions, 2018–2018

List of Figures
Figure 1 Identity Verification Market: Research Design
Figure 2 Identity Verification Market: Top-Down and Bottom-Up Approaches
Figure 3 The Global Identity Verification Market to Witness A Significant Growth During the Forecast Period
Figure 4 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 5 North America to Hold the Highest Market Share in 2019
Figure 6 Fastest-Growing Segments of the Identity Verification Market
Figure 7 Increasing Number of Identity Thefts Across Industry Verticals Fueling the Growth of Identity Verification Market
Figure 8 Solution Segment to have A Higher Market Share in 2019
Figure 9 Professional Services Segment to have A Larger Market Share in 2019
Figure 10 Banking, Financial Services, and Insurance Industry Vertical and North America to have the Highest Market Shares in 2019
Figure 11 Large Enterprises Organization Size Segment to Hold A Higher Market Share in 2019
Figure 12 On-Premises Segment to Hold A Higher Market Share in 2019
Figure 13 Asia Pacific to Emerge as the Best Market for Investment in the Next 5 Years
Figure 14 Drivers, Restraints, Opportunities, and Challenges: Identity Verification Market
Figure 15 Identity Frauds in 2017
Figure 16 Solutions Segment to Account for A Larger Market Size During the Forecast Period
Figure 17 ID Verification Segment to Grow at the Highest CAGR During the Forecast Period
Figure 18 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 19 Cloud Segment to Record A Higher Growth During the Forecast Period
Figure 20 Small and Medium-Sized Enterprises Segment to Record A Higher CAGR During the Forecast Period
Figure 21 Retail Industry Vertical to Record the Highest Growth Rate During the Forecast Period
Figure 22 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 23 North America: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Identity Verification Market (Global) Competitive Leadership Mapping, 2019
Figure 26 Key Developments By the Leading Players in the Identity Verification Market, 2016–2019
Figure 27 Geographic Revenue Mix of the Top Players in the Identity Verification Market
Figure 28 Experian: Company Snapshot
Figure 29 Experian: SWOT Analysis
Figure 30 Lexisnexis Risk Solutions: Company Snapshot
Figure 31 Lexisnexis Risk Solutions: SWOT Analysis
Figure 32 Equifax: Company Snapshot
Figure 33 Equifax: SWOT Analysis
Figure 34 Mitek Systems: Company Snapshot
Figure 35 Mitek Systems: SWOT Analysis
Figure 36 Gemalto: Company Snapshot
Figure 37 Gemalto: SWOT Analysis

Note: Product cover images may vary from those shown
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  • Acuant
  • Authenteq
  • Equifax
  • Experian
  • Gemalto
  • Idemia
  • Idenfy
  • Idmerit
  • Jumio
  • Lexisnexis Risk Solutions
  • Mitek Systems
  • Onfido
  • Shufti Pro
  • Transunion
  • Trulioo
Note: Product cover images may vary from those shown
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