The purpose of the research is to present the most segmented consumption and sales statistics for various types of products, downstream consumption fields, and competitive landscape in different nations and regions throughout the world. It accomplishes this by assessing the most up-to-date market data from both primary and secondary reputable sources. The report also studies the recent industry market dynamics like opportunities, challenges, driving factors, restraining factors as well as market news like investments, mergers, and acquisitions. It also offers market size, growth rate by types, application as well as compile quantitative and qualitative methods for making micro and macroeconomic forecasts in various countries and regions.
The global identity verification market has been estimated to be USD 9,433.1 million in 2021 and is projected to grow at a CAGR of 18.2% during the forecast period, 2021-2030. The market research report helps in understanding the market and make strategies for the expansions for the market accordingly. The market strategy analysis provides information from market positioning as well as a marketing channel for potential growth strategies, offering detailed analysis for existing competitors and new entrants in the identity verification market.
In terms of product analysis, profiles, revenue, price, and gross margin, the research focuses on the leading market players. The research includes a regional consumption analysis as well as a value analysis by application, kind, and country. It also lists the names of the most important competitors in these areas.
The competitive landscape section of the market research report identifies different important market leaders of the identity verification market. It also helps the readers to understand the strategies and collaborations that companies are focusing on to combat competition in the global identity verification market. The comprehensive market research report provides an in-depth look at the market. The readers can identify the footprints of the market leaders by studying the global revenue of the manufacturers, the global price, and production by the manufacturer during the forecast period.
In recent years, there have been a number of business scenarios. Emerging markets and regional markets are two types of markets. Up to the second and/or third level of segmentation, The industry's historical, current, and forecast size in terms of value and volume with a summary of the company, goods, sales, and strategy. This analysis provides a thorough view of the worldwide market from both qualitative and quantitative aspects for the predicted period. The research also includes competitive market effect measures for the projected period, as well as an in-depth look at the top firms in the identity verification market.
The global identity verification market has been estimated to be USD 9,433.1 million in 2021 and is projected to grow at a CAGR of 18.2% during the forecast period, 2021-2030. The market research report helps in understanding the market and make strategies for the expansions for the market accordingly. The market strategy analysis provides information from market positioning as well as a marketing channel for potential growth strategies, offering detailed analysis for existing competitors and new entrants in the identity verification market.
In terms of product analysis, profiles, revenue, price, and gross margin, the research focuses on the leading market players. The research includes a regional consumption analysis as well as a value analysis by application, kind, and country. It also lists the names of the most important competitors in these areas.
Methodology:
The competitive landscape section of the market research report identifies different important market leaders of the identity verification market. It also helps the readers to understand the strategies and collaborations that companies are focusing on to combat competition in the global identity verification market. The comprehensive market research report provides an in-depth look at the market. The readers can identify the footprints of the market leaders by studying the global revenue of the manufacturers, the global price, and production by the manufacturer during the forecast period.
Key Highlights of the Market Research Report
- It includes identity verification market segmentation analysis, which deals with quantitative and qualitative practices while discussing the impact of economic factors.
- It also includes analysis of different regions and countries, which includes demand and supply-oriented actions that have a major impact on identity verification market expansion.
- In-depth business profiles of the top market players, including latest developments, product offerings, critical financial information, and strategies adopted; industry dynamics and opportunities for market players' growth in the next years.
- The competitive landscape depicts the major competitors' market revenue share.
- Detailed Segmentation to help each stakeholder in market
- 2500+ data points in 60+ tables with focus on historic demand, estimated demand, and demand forecast
- Impact of COVID-19 on demand estimation & forecasts (2020 onward)
- Separate analysis of each segment to understand market deviation due to Covid-19 from 2020 onwards
- Coverage across 5 major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Country level demand of the 25+ major markets with key trends & factors influencing the same
Key Questions Answered In The Market Report:
- What will the global identity verification market growth rate be?
- Who are the major players in the worldwide identity verification market?
- What is the global identity verification market sales, price, and revenue analysis?
- What market opportunities and dangers do new entrants into the global identity verification market industry face?
- What are the main variables that contribute to the worldwide identity verification market expansion?
What Does This Report Provide
In recent years, there have been a number of business scenarios. Emerging markets and regional markets are two types of markets. Up to the second and/or third level of segmentation, The industry's historical, current, and forecast size in terms of value and volume with a summary of the company, goods, sales, and strategy. This analysis provides a thorough view of the worldwide market from both qualitative and quantitative aspects for the predicted period. The research also includes competitive market effect measures for the projected period, as well as an in-depth look at the top firms in the identity verification market.
Table of Contents
1 Market Abstract
2 Market Introduction
3. Research Practice
4 Key Related Data
5 Impact Factor Analysis
6 Market Development Analysis
7 Identity Verification Market, by Component
8 Identity Verification Market, by Type
9 Identity Verification Market, by Organization Size
10 Identity Verification Market, by Deployment Model
11 Identity Verification Market, by Vertical
12 Identity Verification Market, Regional Analysis
13 Global Identity Verification Market, Competitve Intelligence
14 Appendix
List of Tables
List of Figures
Executive Summary
The global identity verification market has been estimated to be USD 9,433.1 million in 2021 and is projected to reach USD 42,474.9 million by 2030, at a CAGR of 18.2% during the forecast period, 2021-2030. However, without the COVID-19 impact, the global identity verification market was estimated to be USD 9,621.1 million in 2021 and USD 51,745.6 million in 2030, at a CAGR of 20.6%.Identity verification is one of the important processes that ensure that a person’s identity matches the one that is supposed to be identity verification ensures that there has to be a real person behind a process and proves the real identity of the person or individual, preventing a person from carrying out a process on another’s behalf without authorization and creating false identities or commit fraud.
Identity verification solution assists businesses to make sure that the online user or individual is genuine. Companies get assertion about user identities so that they can generate trust online and offline, avert identity fraud, and be in compliance with the anti-fraud and privacy regulations. Multiple departments in an organization can use identity verification solutions to verify identities.
The key factors promoting the growth of the identity verification market include rising digitization initiatives, growing fraudulent activities and identity theft during the last decade, and rising use cases of digital identities among various industry verticals. Moreover, increasing government initiatives and regulations and enterprises with a high focus on digitalization and technological implementation, such as automation AI and machine learning in identity verification solutions, would provide notable opportunities for identity verification vendors.
Amid the COVID-19 pandemic, industry verticals across the globe had to mandatorily adapt to the new digital world due to trends like work from home (WFH). Almost all enterprises are operating more in the digital world where cyber-attacks are increasing. This has given rise to identity theft and identity spoofing, resulting in the increased importance of stronger identity verification solutions. Identity verification solutions provide the methods for stronger and reliable authentication for employees as well as clients and offer the required access to them.
Digitalization of the globe has brought many identity-related frauds to light and has prompted businesses to take stringent measures for securing them. With growing digitalization across governments and private sectors around the world, identity verification has become a vital component where verified identity is mandatory, such as for border control and digital services access.
The large volume of data generated in the healthcare sector and the advent of COVID-19 have provided a significant opportunity for the identity verification market. The solution and service providers have a lot of room to expand into various new verticals and have seen considerable opportunities in the market. Key companies would concentrate their efforts on the emerging sector, offering creative products and services to gain a competitive edge in the market. Companies covered in this report include Equifax, Experian, GBG, Mitek Systems, Thales Group, LexisNexis Risk Solutions, Onfido, Trulioo, Acuant, IDEMIA, and others.
The global identity verification market report has been segmented as component, type, organization size, deployment model, vertical, and region.
Based on component, this market is segmented into solutions and services. The solutions segment is further divided into document/id verification, digital/electronic identity verification, and authentication. The services segment is divided into professional services and managed services. The solution segment is expected to capture the highest market share in the global identity verification market. It has been estimated to account for USD 6,729.8 million in 2021 and is projected to reach USD 31,511.8 million by 2030, at a CAGR of 18.7% during the forecast period. However, without the COVID-19 impact, the solution segment was estimated to be USD 6,863.9 million in 2021 and USD 38,389.7 million in 2030, at a CAGR of 21.1% during the forecast period.
The growth of this segment will be driven by increasing fraudulent activities and personal identity theft due to the limited availability of IT personnel, resources, and budget constraints. This will prompt large as well as small enterprises to adopt identity verification solutions, which is expected to drive market growth.
Based on type, the identity verification market is classified into non-biometrics and biometrics. Between these two segments, the non-biometrics segment is expected to have a larger share in the identity verification market in 2021 due to the growing smartphone penetration in emerging countries and the rising use of document verification, enhanced customer satisfaction, and increasing adoption in the travel industry.
The non-biometrics segment has been estimated to account for USD 5,505.2 million in 2021 and is projected to reach USD 24,025.4 million by 2030, at a CAGR of 17.8% during the forecast period. However, without the COVID-19 impact, the non-biometrics segment was estimated to be USD 5,614.9 million in 2021 and USD 29,269.2 million in 2030, at a CAGR of 20.1% during the forecast period.
Based on the organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. The small & medium enterprises segment is anticipated to grow rapidly over the forecast period. The need to meet government regulations and growing digitalization in small and medium-sized enterprises (SMEs) will act as the major factors in driving the identity verification market during the forecast period. The large enterprises segment is expected to dominate the market in 2021 due to the adoption of work from home models amid the COVID-19 pandemic, which has resulted in a higher and faster adoption rate of identity verification solutions by large enterprises.
The large enterprises segment has been estimated to account for USD 6,657.9 million in 2021 and is projected to reach USD 28,957.7 million by 2030, at a CAGR of 17.7% during the forecast period. However, without the COVID-19 impact, the large enterprises segment was estimated to be USD 6,790.6 million in 2021 and USD 35,278.0 million in 2030, at a CAGR of 20.1% during the forecast period.
Based on deployment, the market is segmented into cloud and on-premises. The on-premise segment is expected to dominate the market in the year 2021. This is due to the growing use of various identity verification software tools for data and personal security. Additionally, the growing trend of contactless biometrics and the use of fingerprint scanners are expected to drive the growth of the on-premise segment during the forecast period.
The on-premise segment has been estimated to account for USD 5,767.1 million in 2021 and is projected to reach USD 23,223.8 million by 2030, at a CAGR of 16.7% during the forecast period. However, without the COVID-19 impact, the on-premise segment was estimated to be USD 5,882.0 million in 2021 and USD 28,292.7 million in 2030, at a CAGR of 19.1% during the forecast period.
Based on vertical, this market is segmented into banking, financial services & insurance (BFSI), government & defense, retail & e-commerce, healthcare & life sciences, IT & telecommunication, energy & utility, and others. The BFSI vertical is witnessing prominent growth in the market. In this digital age, BFSI companies are making significant adoption of digital tools, which has presented rising cybersecurity risks to BFSI institutions. Such threats ensure higher adoption of identity verification solutions in the BFSI segment.
The BFSI segment has been estimated to account for USD 3,314.8 million in 2021 and is projected to reach USD 16,576.3 million by 2030, at a CAGR of 19.6% during the forecast period. However, without the COVID-19 impact, the BFSI segment was estimated to be USD 3,380.8 million in 2021 and USD 22,194.3 million in 2030, at a CAGR of 22.0% during the forecast period.
Based on region, the market has been segmented as North America, Asia Pacific, Europe, Middle East & Africa, and South America. The North American region is estimated to hold a major market share during the forecast period. This is due to the rapid convergence of machine learning solutions with big data, the Internet of Things (IoT), and other emerging technologies. Furthermore, some of the top companies providing identity verification solutions have a large presence in the region, which is expected to generate high revenue in the North American region during the forecast period.
The North American identity verification market has been estimated to account for USD 3,283.8 million in 2021 and is projected to reach USD 13,948.8 million by 2030, at a CAGR of 17.4% during the forecast period. However, without the COVID-19 impact, the North American market was estimated to be USD 3,349.2 million in 2021 and USD 16,993.3 million in 2030, at a CAGR of 19.8% during the forecast period.
Companies Mentioned
A selection of companies mentioned in this report includes:
- Equifax Inc.
- Experian plc
- Gb Group plc
- Mitek Systems Inc.
- Thales Group
- Applied Recognition
- Lexisnexis Risk Solutions
- Onfido
- Trulioo
- Acuant Inc.Idemia,Jumio
- Transunion
- Au10Tix (Icts International)
- Idology
- Innovatrics
- Signicat
