Identity Verification Market – Growth, Trends Industry Analysis and Forecasts (2023 to 2029)

Identity Verification Market was valued at US$ 8.75 Bn. in 2022. Global Identity Verification Market size is estimated to grow at a CAGR of 15.4 % over the forecast period.

Market Overview:

The report explores the Identity Verification market's segments (Type, Component, Deployment Mode, Organization Size, and Vertical). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the market's contemporary competitive scenario.Identity Verification MarketTo Know About The Research Methodology :- Request Free Sample Report

Identity Verification Market Dynamics:

Increasing digitalization with initiatives, such as eID, and smart infrastructure The emergence of the digitalization of the world has brought so many identity-related frauds to light and urged businesses to take strict measures for securing them. With increasing digitalization across governments and private sectors around the world, identity verification has become one of the vital components where verified identity is mandatory, such as border controls and digital services access. With initiatives across countries, such as electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports where video analytics and liveness detection are used for ID verification, secure identity verification has become a crucial part of online security of these areas. These factors are driving the Identity Verification Market through the forecast period. Increase in the fraudulent practices and higher installation Costs: Rising incidences of fraudulent paper works and forged personal identity certificates is the main reason for which secure identity verification is sought by many institutions operating in the digital space. In the coming days, the sales of identity verification solutions are projected to grow exponentially, summing up to a value of US$ 18.6 Bn . Identity verification service requires high implementation cost due to which small and medium enterprises hardly afford for their business lines which is restraining the identity verification market growth. Increasing usage of BYOD ultimately increases the adoption of identity verification solutions and acts as an opportunity for identity verification market growth. Identity verification deals with numerous varieties of ID documents and it became so difficult to maintain these numerous documents and hence acts as a major challenge for the growth of the identity verification market. The price difference in identity verification solutions and services provided by vendors: The pricing of identity verification solutions and services is decided based on a few factors, such as price per verification, linguistics, data storage, and technical support. Maximum companies provide pricing per verification, on and monthly and yearly basis, in which a limited number of ID verification checks are included. Some vendors also offer flexible pricing per verification in some cases of an annual package. The challenge lies in the different prices charged by the vendors of ID verification. For instance, ID verification pricing of identifying starts from USD 1.19 per verification, whereas, for Shufti Pro, the price starts from USD 1 per customer verification. Due to this price difference, the customers get a bit ambiguous about which particular solution or service should be selected. During our discussion with a primary, he also highlighted that this price difference in ID verification solution vendors is acting as a challenge for the customers.

Identity Verification Market Trends:

The growing trend of smart services by various business entities for their customers is poised to increase the demand for the virtual identity verification market: The growing capacity of internet processes like financial transactions and online onboarding activities has increased the requirement for business identity verification in the global market. This rise in demand for online services has given way to the establishment and growth of 3rd party identity verification companies in many regions of the world. The digital literacy count in all countries is increasing day by day, making people capable of using several types of online services. A rising number of online customers of different online services is propelling the growth of the online identity verification market in developing nations as well. Investment in developing infrastructure for providing internet services to households has reduced the cost of data in many economies. The availability of cheap data has exponentially increased the traffic on online websites and has made the process of confirming someone’s Identity more important than ever.

Identity Verification Market Segment Analysis:

By components, the identity verification market is segmented into solutions and services. In 2022, the solution segment has dominated the largest market share accounting for XX% in 2022, and is expected to grow at a CAGR of 3.8% during the forecast period. Owing to factors such as the shift toward digital transformation by various industries, increasing need to fight against data breach and fraud, surging government support toward data protection laws and regulations, requisite to fulfill KYC and AML compliance and easy on-boarding of customers as well as employees. Identity Verification Market By type, the identity verification market has been segmented into non-biometric and biometrics. In 2022, the biometrics segment held a larger share in the identity verification market because of factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, improved authentication security to combat new threats, surging dependency on digital technologies, enhanced customer satisfaction and rising trend for contactless biometric solutions. These factors are raising the demand for the biometric segment through the forecast period.

Regional Insights:

North America emerged as the dominant regional market share accounting for 3.18% in 2022. North America contributes the highest revenue share in the global market owing to the presence of major remote identity verification companies. The provision of smart cities and smart infrastructure models has created a strong demand for identity verification solutions and services in this geographical region. The U.S. dominates the market owing to the huge presence of the most technologically advanced leaders in the market for providing cutting-edge technology which is contributing to the growth of the country. Higher living standards and necessary knowledge about the digital platforms among the general population have made the USA a lucrative market for sales of identity verification solutions. Asia Pacific is expected to grow the highest CAGR in the market than others during the forecast period. China, Japan, and South Korea are the leading economies in the regional market together, accounting for up to 16 to 17% of the global market. China is dominating the market due to the o increasing adoption of identity verification and the BYODYOsD trend which is contributing to the growth of the market in China. The sales of identity verification solutions are growing impressively owing to the presence of large software companies for outsourcing purposes. The objective of the report is to present a comprehensive analysis of the global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers. The reports also help in understanding the Identity Verification Market dynamic and structure by analyzing the market segments and projecting the Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Market make the report investor’s guide.

Identity Verification Market Scope: Inquire before buying

Global Identity Verification Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 8.75 Bn.
Forecast Period 2023 to 2029 CAGR: 15.4% Market Size in 2029: US $ 23.86 Bn.
Segments Covered: by Type Non-Biometrics Biometric
by Component Solution Services
by Deployment Mode On-Premise Cloud
by Organization Size Large Enterprises SME’S
by Vertical BFSI Government & Defense Energy & Utilities Retail & Ecommerce IT & Telecom Healthcare Gaming Other

Identity Verification Market by Region:

Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) North America (United States, Canada and Mexico) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Key Players:

1. Acuant 2. Applied Recognition 3. Au10Tix 4. Authenteq 5. Equifax 6. Experian 7. GB Group plc (GBG) 8. Idemia 9. Idenfy 10. Idfy 11. IDmerit 12. Idology (GBG plc) 13. Innovatrics 14. Jumio 15. Lexisnexis Risk Solutions 16. Mitek Systems 17. Onfido 18. PXL Vision Ag 19. Securekey Technologies Inc. 20. Shufti Pro 21. Signicat 22. Thales Group 23. Transunion 24. Trulioo 25. Veri5Digital 26. WebID Solutions Frequently Asked Questions: 1] What segments are covered in the Identity Verification Market report? Ans. The segments covered in the Identity Verification Market report are based on Type, Component, Deployment Mode, Organization Size, and Vertical. 2] Which region is expected to hold the highest share in the Identity Verification Market? Ans. Asia Pacific region is expected to hold the highest share in the Identity Verification Market. 3] What is the market size of the Identity Verification Market by 2029? Ans. The market size of the Identity Verification Market by 2029 is US$ 23.86 Bn. 4] What is the forecast period for the Identity Verification Market? Ans. The Forecast period for the Identity Verification Market is 2023-2029. 5] What was the market size of the Identity Verification Market in 2022? Ans. The market size of the Identity Verification Market in 2022 was US$ 8.75 Bn.
1. Global Identity Verification Market Size: Research Methodology 2. Global Identity Verification Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Identity Verification Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Identity Verification Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Identity Verification Market Size Segmentation 4.1. Global Identity Verification Market Size, by Types (2022-2029) • Non-Biometrics • Biometric 4.2. Global Identity Verification Market Size, by Component (2022-2029) • Solution • Services 4.3. Global Identity Verification Market Size by Deployment Mode(2022-2029) • On-Premise • Cloud 4.4. Global Identity Verification Market Size by Organization Size (2022-2029) • Large Enterprises • SME’S 4.5. Global Identity Verification Market Size by Vertical (2022-2029) • BFSI • Government & Defense • Energy & Utilities • Retail & Ecommerce • IT & Telecom • Healthcare • Gaming • Other 5. North America Identity Verification Market (2022-2029) 5.1. North America Identity Verification Market Size, by Types (2022-2029) • Non-Biometrics • Biometric 5.2. North America Identity Verification Market Size by Component (2022-2029) • Solution • Services 5.3. North America Identity Verification Market Size by Deployment Mode(2022-2029) • On-Premise • Cloud 5.4. North America Identity Verification Market Size by Organization Size (2022-2029) • Large Enterprises • SME’S 5.5. North America Identity Verification Market Size by Vertical (2022-2029) • BFSI • Government & Defense • Energy & Utilities • Retail & Ecommerce • IT & Telecom • Healthcare • Gaming • Other 5.6. North America Identity Verification Market, by Country (2022-2029) • United States • Canada • Mexico 6. European Identity Verification Market (2022-2029) 6.1. European Identity Verification Market, By Types (2022-2029) 6.2. European Identity Verification Market, By Component (2022-2029) 6.3. European Identity Verification Market, By Deployment Mode (2022-2029) 6.4. European Identity Verification Market, By Organization Size (2022-2029) 6.5. European Identity Verification Market, By Vertical (2022-2029) 6.6. European Identity Verification Market, By Country (2022-2029) • Uk • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Identity Verification Market (2022-2029) 7.1. Asia Pacific Identity Verification Market, By Types (2022-2029) 7.2. Asia Pacific Identity Verification Market, By Component (2022-2029) 7.3. Asia Pacific Identity Verification Market, By Deployment Mode(2022-2029) 7.4. Asia Pacific Identity Verification Market, By Organization Size (2022-2029) 7.5. Asia Pacific Identity Verification Market, By Vertical (2022-2029) 7.6. Asia Pacific Identity Verification Market, By Country (2022-2029) • China • India • Japan • South Korea • Australia • Asean • Rest Of Apac 8. The Middle East And Africa Identity Verification Market (2022-20the 29) 8.1. The Middle East And Africa Identity Verification Market, By Types (2022-2029) 8.2. The Middle East And Africa Identity Verification Market, By Component(2022-2029) 8.3. The Middle East And Africa Identity Verification Market, By Deployment Mode(2022-2029) 8.4. The Middle East And Africa Identity Verification Market, By Organization Size(2022-2029) 8.5. The Middle East And Africa Identity Verification Market, By Vertical (2022-2029) 8.6. The Middle East And Africa Identity Verification Market, By Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Identity Verification Market (2022-2029) 9.1. South America Identity Verification Market, By Types (2022-2029) 9.2. South America Identity Verification Market, By Component (2022-2029) 9.3. South America Identity Verification Market, By Deployment Mode(2022-2029) 9.4. South America Identity Verification Market, By Organization Size (2022-2029) 9.5. South America Identity Verification Market, By Vertical (2022-2029) 9.6. South America Identity Verification Market, By Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. GB Group plc (GBG) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Acuant 10.3. Applied Recognition 10.4. Au10Tix 10.5. Authenteq 10.6. Equifax 10.7. Experian 10.8. Idemia 10.9. Idenfy 10.10. Idfy 10.11. IDmerit 10.12. Idology (GBG plc) 10.13. Innovatrics 10.14. Jumio 10.15. Lexisnexis Risk Solutions 10.16. Mitek Systems 10.17. Onfido 10.18. PXL Vision Ag 10.19. Securekey Technologies Inc. 10.20. Shufti Pro 10.21. Signicat 10.22. Thales Group 10.23. Transunion 10.24. Trulioo 10.25. Veri5Digital 10.26. WebID Solutions
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