Identity Verification Market
Identity Verification Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware), Type (Biometrics, Non- Biometrics), Organization Size (SMEs, Large), End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $7,558.27 MN |
|
Projected Year Value (2028) |
US $23,163.51 MN |
|
CAGR (2021 - 2028) |
17.4% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Identity Verification Market is accounted for $7,558.27 million in 2021 and is expected to reach $23,163.51 million by 2028 growing at a CAGR of 17.4% during the forecast period. Identity verification solution secures a high level of assurance with detailed customer characteristics such as nationality & immigration status, personal credentials, identity document verification, and employment & business registration. Identity verification solutions and services are used by different businesses to secure whether the information provided by users or customers is associated with the identity of a real individual.
Market Dynamics:
Driver:
Increasing digitalization
The digitalization of the world has brought so many identity-related frauds to light and urged businesses to take stringent measures for securing them. With increasing digitalization across governments and private sectors around the world, identity verification has become a vital component where verified identity is mandatory, such as border controls and digital services’ access.
Restraint:
Price disparity in identity verification solutions
There are different prices charged by the vendors of ID verification which is based on price per verification, linguistics, data storage, and technical support. For example, ID verification pricing of iDenfy starts from USD 1.18 per verification, whereas for Shufti Pro, the price starts from USD 1 per customer verification. Due to this price disparity, the customers get a bit ambiguous about which particular solution or service should be selected.
Opportunity:
Increasing requirement of authentication
With initiatives across developing 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 is used for ID verification, secure identity verification has become a crucial part of online security of these areas which provides numerous opportunities for the market.
Threat:
Absence of standards and protocols
Depending on the organization and the level of assurance needed, a university ID or other non-government issued identification card may suffice for one form of ID. Identity verification in the electronic sense, also called identity "proofing" or "vetting", is used to confirm an identity where the individual is not standing before you to show some sort of picture ID. In these cases, most organizations require a real-time process that validates the personal information provided by the individual.
The small- and medium-sized enterprises (SMEs) segment is expected to be the largest during the forecast period
SMEs are majorly adopting identity verification solutions and services to compliance obligations and risks related to fraud. SMEs are more prone to cyber fraud due to limited resources, availability of IT personnel, and budget constraints; and are looking forward to adopting identity verification software to save their money, time, resources, and assets. SMEs find identity verification software a simple, intuitive, low cost, hassle-free, and secure solution to meet their growing needs.
The non- biometrics segment is expected to have the highest CAGR during the forecast period
The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation. The integration and introduction of AI and ML technologies in identity verification solutions in turn help organizations to remain proactive and make very effective detection and remediation in response to suspicious activities and invasive and unauthorized access requests on an enterprise network.
Region with largest share:
Asia Pacific is projected to hold the largest market share as Asia Pacific is getting technologically equipped with the early adoption of new technologies. Increasing demand for cloud-based identity verification, increasing identity-related cyber-attacks are driving the revenue growth in this region.
Region with highest CAGR:
North America is projected to have the highest CAGR as it is a technologically advanced region with a high number of early adopters and the presence of major market players. Factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver’s license and increasing integration of various technologies, such as AI, ML, and blockchain, for securing digital identities are expected to drive the demand of identity verification market.
Key players in the market:
Some of the key players profiled in the Identity Verification Market include Thales Group, LexisNexis Risk Solutions, Mitek Systems, Equifax, Jumio, Innovatrics, Experian PLC, LoginID Inc., Ipsidy Inc., Acuant, TransUnion LLC and GB Group plc.
Key developments:
In December 2019: GBG and What3words partnered to enhance location data for retailers and logistic companies for reaching niche markets easily.
In June 2020: GBG partnered with CredoLab to easily and confidently assess the creditworthiness of any Indonesian individual, including the unbanked and underbanked for CredoLab by using GBG’s digital/AI-driven risk management.
In December 2020: Onfido collaborated with Salesforce AppExchange, a leading enterprise cloud marketplace. The collaboration aimed to launch a new version of Onfido's identity verification and authentication service on Salesforce AppExchange.
In November 2020: LexisNexis Risk Solutions partnered with Nuggets, e-commerce payments, and ID platform to allow the implementation of self-sovereign digital identity (SSI) solutions.
Components Covered:
• Software
• Hardware
• Services
• Solutions
Types Covered:
• Biometrics
• Non- Biometrics
Deployment Modes Covered:
• Cloud
• On-Premises
Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises
End Users Covered:
• Information Technology and Information Technologies Enabled Services (IT & ITes)
• Government and Defense
• Retail and eCommerce
• Energy and Utilities
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare & Life Sciences
• Transportation & Mobility
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Identity Verification Market, By Component
5.1 Introduction
5.2 Software
5.3 Hardware
5.4 Services
5.4.1 Professional
5.4.1.1 Support and Maintenance
5.4.1.2 Consulting
5.4.1.3 Training and Education
5.4.2 Managed
5.5 Solutions
5.5.1 Business Verification
5.5.2 Identity Verification
5.5.3 Identity Authentication
5.5.4 Anti-Money Laundering (AML) Screening and Monitoring
5.5.5 Digital Identity Verification
6 Global Identity Verification Market, By Type
6.1 Introduction
6.2 Biometrics
6.3 Non- Biometrics
6.3.1 Artificial Intelligence/Machine Learning (AL)/(ML) Based Authentication
6.3.2 Short Message Service (SMS) Based Two Factor Authentication
6.3.3 Database Solutions
6.3.4 Knowledge Based Authentication
6.3.5 Credit Bureau Based Solutions
7 Global Identity Verification Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.3 On-Premises
8 Global Identity Verification Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises (SMEs)
8.3 Large Enterprises
9 Global Identity Verification Market, By End User
9.1 Introduction
9.2 Information Technology and Information Technologies Enabled Services (IT & ITes)
9.3 Government and Defense
9.4 Retail and eCommerce
9.5 Energy and Utilities
9.6 Banking, Financial Services, and Insurance (BFSI)
9.7 Healthcare & Life Sciences
9.8 Transportation & Mobility
9.9 Other End Users
9.9.1 Education
9.9.2 Travel & Hospitality
9.9.3 Gaming/Gambling
10 Global Identity Verification Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Thales Group
12.2 LexisNexis Risk Solutions
12.3 Mitek Systems
12.4 Equifax
12.5 Jumio
12.6 Innovatrics
12.7 Experian PLC
12.8 LoginID Inc.
12.9 Ipsidy Inc.
12.10 Acuant
12.11 TransUnion LLC
12.12 GB Group plc
List of Tables
1 Global Identity Verification Market Outlook, By Region (2021-2028) ($MN)
2 Global Identity Verification Market Outlook, By Component (2021-2028) ($MN)
3 Global Identity Verification Market Outlook, By Software (2021-2028) ($MN)
4 Global Identity Verification Market Outlook, By Hardware (2021-2028) ($MN)
5 Global Identity Verification Market Outlook, By Services (2021-2028) ($MN)
6 Global Identity Verification Market Outlook, By Professional (2021-2028) ($MN)
7 Global Identity Verification Market Outlook, By Managed (2021-2028) ($MN)
8 Global Identity Verification Market Outlook, By Solutions (2021-2028) ($MN)
9 Global Identity Verification Market Outlook, By Business Verification (2021-2028) ($MN)
10 Global Identity Verification Market Outlook, By Identity Verification (2021-2028) ($MN)
11 Global Identity Verification Market Outlook, By Identity Authentication (2021-2028) ($MN)
12 Global Identity Verification Market Outlook, By Anti-Money Laundering (AML) Screening and Monitoring (2021-2028) ($MN)
13 Global Identity Verification Market Outlook, By Digital Identity Verification (2021-2028) ($MN)
14 Global Identity Verification Market Outlook, By Type (2021-2028) ($MN)
15 Global Identity Verification Market Outlook, By Biometrics (2021-2028) ($MN)
16 Global Identity Verification Market Outlook, By Non- Biometrics (2021-2028) ($MN)
17 Global Identity Verification Market Outlook, By Artificial Intelligence/Machine Learning (AL)/(ML) Based Authentication (2021-2028) ($MN)
18 Global Identity Verification Market Outlook, By Short Message Service (SMS) Based Two Factor Authentication (2021-2028) ($MN)
19 Global Identity Verification Market Outlook, By Database Solutions (2021-2028) ($MN)
20 Global Identity Verification Market Outlook, By Knowledge Based Authentication (2021-2028) ($MN)
21 Global Identity Verification Market Outlook, By Credit Bureau Based Solutions (2021-2028) ($MN)
22 Global Identity Verification Market Outlook, By Deployment Mode (2021-2028) ($MN)
23 Global Identity Verification Market Outlook, By Cloud (2021-2028) ($MN)
24 Global Identity Verification Market Outlook, By On-Premises (2021-2028) ($MN)
25 Global Identity Verification Market Outlook, By Organization Size (2021-2028) ($MN)
26 Global Identity Verification Market Outlook, By Small and Medium-Sized Enterprises (SMEs) (2021-2028) ($MN)
27 Global Identity Verification Market Outlook, By Large Enterprises (2021-2028) ($MN)
28 Global Identity Verification Market Outlook, By End User (2021-2028) ($MN)
29 Global Identity Verification Market Outlook, By Information Technology and Information Technologies Enabled Services (IT & ITes) (2021-2028) ($MN)
30 Global Identity Verification Market Outlook, By Government and Defense (2021-2028) ($MN)
31 Global Identity Verification Market Outlook, By Retail and eCommerce (2021-2028) ($MN)
32 Global Identity Verification Market Outlook, By Energy and Utilities (2021-2028) ($MN)
33 Global Identity Verification Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2021-2028) ($MN)
34 Global Identity Verification Market Outlook, By Healthcare & Life Sciences (2021-2028) ($MN)
35 Global Identity Verification Market Outlook, By Transportation & Mobility (2021-2028) ($MN)
36 Global Identity Verification Market Outlook, By Other End Users (2021-2028) ($MN)
37 Global Identity Verification Market Outlook, By Education (2021-2028) ($MN)
38 Global Identity Verification Market Outlook, By Travel & Hospitality (2021-2028) ($MN)
39 Global Identity Verification Market Outlook, By Gaming/Gambling (2021-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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