Global Identity Verification Market is valued at USD 7521.6 Million in 2020 and expected to reach USD 20612.1 Million by 2027 with a CAGR of 15.49% over the forecast period.
Global Identity Verification Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Rising cases of Cyber attacks & growing security concern, increasing digitization initiatives and rising trend to build your own device (BYOD) & mobility in the enterprises are some of the major factors driving the growth of Global Identity Verification Market.
Identity verification services and solutions are utilized by various organizations to secure whether the data given by users or clients is related with the personality of a genuine person. Identity verification is an important interaction that guarantees an individual's identity matches with the one that supposed to be. Identity verification arrangement protects a significant degree of assurance with detailed client characteristics like identity document verification, nationality & immigration status, employment & business registration and personal credentials. Identity verification is an extensive answer for secure the client enrollment process, by giving a real-time consistent onboarding experience and decreases the risk of identity fraud. These processes are an important necessity in the techniques, both offline and online. The usage of this system decreases unapproved and intrusive access authorization.
Identity verification buckles down in the background, ensuring that just identity documents are acknowledged. This technique of verification is cultivated by analyzing alphanumeric information and sets of one of a kind data inside an identity document. Identity verification is currently an very important part to the transaction biological systems of eCommerce organizations, online gaming, financial institutions, and yet social media.
COVID-19 pandemic has shown a positive impact on the growth of global identity verification market due to the increased trends like work from home, businesses all over the world during pandemic. With all businesses increasingly operating in the digital world, where cybercrimes and cyber attacks rapidly increased, the need for and importance of stronger identity verification methods for providing stronger and more reliable authentication for employees and clients, as well as granting access to them, has grown. During COVID-19 pandemic, with improved online processes, it has become significantly more necessary for verticals, like BFSI and medical services, to remain consistent with the guidelines to stay away from any fines in case of data breaches and hence, have much more grounded identity verification gauges set up for avoiding any chance of frauds.
Some of the key players for global identity verification market are Acuant, Au10Tix, Authenteq, Idenfy, Jumio, Applied Recognition, Experian, Idfy, Equifax, GB Group plc (GBG), Idemia, IDmerit, Idology (GBG plc), Innovatrics, Lexisnexis Risk Solutions, Mitek Systems, Onfido, Signicat, Shufti Pro, PXL Vision Ag, Securekey Technologies Inc., Thales Group, Veri5Digital, Trulioo, WebID Solutions and others.
Global Identity Verification Market Segmentation:
Global identity verification market report is segmented on the basis of component, type, deployment mode, organization size, verticals and region & country level. Based on component, global identity verification market is classified into solutions and services. Based upon type, the market is divided into biometrics and non- biometrics. Based upon deployment mode, global identity verification market is divided into on-premises and cloud. Based on organization size, global identity verification market is classified into SMEs and large enterprises. Based on verticals, global identity verification market is divided into BFSI, government and defense, healthcare & life sciences, retail and ecommerce, IT & telecom, energy and utilities, others .
By Deployment Mode:
By Organization Size:
The regions covered in global identity verification market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global identity verification is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
On June 14th, 2021; Stripe announced the launch of Stripe Identity, an identity verification system for online businesses. The self-service tool is designed to let businesses deploy a verification flow fully hosted by Stripe as a means of reducing fraud, preventing account takeovers, and stopping bad actors. Stripe Identity can be integrated via either a low-code or a no-code option. The low-code integration is hosted by Stripe lets businesses get up and running with verification in minutes, Stripe said. The no-code option lets fraud and risk teams generate verification links to assess suspicious transactions or high-risk users. The information collected is encrypted and sent directly to Stripe, which means no sensitive, personal information is ever stored on a business's own servers.
Rising Cases of Cyber Attacks & Growing Security Concern, Increasing Digitization Initiatives and Rising Trend to Build Your Own Device (BYOD) & Mobility in the Enterprises are Some of the Major Factors Driving the Market Growth
One of the major factors drive the growth of global identity verification market is growing incidents of cyber attacks & rising security concern. Cyber interruptions and attacks have expanded significantly over the last decade, uncovering delicate individual and business data, upsetting vital tasks, and forcing huge cost on the economy. Cyber security is ensuring the cyber space from damage, misuse, harm and economic surveillance. For example; as per the Federal Trade Commission (FTC), in 2020, 1.4 million complaints were for data fraud, up from 651,000 of every 2019. Identity theft represented 29% of all complaints, up from 20% in 2019. About 2.2 million reports were scam complaints and 1.2 million included different complaints. Because of the exponential expansion in such cruel activities, different organizations, and financial institutions and opposite end clients across the globe are adopting identity verification arrangements, which is one of the main factors driving the market growth.
In addition, another major factor for the growth of global identity verification market is increasing number of digitization initiatives. Identity verification has become a basic part because of mandatory verification of person's identity particularly in applications like access to digital services and border controls. Also, enterprises across the world are progressively spending on the digitization of their businesses, including their installment processes. For instance; as per a survey by Visa, more than 80% of shoppers referenced computerized related advantages as motivating components to shop. As the digital economy develops, multifaceted biometric identity verification and affirmed liveness identification innovations are developing accordingly; to improve the serve and address the changing security needs of business and customers.
Furthermore, rising trend to build your own device (BYOD) & mobility in the enterprises is also fostering the market growth. Bring-your-own-device (BYOD) is a term that alludes to the utilization of personal devices by workers for professional reason. These devices usually incorporate cell phones, tablets, and laptops and may even incorporate internet of things (IoT) gadgets like wearables. Security concerns attributable to the absence of control over the individual cell phones of staff required identity verification to reduce the cyber crime or cyber attacks. However, price disparity in identity verification solutions & services and presence of inefficient and costly indentify regimes may hamper the market growth. In spite of that, growing technological advancements in the field of healthcare can provide various opportunities for the further growth of the global identity verification market.
North America is projected to dominate the global identity verification market due to growing technological advancement and presence of key players in this region. For example; in November 2020, Acuant presented a set-up of no-code solutions for simple biometric identity verification. The most recent Acuant GO offers clients the abilities of Acuant's Trusted Identity Platform with the quickest go-to-advertise technique possible.
The Asia Pacific is anticipated to grow at a faster rate in the global identity verification market due to the increasing adoption of new technologies, rising initiatives are taken by the government towards tackling identity-related frauds, growing demand for cloud-based identity verification and increasing identity-related cyber-attacks. For instance; in December 2020; GBG collaborated with NAGA. The organization expected to securely and safely verify customer identities for its online exchanging and investment stage. GBG's IDscan and ID3global arrangements enabled NAGA to verify candidates' identities distantly within minutes that lessen the requirement for an extensive manual verification process.
Also, increasing number of initiatives taken by the government towards tackling identity-related frauds are also fostering the market growth in this region. For instance; in 2020, the Singaporean government dispatched the SingPass digital identity stage, which permits secure digital signatures for property admonitions. This drive is in line with the digital government plan focus to empower residents to finish somewhere in the range of 90% and 95% of their e-government exchanges without leaving their homes by 2023.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 7521.6 Million|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 20612.1 Million|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Acuant, Au10Tix, Authenteq, Idenfy, Jumio, Applied Recognition, Experian, Idfy, Equifax, GB Group plc (GBG), Idemia, IDmerit, Idology (GBG plc), Innovatrics, Lexisnexis Risk Solutions, Mitek Systems, Onfido, Signicat, Shufti Pro, PXL Vision Ag, Securekey Technologies Inc., Thales Group, Veri5Digital, Trulioo, WebID Solutions and others.|
|Segments Covered||By Component, By Type, By Deployment Mode, By Organization Size, By Vertical|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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