Market Research Future Insights
According to MRFR analysis, the global Identity Verification size is expected to register a CAGR of 14.30% from 2022 to 2030 and hold a value of over USD 35.25 Billion by 2030.
The Identity Verification Market refers to the use of technology and processes to verify the identity of individuals in order to prevent fraud and ensure secure access to various services and resources. It includes various solutions such as biometric verification, document verification, facial recognition, and others. COVID-19 has had a significant impact on the Identity Verification Market. The pandemic has led to a rapid increase in the adoption of digital services and remote working, resulting in an increased demand for identity verification solutions. The market has seen a significant rise in the use of biometric verification and facial recognition solutions to enable remote onboarding and authentication of customers and employees.
The identity verification market is a rapidly growing industry that aims to provide secure and reliable methods for verifying the identities of individuals in various applications. The growth of the market is being driven by factors like increasing need to combat identity fraud, growing demand for digital identity solutions, and strict regulations regarding KYC and AML compliance in various industries. The market is also being propelled by the continuous advancements in AI, machine learning, biometrics and other innovative technologies that are being used to enhance the accuracy, speed and convenience of identity verification solutions.
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Some of the key market players are,
Mitek Systems (US)
Thales Group (France)
LexisNexis Risk Solutions (US)
Trulioo (Canada) and
Acuant (US) (US)
The Global Identity Verification market has been segmented into based on component, type, deployment, organization size and vertical.
Based on the Component: Solutions and services
Based on Type: non-biometrics and biometrics
Based on Deployment Mode: on-premises and cloud
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Here are some of the key factors driving the demand for identity verification solutions:
Rise in online transactions: With the increasing popularity of e-commerce and online banking, there is a growing need for identity verification solutions to prevent fraud and ensure secure transactions.
Regulatory compliance: Many industries, such as finance and healthcare, are subject to strict regulations regarding customer identity verification. This has led to an increased demand for identity verification solutions that can help organizations comply with these regulations.
Growing concerns about identity theft: With the rise of cybercrime and data breaches, there is a growing concern about identity theft. Identity verification solutions can help prevent identity theft by verifying the identity of users before granting access to sensitive information or transactions.
Advancements in technology: Recent advancements in artificial intelligence, machine learning, and biometric authentication have made it easier and more accurate to verify the identity of users online. This has led to an increased demand for identity verification solutions that incorporate these technologies.
Remote work and digital onboarding: The COVID-19 pandemic has accelerated the trend towards remote work and digital onboarding, creating a need for identity verification solutions that can be used for remote identity verification and authentication.
Overall, the demand for identity verification solutions is expected to continue to grow as businesses and consumers increasingly rely on online transactions and digital identity verification.
Regionally, North America holds the largest market share in the Identity Verification Market due to the presence of major vendors in the region, along with the high adoption rate of digital solutions. The Asia-Pacific region is expected to witness the highest growth rate due to the increasing adoption of digital services and rising internet penetration in the region.
Based on Organization Size: SMEs and large corporations
Based on Verticals: Verticals include BFSI, government and defence, healthcare and life sciences, retail, and eCommerce, Energy and utilities in IT and ITeS
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