According to market research report on “Identity Verification Market by Component (Solutions and Services), Type (Non-Biometric and Biometric), Organization Size, Deployment Mode, Vertical (BFSI, Government and Defense, and Healthcare and Life Sciences), and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the global Identity Verification Market size to grow from USD 8.6 billion in 2021 to USD 18.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period.
The global market size
of the Identity Verification Market is expected to grow from 8.6 billion to
18.6 billion at a CAGR of 16.6% during the forecast period. Increasing
digitalization with initiatives, increase in fraudulent activities and identity
theft, and increasing use cases of digital identities are major growth factors
for the market. Initiatives by governments and enterprises with focus on
digitalization and increased adoption of cloud-based identity verification and
the increasing need to improve customer expectations among verticals such as
BFSI would provide lucrative opportunities for vendors in the Identity
Verification Market.
Browse in-depth TOC on “Identity
Verification Market”
325- Tables
39- Figures
271- Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=178660742
In the type segment, non-biometrics
segment to hold the largest market size during the forecast period
Non-biometrics identity verification solutions are used to verify documents, such as government IDs, passport, driving license, and credit or debit cards. The non-biometrics solutions are majorly used for remote customer onboarding, fraudulent ID detection, KYC/AML compliance, and business process automation. The introduction and integration of AI and ML technologies into identity verification solutions help organizations be proactive and make highly effective detection and remediation of suspicious activities and unauthorized and invasive access requests on an enterprise network. With the rapidly growing identity-based attacks and frauds, identity verification solutions are becoming essential. The non-biometrics solution segment is an essential part of identity verification solutions and is expected to witness a huge growth in the coming years.
In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
Cloud-based identity verification solutions are not only
enabling organizations to manage their costs but also helping them in improving
business agility. It is the fastest-growing deployment model in the Identity Verification Market. SMEs prefer
cloud-based deployment, as it is cost-effective and easy to deploy. With the
cloud-based deployment of these solutions, small enterprises can assess
vulnerabilities and reduce threat landscape at a much lower cost, thus
improving their customer services. The cloud-based platform offers a
centralized way to verify identities. For organizations having strict budgets
on security investments, cloud-based identity verification solutions are a good
fit.
Speak To Analyst@ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=178660742
North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver’s license, and the use of identity verification by the US police to track criminals suspected of major and minor crimes, as well as to find out missing persons, are also driving the need of identity verification across North America. Additionally, increasing demand for cloud-based identity verification services among enterprises, especially SMEs, due to advantages such as scalability and cost effectiveness are expected to fuel the growth of identity verification in the region.
Major vendors in the global Identity Verification Market include Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/identity-verification.asp
Report: https://www.marketsandmarkets.com/Market-Reports/identity-verification-market-178660742.html
