According to a research report “Identity Verification Market by Component (Solutions and Services), Type (Biometric and Non-Biometric), Organization Size, Deployment Mode, Application, Vertical (BFSI, Retail and eCommerce, and Gaming and Gambling) and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global market is projected to grow from USD 9.5 billion in 2022 to USD 18.6 billion by 2027, at a compound annual growth rate (CAGR) of 14.4% during the forecast period. Factors driving the market growth include increasing identity thefts and growing risks of fraudster access, stringent government regulations and mandates concerning privacy, and a rise in digitalization initiatives.
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By component, the services segment to grow with the highest CAGR during the forecast period
The identity verification market is segmented into solutions and services on the basis of components. The services segment has the highest CAGR because of the increase in smartphone penetration and the adoption of online services that have prompted businesses and governments to use digital identities for identity verification. Also, the ability of an online identity verification service to process and approve customers quickly and without friction is boosting the growth of the services segment. Furthermore, a number of educational institutions have begun including online identity verification services in their online curriculum. These services may be used to authenticate students remotely when they sign up for or take part in online classes. Thus, leading to growth in the services segment.
By type, the biometrics segment to hold a larger market size during the forecast period
The identity verification market is segmented into biometric and non-biometric based on the type. The biometrics market is anticipated to be driven by the rise in digitization, which is accompanied by an increase in online services and other organizational activities. Currently, the manufacturers of biometric systems are concentrating more on creating cutting-edge contactless solutions based on technologies like vein, iris, and 3D face recognition. As a result, the market for contactless biometric systems is anticipated to expand more rapidly post-pandemic. Additionally, the need for consumers for easy onboarding, compliance management, and fraud protection is driving considerable growth in the biometric segment of the market.
By region, Asia Pacific is to grow at the highest CAGR during the forecast period
Countries such as China, Japan, India, Singapore, Australia, and New Zealand are economically the fastest-growing countries in the Asia-Pacific region. Due to financial fraud and identity breaches rising in the region, the use of robust security solutions like identity verification is anticipated to be seen more frequently. The government in the region is quite vigilant and is taking steps like enhancing eKYC to authenticate identities, including compliance regulations initiated by countries, and adoption of cutting-edge technology due to the growing threat of identity and access breaches, resulting in financial as well as reputational damages. Additionally, the growing BYOD trend in businesses of all sizes as well as the surge in smartphone usage for online transactions and shopping has resulted in an expansion of customer base and internet users, eventually leading to the urgent need to deploy identity verification solutions in the region. Consequently, the Asia Pacific area is anticipated to increase at the greatest CAGR throughout the forecasted period.
Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales (France), GBG (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), Acuant (US), Mitek Systems (US), IDEMIA (France), Jumio (US), HyperVerge (India), AU10TIX (Israel), Innovatrics (Slovakia), Intellicheck (US), Signicat (Norway), SecureKey Technologies (Canada), IDfy (India), IDMERIT (US), Veriff (Estonia), AuthenticID (US), TruNarrative (UK), Sumsub (UK), IDology (US), PassFort (UK), PXL Vision (Switzerland), Shufti Pro (UK), iDenfy (Lithuania), Berbix (US), Persona (US), Ekata (US), and HooYu (UK) are the key players and other players in the identity verification market.
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