The global identity verification market is valued at USD 8.48 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030. Data security use cases are increasing and leading the market across all industries. . Additionally, government and corporate efforts focused on digitization and the use of new technologies in identity verification systems, such as AI, machine learning and automation, will offer attractive prospects for identity verification providers.
Increased regulation and compliance mandates in all industries, especially in the financial sector, are expected to provide many opportunities for market participants. Additionally, the rising trend towards BYOD and enterprise mobility is driving the market. For example, in November 2020, LexisNexis Risk Solutions Group announced the launch of LexisNexis Fraud Intelligence, a tool that helps organizations reduce the risk of account opening fraud. The solution helps organizations minimize the risk of fraud on new accounts by combining consumer application activity and identity events to create a comprehensive and robust score that provides a complete picture of proof of identity. helps keep it down.
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To protect customers from fraud during the COVID-19 pandemic, organizations are stepping up their identity verification measures. As citizens evolve their relationship with technology and digital devices, businesses are turning to digital channels and services. Digitization has increased the potential for cyber-attacks and security breaches, positively impacting the rise in identity verification used to address security concerns. Verification services such as blockchain-based identity verification, in-house bring-your-own-device (BYOD) implementation, know-your-customer (KYC) and AML (anti-money laundering), and medical identity verification are actively contributing to increasing cybersecurity. Yes. Business risk and vulnerability attacks. For example, in 2021, the Financial Action Task Force (FATA) expanded the scope of filing offices and encouraged member states to require virtual asset dealers, art dealers and legal professionals to conduct anti-money laundering inspections of their customers.
Market Segmentation:
By Type of Solution:
- Biometric verification
- Document verification
- Two-factor authentication
- Others
By Deployment:
- Cloud-based
- On-premises
By Industry Vertical:
- BFSI
- Healthcare
- Retail and e-commerce
- Government
- IT and Telecommunications
- Others
Key Players:
- Acuant
- Authenteq
- BioID
- CyberInt
- Experian
- Gemalto
- Idemia
- Jumio
- Mitek
- Onfido
- RSA Security
- Sift Science
- Sumsub
- Trulioo
- Veriff
Regional Analysis:
North America dominated the identity verification market due to the increasing demand for digital identity verification solutions in various industries such as banking, financial services, and e-commerce. The region also has well-established regulatory frameworks and advanced technological infrastructure, which further drives the growth of Identity Verification Market. However, Identity Verification Market is expected to witness significant growth in the Asia Pacific region in the coming years, owing to the increasing adoption of digitalization, government initiatives for digital identity verification, and the growing number of startups in the region offering identity verification solutions.
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Impact of COVID-19 on the global Identity Verification Market:
The COVID-19 pandemic has had a significant impact on the identity verification market. With the increasing need for remote verification solutions due to the restrictions on physical interactions and the shift towards online transactions, the demand for digital identity verification solutions has seen a significant surge. This has led to the accelerated adoption of identity verification technologies across various industries, including banking, financial services, e-commerce, and healthcare. The pandemic has also increased the need for secure and reliable identity verification solutions to prevent fraud and identity theft in online transactions. As a result, businesses are investing more in advanced identity verification technologies, such as biometric verification and document verification, to enhance the security and accuracy of their verification processes. Moreover, the pandemic has highlighted the importance of digital identity verification solutions in ensuring business continuity and providing seamless customer experiences in the new normal. As a result, many businesses are expected to continue investing in identity verification technologies in the post-pandemic era.
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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