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Global Identity Verification Market to Reach US$ 22.9 Billion by 2027, Impelled by Increasing Instances of Identity Thefts

Published on Oct 19, 2022

According to the latest report by IMARC Group, titled "Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global identity verification market reached a value of US$ 8.6 Billion in 2021. Identity verification is a security solution that permits companies to secure and protect user and customer information while ensuring its accuracy. It uses the latest technologies, such as machine learning, face-based biometrics, and artificial intelligence, to verify a person's identity. It is used by various industry verticals, such as BFSI, government and defense, healthcare, life sciences, retail, e-commerce, IT & ITeS, and energy and utilities, to ensure whether the information provided by online users or customers is associated with the identity of a real person. While identity authentication is an important security measure against new account fraud, Identity verification also plays a role in the Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions that monitor customer risk.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Identity Verification Market Trends:

The global market is primarily driven by the increasing number of cyber security attacks. In line with this, the rising complexity of security information platforms and IT-based tools and solutions is positively influencing the market. Furthermore, the growing frequency of identity fraud and the widespread use of data security across various verticals are catalyzing the market. Apart from this, numerous measures by various governments and companies focusing on digitalization, along with the use of emerging technologies in identity verification systems, such as AI, machine learning, and automation, are offering numerous growth opportunities for the market players. Moreover, the growing trend of BYOD and enterprise mobility is favoring the market growth. Besides, increased regulations and the obligation to comply with standards across all industries, particularly in the financial sector, are strengthening the market. Additionally, multiple companies in the identity verification market are investing in extensive research and development activities for launching innovative products to fight cyber-attacks and security concerns. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027. 

Market Summary:

  • On the basis of the type, the market has been segmented into biometrics and non-biometrics.
  • Based on the component, the market has been categorized into solutions and services.
  • On the basis of the deployment mode, the market has been classified into on-premises and cloud-based.
  • On the basis of the organization size, the market has been segmented into small and medium-sized enterprises and large enterprises.
  • On the basis of the vertical, the market has been classified into BFSI, government and defense, healthcare and life sciences, retail and e-commerce, IT and telecommunication, energy and utilities, and others.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include Acuant Inc., AuthenticID Inc., Equifax Inc., Experian PLC, Intellicheck Inc., Jumio Corporation, Mastercard Inc., Mitek Systems Inc., Onfido, Thales Group, TransUnion and Trulioo.
     

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