Market Overview:
The global identity verification market reached a value of US$ 8.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic end use industries. These insights are included in the report as a major market contributor.
Identity verification refers to the process of authenticating the credentials of an individual for security purposes. It is commonly used by organizations and government authorities to verify the identity of an individual when they are not physically present. It utilizes web-based platforms, smartphones applications, multi-factor authentication, document verification, voice recognition and biometrics systems for monitoring access requests. Identity verification solutions aid in confirming the nationality, immigration status, personal credentials, employment and business registration of an individual. As a result, it finds extensive applications across various industries, including defense, military, information technology (IT), telecommunication, medical and banking, financial services and insurance (BFSI).
Identity Verification Market Trends:
The increasing instances of fraudulent activities and identity thefts across the globe is one of the key factors driving the growth of the market. Moreover, the widespread adoption of identity verification solutions in the BFSI industry is providing a thrust to the market growth. Banks and other financial institutions use Know Your Customer (KYC) and anti-money laundering (AML) solutions to monitor customer risk and prevent new account frauds and financial scams. In line with this, as the coronavirus disease (COVID-19) continues to spread across the globe, organizations are widely adopting work-from-home (WFH) business models, which is enhancing the requirement for efficient verification solutions during remote hiring of candidates. Additionally, various technological advancements, such as the integration of artificial intelligence (AI), cloud computing, machine learning (ML) and 360-degree virtual reality (VR) solutions with identity verification platforms, are also favoring the growth of the market. Other factors, including rapid digitalization, along with the increasing number of small and medium-sized enterprises (SMEs) that are more prone to cybercrimes, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global identity verification market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, component, deployment mode, organization size and vertical.
Breakup by Type:
- Biometrics
- Non-Biometrics
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Vertical:
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Retail and E-Commerce
- IT and Telecommunication
- Energy and Utilities
- Others
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Acuant Inc., AuthenticID Inc., Equifax Inc., Experian PLC, Intellicheck Inc., Jumio Corporation, Mastercard Inc., Mitek Systems Inc., Onfido, Thales Group, TransUnion and Trulioo.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| Segment Coverage |
Type, Component, Deployment Mode, Organization Size, Vertical, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Acuant Inc., AuthenticID Inc., Equifax Inc., Experian PLC, Intellicheck Inc., Jumio Corporation, Mastercard Inc., Mitek Systems Inc., Onfido, Thales Group, TransUnion and Trulioo |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global identity verification market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global identity verification market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the organization size?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global identity verification market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Identity Verification Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Biometrics
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Non-Biometrics
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Component
7.1 Solutions
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Services
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Deployment Mode
8.1 On-premises
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Cloud-based
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Organization Size
9.1 Small and Medium-sized Enterprises
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Large Enterprises
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Vertical
10.1 BFSI
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Government and Defense
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Healthcare and Life Sciences
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Retail and E-Commerce
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 IT and Telecommunication
10.5.1 Market Trends
10.5.2 Market Forecast
10.6 Energy and Utilities
10.6.1 Market Trends
10.6.2 Market Forecast
10.7 Others
10.7.1 Market Trends
10.7.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia-Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 Acuant Inc.
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.2 AuthenticID Inc.
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.3 Equifax Inc.
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 Financials
16.3.3.4 SWOT Analysis
16.3.4 Experian PLC
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 SWOT Analysis
16.3.5 Intellicheck Inc.
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Financials
16.3.5.4 SWOT Analysis
16.3.6 Jumio Corporation
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.7 Mastercard Inc.
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.7.3 Financials
16.3.7.4 SWOT Analysis
16.3.8 Mitek Systems Inc.
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.8.3 Financials
16.3.9 Onfido
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.10 Thales Group
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.10.3 Financials
16.3.10.4 SWOT Analysis
16.3.11 TransUnion
16.3.11.1 Company Overview
16.3.11.2 Product Portfolio
16.3.11.3 Financials
16.3.11.4 SWOT Analysis
16.3.12 Trulioo
16.3.12.1 Company Overview
16.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Identity Verification Market: Major Drivers and Challenges
Figure 2: Global: Identity Verification Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Identity Verification Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Identity Verification Market: Breakup by Type (in %), 2021
Figure 5: Global: Identity Verification Market: Breakup by Component (in %), 2021
Figure 6: Global: Identity Verification Market: Breakup by Deployment Mode (in %), 2021
Figure 7: Global: Identity Verification Market: Breakup by Organization Size (in %), 2021
Figure 8: Global: Identity Verification Market: Breakup by Vertical (in %), 2021
Figure 9: Global: Identity Verification Market: Breakup by Region (in %), 2021
Figure 10: Global: Identity Verification (Biometrics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Identity Verification (Biometrics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Identity Verification (Non-Biometrics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Identity Verification (Non-Biometrics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Identity Verification (Solutions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Identity Verification (Solutions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Identity Verification (Services) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Identity Verification (Services) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Identity Verification (On-premises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Identity Verification (On-premises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Identity Verification (Cloud-based) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Identity Verification (Cloud-based) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Identity Verification (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Identity Verification (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Identity Verification (Large Enterprises) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Identity Verification (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Identity Verification (BFSI) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Identity Verification (BFSI) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Identity Verification (Government and Defense) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Identity Verification (Government and Defense) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Identity Verification (Healthcare and Life Sciences) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Identity Verification (Healthcare and Life Sciences) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Identity Verification (Retail and E-Commerce) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Identity Verification (Retail and E-Commerce) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Identity Verification (IT and Telecommunication) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Identity Verification (IT and Telecommunication) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Identity Verification (Energy and Utilities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Identity Verification (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Identity Verification (Other Verticals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Identity Verification (Other Verticals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: North America: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: North America: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: United States: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: United States: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Canada: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Canada: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Asia-Pacific: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Asia-Pacific: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: China: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: China: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Japan: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Japan: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: India: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: India: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: South Korea: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: South Korea: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Australia: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Australia: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Indonesia: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Indonesia: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Others: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Others: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Europe: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Europe: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Germany: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Germany: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: France: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: France: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: United Kingdom: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: United Kingdom: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Italy: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Italy: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Spain: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Spain: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Russia: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Russia: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Others: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Others: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Latin America: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Latin America: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Brazil: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Brazil: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Mexico: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Mexico: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Others: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Others: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Middle East and Africa: Identity Verification Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Middle East and Africa: Identity Verification Market: Breakup by Country (in %), 2021
Figure 88: Middle East and Africa: Identity Verification Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 89: Global: Identity Verification Industry: SWOT Analysis
Figure 90: Global: Identity Verification Industry: Value Chain Analysis
Figure 91: Global: Identity Verification Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Identity Verification Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Identity Verification Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Identity Verification Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 4: Global: Identity Verification Market Forecast: Breakup by Deployment Mode (in Million US$), 2022-2027
Table 5: Global: Identity Verification Market Forecast: Breakup by Organization Size (in Million US$), 2022-2027
Table 6: Global: Identity Verification Market Forecast: Breakup by Vertical (in Million US$), 2022-2027
Table 7: Global: Identity Verification Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: Global: Identity Verification Market: Competitive Structure
Table 9: Global: Identity Verification Market: Key Players