Identity Verification Market: Market Segments: By Component (Solution and Services); By Type (Biometrics and Non- Biometrics); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Deployment Model (On-premises and Cloud); By Vertical (BFSI, Retail and eCommerce, Government and defense, IT & ITeS, Healthcare, Energy and Utilities and Others); and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030
Identity Verification is the method of delivering security solutions in order to guarantee an individual’s unique identity verification and authentication. Security solutions provide physical documents in real-time, such as biometrics for artificial intelligence, voice recognition systems and many others.
Identity Verification Market is expected to project a notable CAGR of 15.7% in 2030.
Identity Verification Market to surpass USD 17.63 billion by 2030 from USD 7.2 billion in 2018 at a CAGR of 15.7% throughout the forecast period, i.e., 2019-30. Due to the increasing number of identity threats related to fraud, the Identity Verification Market is experiencing significant growth, and the rise of data breaches is the key factor contributing to market growth.
Identity Verification Market: Segments
SMEs segment to grow with the highest CAGR of XX.X% during 2019-30
Identity Verification Market is segmented by Organization Size as SMEs and Large enterprises. The solutions segment is further bifurcated into consulting and training. The greater market share in 2018 was accounted by Large enterprises segment. Due to the presence of a large number of access points due to numerous divisions and massive organizational scale, large organizations are vulnerable to cyber-attacks of their subsidiaries/departments may often have their own IT security operation centers to track and handle cyber threats and security warnings across large organizations. In particular, SMEs are implementing identity authentication technologies and services that resolve enforcement responsibilities and fraud-related risks.
Identity Verification Market: Market Dynamics
Rising cyber-attacks and growing security concerns
It is expected that the rising complexity of security information platforms and IT security-based tools & solutions will have a profound effect on the overall management of an enterprise’s security ecosystem. Furthermore, the alarming rise in the number of cyber security incidents has contributed to an increased need for comprehensive security solutions across organizations.
High Cost During the Adoption of Identity Verification Solutions
The pricing of identity verification solutions and services is determined on the basis of a few variables, such as verification costs, linguistics, storage of data and technical support. Maximum firms offer pricing per verification on a monthly and annual basis that includes a limited number of ID verification tests. In certain instances of an annual package, some vendors often have adjustable pricing through check.
Identity Verification Market: Key Players
• Acuant Inc
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Equifax Inc.
• Experian Plc.
• Mitek Systems, Inc.
• Shufti Pro Limited
• TransUnion LLC.
• Thales Group (Gemalto)
Identity Verification Market: Regions
Identity Verification Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Identity Verification Market in North America held the largest market share of XX.X% in the year 2018 and as it is a technologically advanced region with a high number of early adopters and the involvement of major market players, it is expected to continue its market dominance in the future. The demand for identity authentication markets is expected to be driven by factors such as the growth of government initiatives such as smart infrastructure, smart cities, digital identity-based driver’s licenses and increasing integration of various technologies such as AI, ML, and blockchain, to protect digital identities. During the forecast era, Asia Pacific is expected to contribute to the fastest growing area with the highest CAGR, as it becomes technologically prepared with the early adoption of new technologies. Factors such as government measures to tackle identity-related fraud, in particular to improve eKYC for identity verification, such as country-initiated enforcement legislation, growing demand for cloud-based identity verification, increasing identity, etc.
Identity Verification Market report also contains analysis on:
Identity Verification Market Segments:
• Non- Biometrics
By Deployment Model:
By Organization Size:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
• Government and defense
• Healthcare & Life Sciences
• Retail and eCommerce
• IT & ITeS
• Energy and Utilities
• Identity Verification Market Dynamics
• Identity Verification Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints