MarketsandMarkets forecasts the global identity verification market size to grow from USD 8.6 billion in 2021 to USD 18.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2021–2026. The major growth drivers for the market include increasing digitization initiatives, increasing fraudulent activities and identity theft during the last decade, and Increasing use cases of digital identities among verticals.However, price disparity in identity verification solutions and services may restrain market growth.
By type, biometrics to grow at the highest rate during the forecast period
Biometric solutions follow lock and capture mechanisms to verify the individuals and further help in enabling access to a specific set of services. The biometric solutions are more secure and gain traction than conventional non-biometrics solutions. The biometric solutions segment is growing at a significant rate due to the increasing inherent demand from customers’ end for seamless onboarding, compliance management, and fraud prevention.
Large enterprises segment to hold a larger market size during the forecast period
Amplifying internet penetration and increasing eCommerce activities are expected to increase the adoption of identity verification technology across large enterprises. Large organizations have adopted the identity verification solutions due to increased money laundering, fraudulent activity, identity theft, processing of high-risk transactions, compliant to different regulations, and cost-cutting on manual processes. Additionally, as large enterprises do not have budget constraints, it enables them to adopt the on-premises-based identity verification solution.
Asia Pacific (APAC)to grow at the highest CAGR during the forecast period
The government takes initiatives toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, is mainly driving the need for robust and stronger identity verification practices in APAC.Other factors driving the adoption of identity verification solutions are the increasing BYOD trend across enterprises of all sizes and the increased use of smartphones for online transactions and online shopping. This, in turn, has led to an expansion of customer base and internet users, eventually leading to the urgent need to deploy identity verification solutions.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company: Tier I:20%, Tier II:57%, and Tier III:33%
- By Designation: C-Level:40%, Manager and Other Level:60%
- By Region:North America: 20%, Europe: 35%, APAC: 45%
The report includes the study of the key players offering identity verification solutions and services.It profiles major vendors in the global identity verification market,including Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany).
The report segments the global identity verification market by component, type, deployment mode, organization size, vertical, and region.The type segment comprises biometrics and non-biometrics.The deployment mode segment comprises cloud and on-premises.The organization size segment comprises SMEs and large enterprises. The identity verification market by vertical includes BFSI, government and defense, healthcare and life sciences, retail and eCommerce,IT and ITeS,energy and utilities and others (education, travel and gaming).The report covers the identity verification market with respect to 5 major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA) and Latin America.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the revenue numbers’ closest approximations for the overall certificate authority market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.