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Global Identity Verification Markets Analysis & Forecasts, 2018-2020 & 2021-2030

·3-min read

Dublin, Nov. 03, 2021 (GLOBE NEWSWIRE) -- The "Identity Verification Market 2021" report has been added to ResearchAndMarkets.com's offering.

The global identity verification market has been estimated to be USD 9,433.1 million in 2021 and is projected to reach USD 42,474.9 million by 2030, at a CAGR of 18.2% during the forecast period, 2021-2030.

However, without the COVID-19 impact, the global identity verification market was estimated to be USD 9,621.1 million in 2021 and USD 51,745.6 million in 2030, at a CAGR of 20.6%.

Identity verification is one of the important processes that ensure that a person's identity matches the one that is supposed to be identity verification ensures that there has to be a real person behind a process and proves the real identity of the person or individual, preventing a person from carrying out a process on another's behalf without authorization and creating false identities or commit fraud.

Identity verification solution assists businesses to make sure that the online user or individual is genuine. Companies get assertion about user identities so that they can generate trust online and offline, avert identity fraud, and be in compliance with the anti-fraud and privacy regulations. Multiple departments in an organization can use identity verification solutions to verify identities.

The key factors promoting the growth of the identity verification market include rising digitization initiatives, growing fraudulent activities and identity theft during the last decade, and rising use cases of digital identities among various industry verticals. Moreover, increasing government initiatives and regulations and enterprises with a high focus on digitalization and technological implementation, such as automation AI and machine learning in identity verification solutions, would provide notable opportunities for identity verification vendors.

Amid the COVID-19 pandemic, industry verticals across the globe had to mandatorily adapt to the new digital world due to trends like work from home (WFH). Almost all enterprises are operating more in the digital world where cyber-attacks are increasing. This has given rise to identity theft and identity spoofing, resulting in the increased importance of stronger identity verification solutions. Identity verification solutions provide the methods for stronger and reliable authentication for employees as well as clients and offer the required access to them.

Digitalization of the globe has brought many identity-related frauds to light and has prompted businesses to take stringent measures for securing them. With growing digitalization across governments and private sectors around the world, identity verification has become a vital component where verified identity is mandatory, such as for border control and digital services access.

The large volume of data generated in the healthcare sector and the advent of COVID-19 have provided a significant opportunity for the identity verification market. The solution and service providers have a lot of room to expand into various new verticals and have seen considerable opportunities in the market. Key companies would concentrate their efforts on the emerging sector, offering creative products and services to gain a competitive edge in the market.

Companies covered in this report include Equifax, Experian, GBG, Mitek Systems, Thales Group, LexisNexis Risk Solutions, Onfido, Trulioo, Acuant, IDEMIA, and others.

Drivers/Restraints/Opportunities/Challenges

Drivers

  • Increasing Fraudulent Activities and Identity Theft

  • Rising Trend of BYOD

Restraints

  • Risks to Secure Identity Verification

  • Pricing Issues Related to the Identity Verification Solutions

Opportunities

  • Growing Digitalization With Initiatives Such as Eid (Electronic Id Cards), and Smart Infrastructure

Challenges

  • Solving Data Availability and Management Issues

Companies Mentioned

  • Equifax Inc.

  • Experian plc

  • Gb Group plc

  • Mitek Systems Inc.

  • Thales Group

  • Applied Recognition

  • Lexisnexis Risk Solutions

  • Onfido

  • Trulioo

  • Acuant Inc.Idemia,Jumio

  • Transunion

  • Au10Tix (Icts International)

  • Idology

  • Innovatrics

  • Signicat

For more information about this report visit https://www.researchandmarkets.com/r/3xwsz7

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


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