16.0% Growth Rate for Identity Verification Market by 2024 | Top Vendors like Experian, LexisNexis, Equifax, Mitek Systems, Gemalto, Onfido, Trulioo, Acuant, IDEMIA and Others.
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The Identity Verification Market size is expected to grow from US$ 6.0 Billion in 2019 to US$ 12.8 Billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period . This report spread across 143 Pages, Profiling 15 Companies and Supported with 77 Tables and 38 Figures is now available in this research.
“Services segment is expected to grow at a higher CAGR during the forecast period”
The identity verification market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their identity verification solutions and related processes. The solutions segment is expected to hold a larger market size during the forecast period. The identity verification solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs)due to an increasing need to secure the business-sensitive applications from unauthorized accesses.
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“Increasing deployment of cloud-based identity verification solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period”
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based identity verification solutions by them to secure their web applications, mobile applications, mobile devices, infrastructure, and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks. SMEs are small in terms of their size but cater to a large number of customers globally. Weak cyber security and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations’ applications, platforms, and infrastructure.
“Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period”
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the identity verification solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC identity verification market is gaining traction, as this region is showing the highest growth of the Internet of Things (IoT), BYOD, and web applications adoption for their business functions and this, in turn, increases the need to secure these solutions against cyber threats, identity-based threats, and attacks.
Breakdown of Primary Participants’ Profile:
• By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation: C-Level: 35%, Director Level: 25%, and Others: 40%
• By Region: North America: 45%, Europe: 20%,APAC: 30%, and RoW: 5%
• To forecast the market size of the market’s segments with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
• To define, describe, and forecast the identity verification market by component (solution [digital identity verification, identity authentication, ID verification] and services), deployment type, organization size, vertical, and region
• To provide detailed information about major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To analyze the micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
• To analyze the market opportunities for stakeholders by identifying the high-growth segments of the market
• To profile the key players in the market and comprehensively analyze their market size and core competencies
• To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations, in the global identity verification market
Reason to access this report:
The Report would help the market leaders/new entrants in this market with information about the closest approximations of the revenue numbers for the overall identity verification market and its sub segments. It would help stakeholders understand the competitive landscape and gain more insights to better their positions and plan suitable go-to-market strategies.
Competitive Landscape of Identity Verification Market:
1.1 Visionary Leaders
1.3 Dynamic Differentiators
1.4 Emerging Companies
2 Competitive Benchmarking
2.1 Analysis of Product Portfolio of Major Players in the Market
2.2 Business Strategies Adopted By Major Players in the Market
3 Competitive Scenario
3.1 Partnerships, Agreements, and Collaborations
3.2 New Product Launches/Product Enhancements
3.3 Mergers and Acquisitions
3.4 Business Expansions
Most Popular Companies in the Identity Verification Market include are Experian (Ireland), LexisNexis (US), Equifax (US), Mitek Systems (US), Gemalto (Netherlands), Onfido (England), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), Authenteq (Iceland), Shufti Pro (UK), IDMERIT (US), iDenfy (Lithuania), and TransUnion (US).
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