Identity Verification Market to 2027 – Acuant, Authenteq, Gemalto N.V., Idemia, Mitek systems, Jumio, LexisNexis, Onfido, Trulioo

The global Identity Verification Market accounted to US$ 5.52 Bn in 2018 and is expected to grow at a CAGR of 14.3% during the forecast period 2019 – 2027, to account to US$ 18.12 Bn by 2027.

North America was the leading region in geographic market, and it is expected to lose it position to Asia Pacific. Technological advancements, and high increasing digitization in the region is expected to drive the growth of identity verification in the region.Rise in number of cyber-attacks and growing security concerns is driving the identity verification market

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The growing sophistication of security information platforms and IT security-based tools & solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyber security incidents has further led to an increased need for robust security solutions across enterprises. The market demand for identity verification solutions has gained significant traction in the past few years owing to the versatile capabilities of these systems such as identity verification, data identification, fraud detection, and others. The growing popularity of digitization and automation in various industry verticals that range from BFSI to healthcare is also anticipated to fuel the growth of the identity verification market during the forecast period of 2019 to 2027.

Some of the prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication & verification, mitigate the risk of spoofing, and others. All these benefits and capabilities offered by identity verification provide long term benefits to enterprises. These versatile benefits are expected to drive the market growth of identity verification market.

Company Profiles

Acuant
Authenteq
Gemalto N.V.
Idemia
Mitek systems
Experian information
Jumio
LexisNexis
Onfido
Trulioo

Rapidly modernizing security solutions in the coming years are expected to raise its capability to hastily analyze a large amount of data with the help of disruptive technologies like Artificial Intelligence. The ability of Artificial Intelligence to provide quick mathematical calculations in order to augment the vital abilities of human intelligence is anticipated to generate the greatest growth opportunity for the identity verification market in the near future. AI has proven to be extensively worthy for threat detection as it can detect anomalies, patterns, and outliers more effortlessly and even with a less skilled workforce.

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The global identity verification market by component type was led by solution segment. The identity verification solution enables the various devices such as smartphones and wearable to function like the credentials in order to provide access into secured areas, is opportunistic for the growth of the market. Solution held the second largest market in 2018 and is anticipated to maintain its position in the forecast period from 2019 – 2027

The global identity verification market by organization size was led by large enterprise segment. Large enterprises are vulnerable to cyber threats owing to the existence of a large number of access points due to several departments and huge organization size. To monitor and manage cyber threats and security alerts across large organizations, sometimes each of their subsidiaries/departments may have their own IT security operation centers.

Identity verification Market By Component

Solution
Services
Identity verification Market By Deployment

On-Premise
Cloud
Identity verification Market By Organization Size

SMEs
Large Enterprise
Identity verification Market By Industry Vertical

BFSI
Government & Defense
Healthcare
IT & Telecom
Retail
Others

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Answers that the report acknowledges:
- Market size and growth rate during forecast period.
- Key factors driving the Identity Verification Market.
- Key market trends cracking up the growth of the - Identity Verification Market.
- Challenges to market growth.
- Key vendors of Identity Verification Market.
- Detailed SWOT analysis.
- Opportunities and threats faces by the existing - vendors in Global Identity Verification Market.
- Trending factors influencing the market in the geographical regions.
- Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major regions.

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This release was published on openPR.