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Global Identity Verification Market Analysis To 2027 Leading Players Acuant, Authenteq, Gemalto N.V., Idemia, Mitek systems, Experian information solutions, Jumio, LexisNexis, Onfido, Trulioo

08-23-2019 07:42 AM CET | IT, New Media & Software

Press release from: The Insight Partners

Global Identity Verification Market

Global Identity Verification Market

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.

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.

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Some of the leading players in global market are Acuant, Inc., Authenteq, Gemalto N.V. (Thales Group), Idemia, Mitek systems, Inc., Experian information solutions, Inc., Jumio, LexisNexis, Onfido, Trulioo

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. 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.

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. Several identity verification service providers have already integrated their existing solution with AI techniques for improvising their analytical and incident response abilities. In the forthcoming years as the end-users’ expectation regarding user behavior and threat detection capabilities increases, the collaboration of existing identity verification solutions with advanced analytical technologies is expected to drive noteworthy growth through the value chain of identity verification market.

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 deployment was led by cloud segment. Cloud-based solution providers exploit virtual technology to host applications of their client’s enterprise from an offsite location. Due to the cost benefits of cloud deployment, it is largely adopted by various small and medium enterprises worldwide.

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. The global identity verification market is segmented on industry vertical as BFSI, government & defense, healthcare, IT & telecom, retail, and others. BFSI sectors held the largest market in 2018 and are anticipated to lose its position to government in the identity management market shares during the forecast period from 2019 – 2027.

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