Identity Verification Market New Technology Opportunities with 14.3% of CAGR by 2027 - Experian information solutions, Jumio, LexisNexis, Onfido, Trulioo

"According to the new research report published by The Insight Partners, titled "Identity verification Market - COVID-19 Impact and Global Analysis to 2027", the global identity verification market is expected to reach US$ 18.12 billion in 2027, registering a CAGR of 14.3% during the forecast period 2019-2027.

In 2018, US accounted for the largest market share in North America, growing at a CAGR of 10.0%

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.

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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.

Identity verification market on the basis of end-user is segmented as BFSI, government & defense, healthcare, I.T. & Telecom, retail, and others. With the advancement in technology, security across industries are also getting transformed to the digital arena. The profitability and reputation of the BFSI sector depend on the type of protection and security they offer to their customers and assets. Security and safety is a significant concern in the BFSI industry. Further, technology-oriented products that are highly robust, reliable, and easy to use are highly demanded. There is a high demand for enhanced security by the BFSI sector as it comprises of complex workflows, which requires efficient access of the staff. Identity verification solutions provide the leverage to facility managers to design access permissions as per individual needs. For instance, an Italian bank, Creval selected key-based wireless access control offered by eCLIQ, to safeguard its banking premises. In the present digital world, the data is being produced in high volumes, as well as the customers accessing financial services from several platforms. The identities of every individual are becoming progressively complex as well as expensive to manage by any industry. The growing security concern across the world is boosting the demand for identity verification solution by banking and financial industry.

The U.S. is a developed economy and the hub of the world's biggest technology giants. The U.S. alone absorbs a major share of the total revenue of the global identity verification market. The U.S. is a highly advanced country in North America and a country where investment in advanced technologies, as well as the adoption of advanced solutions, is quite high. Factors such as growing digitization of business processes and rising demand of smart identity verification solutions among enterprises to ensure efficiently and risk-free business operations are contributing substantially towards the growth of identity verification market in North America.

Key findings of the study:

North America dominated the identity verification market in 2018, contributing a significant share of the market share of the overall revenue generated in the year. North America identity verification market demand is primarily driven by growing demand from industry sectors such as BFSI, government, defense, healthcare, where correct identification of users and customers is a crucial business requirement for successful operations. In 2018, the North American region contributed the largest market share in terms of the overall revenue of global identity verification market, and it is estimated to continue its dominance throughout the forecast period from 2019 to 2027. North America is one of the fastest growing regions in terms of both technological innovations and adoption of advanced technologies. In the past three years, the region has witnessed significant adoption of emerging technologies such as Artificial Intelligence (A.I.) and blockchain across all the major industry verticals. North America is also well known for its robust I.T. and cloud infrastructure which is another complementing factor for the growth of advanced identity verification solutions

BFSI industry is one of the major industry propelling the market growth for identity verification. The ability to centrally control security and access in a banking ecosystem is highly advantageous for the growth of the market. Additionally, integration and flexibility in the systems at every branch and office is equally advantageous. Interoperability with the legacy systems and third-party for ensuring ease of installation of identity verification solutions and high return on investment is expected to fuel the market growth.

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