Global Identity Verification Software Market 2019 Top Manufacturers – Trulioo (Canada), Acuant (The U.S.), Jumio (The U.S.) etc.
Globally, the identity verification software market was valued at USD 5.31 in 2019 and is expected to reach USD 14.34 billion by 2027, with a CAGR of 15.7% during the forecast period, 2020–2025.
According to McKinsey Global Report, economies such as the U.S., the U.K., and China have significant ID coverage. However, emerging economies such as India, Brazil, Nigeria, and Ethiopia lack coverage to a significant share of the population. Additionally, a major share of these populations lacks access to digital ID, which eventually drives the identity verification market. Identity verification refers to a process that validates traits to verify that the data presented to a business or entity pertains to a real person. It allows a person with digital credentials to gain access to online accounts, activities, and services. When an individual claims his/her own identity with the concerned party for the first time, the identity of the person is verified to ensure its authenticity. This process is known as account onboarding.
The global Identity Verification Software Market is expected to grow at a steady growth during the forecast period 2020-2025, Identity Verification Software Market report offers insights into the latest trends. It summarizes key aspects of the market, with a focus on leading key player’s areas that have witnessed the highest demand, leading regions, and applications. It offers qualitative as well as quantitative information regarding the factors, challenges, and opportunities that will define the growth of the market over 2019-2029. The report aims at historical occurrences, talks about the present status of the industry, and also provides valuable forecast information up to 2025. Every organization partaking within the global production of the Identity Verification Software market products is mentioned during this report, so as to review the insights on cost-effective manufacturing methods, competitive landscape, and new avenues for applications.
The ubiquity of smartphones, coupled with widespread internet accessibility, has led to tremendous growth across industry verticals. The development of cloud infrastructure has digitalized businesses, not only increasing the profitability of services but also enhancing customer experience. As per GSMA, globally, smartphone adoption is expected to reach 2.9 billion by 2020. The adoption of smartphones, coupled with affordable online and internet services, is expected to have a significant impact on financial services. P2P payments, check cashing services, international transfers, and loan origination, among others, have become seamless, which is expected to positively influence the identity verification software market during the forecast period.
On the flip side, the lack of security solutions and rising incidents of suspicious activities through the online channel have increased security concerns in the vertical. The below tables list data breach cases through the online channel as per the 2019 Data Breach Investigation Report published by Verizon.
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The Major Prominent Players Covered in this Report:
Trulioo (Canada), Acuant (The U.S.), Jumio (The U.S.), IDMERIT (The U.S.), Equifax (The U.S.), Experian (Ireland), Gemalto (The Netherlands), IDEMIA (France), Authenteq (Iceland), LexisNexis (The U.S.), Shufti Pro (The U.K.), Onfido (England), TransUnion (The U.S.), Mitek Systems (The U.S.), iDenfy (Lithuania), , Some of the other companies that hold significant value shares in the identity verification software market include Evident, EveryoneAPI, OneSpan, Oaro Identity, Melissa Digital Identity Verification, Mati, IDVision, IDresponse, IDology, Inc., and IdentityMind's 2.0 platform, among others. & More.
By End-Users, Corporate, Government, Education, Food and Beverage, Others
Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Identity Verification Software in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Identity Verification Software market during the forecast period 2020-2025. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Identity Verification Software and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Identity Verification Software. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.
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Key Questions Answered in The Report:
What will the Identity Verification Software market growth rate?
What are the key factors driving the global Identity Verification Software market?
Who are the key manufacturers in the Identity Verification Software market space?
What are the market opportunities, market risk, and market overview of the Identity Verification Software market?
What are sales, revenue, and price analysis of top manufacturers of the Identity Verification Software market?
Who are the distributors, traders, and dealers of the Identity Verification Software market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Identity Verification Software Industry?
What are sales, revenue, and price analysis by regions of Identity Verification Software industry?
What are the driving factors contributing to market growth during the short, medium, and long term?
Collaborative Efforts by Vendors in the Global Identity Verification Market -
On February 2, 2020, Jumio, one of the leading providers of AI-powered identity verification solutions, partnered with CIMB Bank Philippines’ all-digital bank to offer a seamless digital onboarding solution to citizens of the Philippines. Jumio entered the partnership with an aim to increase its market profitability from the BFSI sector.
In January 2020, Acuant, an identity verification solutions provider, partnered with Nikia Dx to enhance the latter’s security and compliance offerings. The partnership allows the latter to access the former’s Trusted Identity platform, which is backed by artificial intelligence. Additionally, it will help the latter’s customers with secure digital transactions. The partnership will help Acuant expand its customer base, eventually strengthening its foothold in the identity verification software market.
In December 2019, Trulioo, a Canada-based Identity verification solution provider, extended its geographical coverage by partnering with two Western African states, namely Ghana and Nigeria. The company offered its GlobalGateway verification platform, which helped the two nations capture data from various sources.
In February 2019, Mitek, a leading provider of mobile capture and digital identity verification solutions, partnered with BioMetric Signature ID, gesture-based biometrics for ID verification and access management solution provider, to provide digital identity proofing for instant and seamless gesture biometric registration process. The partnership allowed both the companies to strengthen their product portfolios, thereby helping their expand their customer base and strengthen their presence in the identity verification software market.
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