Identity Verification Market Expected to Grow at a CAGR of 18.2% During Forecast Period 2023-2032 | Key Players- Experian, LexisNexis, Equifax, Mitek Systems, Gemalto

The global Identity Verification market size is estimated to reach USD $2.98 Billion in 2022, exhibiting a CAGR of 18.2% from 2023 to 2032.

The Identity Verification Market research provides a comprehensive analysis of the industry vertical, with a focus on the growth matrix and global advancements. The research gives market players a competitive advantage by providing a complete overview of development potential and market trends.

The research provides in-depth analysis of the Identity Verification industry as well as key market trends. Historical and future market data, information, pricing trends, and company shares are all included in the market study.

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Key Players

The report includes competition among the market's leading participants, and information on consumer purchasing power. The market research report also includes the newest strategic advancements and trends of the market participants. The report assists purchasers in the worldwide market in charting their next steps toward the market's future position.

Major Companies are Experian, LexisNexis, Equifax, Mitek Systems, Gemalto, Onfido, Trulioo, Acuant, IDEMIA, Jumio, Authenteq, Shufti Pro, IDMERIT, iDenfy, TransUnion.

Key Developments

• Experian and the Global Data Consortium will collaborate in July 2020 to improve international customer identity verification. This collaboration enables Experian clients to onboard customers quickly, strengthen anti-fraud measures, and comply with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations.

• In August 2020, GBG partnered with Contemi Solutions to fully automate its anti-money laundering (AML) and Know Your Client (KYC) processes for Contemi clients and financial services institutions. This collaboration provides a paperless onboarding experience through a single API without compromising security.

• Equifax partnered with Verified.Me in May 2019 to help customers verify their identities, create accounts, and access services from another trusted organisation.

• Thales Group will launch a new identity verification suite, a secure biometric solution for customer onboarding, in October 2020. It minimizes ID fraud risks by verifying document authenticity so that service providers can digitally check the identities of new customers.

Key Drivers-

The digitalization of the world has exposed numerous identity-related frauds and compelled businesses to implement stringent security measures. With the increasing digitalization of governments and private sectors around the world, identity verification has become a critical component in areas where verified identity is required, such as border controls and access to digital services. With initiatives such as electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports that use video analytics and liveness detection for ID verification, secure identity verification has become an important part of these areas' online security.

Segment

The study forecasts global Identity Verification market revenues in 2032, as well as specific market share and penetration projections for various segments and geographies in the market. For each segment during the forecast period, the study highlights existing trends as well as possible drivers and challenges that could contribute to growth or fall of the market segments.

The market has been segmented into-
• By Component (Solutions and Services, Consulting, Support and maintenance, Training and education)
• By Deployment Mode (On-Premises and Cloud)
• By Organization Size (SMEs and Large Enterprises)
• By Industry Vertical (Banking, Financial Services, and Insurance, Government and Defense, Retail, Healthcare, IT and Telecom, Energy and Utilities, Others)

Regional Analysis

• North America (US, Canada, Mexico), Market size, Growth Market size, growth & Opportunity Analysis, Future forecast & Opportunity Analysis

• Europe (Germany, Russia, UK, France, Italy, Spain, The Netherlands, Rest of Europe), Market size, growth, Future forecast & Opportunity Analysis

• Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Rest of Asia Pacific), Market size, Future forecast & Opportunity Analysis

• Middle East and Africa (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa), North Africa, South Africa, Rest of Middle East and Africa), Market size, Future forecast & Opportunity Analysis

• South America (Brazil, Argentina, Colombia, Rest of South America), Market size, Future forecast & Opportunity Analysis

Methodology

The most basic classification of market research is primary and secondary research. Secondary research is used to seek out existing research and data. Secondary data is taken from credible sources such as peer reviewed journal articles, government official websites, and company annual reports. Primary research is called a more direct approach to obtaining your data. In primary research, the data comes directly from the source i.e. the potential customers.

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FAQs

1. What is the market size and growth rate forecast for Identity Verification?
2. What are the segments of market?
3. What are the major factors propelling the market forward?
4. Who are the leading companies in the Identity Verification market?
5. What regions does the Identity Verification Market research cover?
6. How can I obtain an Identity Verification Market sample report or company profiles?

Conclusion

The important drivers driving market growth, opportunities, challenges, and risks encountered by leading manufacturers and the industry as a whole are discussed in this market research report. It provides an overview of upcoming business trends as well as data insights that has been projected.

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