Identity Verification Market is Growing at a CAGR of 14.3% to to Reach USD US$ 18,125.7 million by 2027; The Insight Partners

The Insight Partners adds "Identity Verification Market Forecast to 2027 - COVID-19 Impact and Global Analysis" to its store providing analysis of the current and future market competition in the market. Insightful review of the key industry drivers, opportunities, barriers and challenges. Each trend is independently researched to provide qualitative analysis of its implications. 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.

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Summary of Identity Verification Market:

The BFSI and Government sectors are expected to have a significant impact on the growth of the identity verification market. Also, for the healthcare industry, increasing adoption of digitalization is enabling a high degree of services to its customers. Potentially, the BFSI and Government sector present a larger market share as compared to other sectors during the forecast period. Global identity verification market is majorly driven by an increasing number of cyber-attacks and adoption of security solutions, increasing demand for secure transaction in the BFSI sector, and others. Key trends witnessed in the identity verification market are the integration of AI and other advanced technologies for alerting and pattern based monitoring. The rapidly changing nature of businesses requires consistent changes in technology and services. Also, the rapid digitalization among small and medium enterprises (SMEs) are expected to provide substantial growth opportunity to the key players in this market.

The high number of COVID cases have resulted in a negative impact on country's and region's economy and there has been a decline in overall business activities and growth of various industries operating in the global market. However, due to COVID-19 outbreak and remote working guidelines, the online identity verification companies are experiencing an increased demand owing to the rising need for remote verification of employees, patients, and other participants.

List of Top Key Players in Identity Verification Market Are:-

•Acuant, Inc.
•Authenteq
•Experian plc
•Gemalto N.V. (Thales Group)
•IDEMIA
•Jumio Corporation
•LexisNexis
•Mitek Systems, Inc.
•Onfido
•Trulioo

Identity verification Market Insights

Increasing Demand for Secure Transaction in BFSI Sector

Over the years, the financial regulators have intensified their focus on monitoring of fraud activities, which also includes a thrust for the financial institutes to adopt suitable security solutions. Furthermore, in the coming years, the regulators are expected to expect from the firms to be able to show not only that they are capable of functioning the system appropriately but also prove that their systems are efficient enough. This demand for sophistication transaction monitoring system would be predominantly driven by the legislation like NYSDFS (New York States' Department of Financial Services) part 504 and also the general move towards the control being evaluated by their outcome quality.

Component -Based Market Insights

The global identity verification market is segmented on basis of component into solutions and services. Presently, solution segment is the most prominent component in the global identity verification market and it is anticipated to dominate the market during the forecast period from 2019 - 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.

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.

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The report segments the global identity verification market as follows:

Global Identity Verification Market - By Component

Solution
Service

Global Identity verification Market - By Deployment

On-Premise
Cloud

Global Identity verification Market - By Organization Size

SMEs
Large Enterprise

Global Identity verification Market - By Industry Vertical

BFSI
Government & Defense
Healthcare
IT & Telecom
Retail
Others

Global Identity verification Market - By Geography

North America
Europe
Asia Pacific (APAC)
Middle East and Africa
South America

The Insight Partners Research Report Guidance:

The report provides qualitative and quantitative analysis of global Identity Verification market segmented by product, technology and geographic regions.

•Chapter 1 provides a brief description of the market under study.
•Chapter 2 mentions the key takeaways, highlighting the key trends and outlook of the global Identity Verification market
•Chapter 3 provides the research methodology of the study.
•Chapter 4 provides market landscape, PEST (Political, Economic, Social and Hardware) analysis, ecosystem analysis, and expert opinions.
•Chapter 5 highlights the key market dynamics in the Identity Verification market, including factors that are driving the market, prevailing deterrents, potential opportunities, and future trends. Impact analysis of drivers and restraints are covered under this section.
•Chapter 6 discusses the global Identity Verification market scenario, in terms of historical market values, and forecast till 2027.
•Chapters 7 to 11 discuss the market segments by product, technology, and geographic analysis across North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM), along with the major factors governing the growth of the market in these regions.
•Chapter 12 describes the impact of COVID 19 outbreak on global Identity Verification market across various geographies.
•Chapter 13 describes the industry landscape analysis. It provides detailed description of various business activities, such as market initiatives, new developments, mergers and joint ventures, across the world.
•Chapter 14 provides the detailed profiles of key companies operating in the global Identity Verification market. The companies have been profiled based on their key facts, business description, products & services, financial overview, SWOT analysis, and key developments.
•Chapter 15, i.e., the appendix is inclusive of the company overview, word index, contact information, and disclaimer section.

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