Identity Verification Market Growth, Business Opportunities, Share Value, Key Insights and Size Estimation by 2031

According to a new market research report published by Global Insight Services "Identity Verification Market is expected to reach US$ XX bn by 2031". Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Identity verification is the process of confirming that someone is who they say they are. This can be done in a number of ways, but typically involves comparing information provided by the individual to other data sources, such as a government-issued ID or a credit report.

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In many cases, identity verification is simply a matter of verifying that the information provided matches what is on file. However, in some cases, it may also involve more sophisticated methods, such as biometric data or knowledge-based authentication.

Key Trends

There are three key trends in Identity Verification technology:

The move towards biometric-based authentication: This trend is being driven by the increasing availability of biometric devices (such as fingerprint scanners and iris scanners) and the need for more secure authentication methods.

The increasing use of artificial intelligence: AI is being used to verify identities more accurately and efficiently.

The rise of mobile ID verification: With the increasing use of smartphones, more businesses are offering mobile ID verification solutions.

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Key Drivers

There are a few key drivers of the identity verification market. The first is the increasing need for organizations to verify the identities of their customers and employees. This is driven by the need to comply with regulations and to protect against fraud.

The second driver is the increasing availability of data and technology that can be used for identity verification. This includes data from social media, government databases, and private companies.

The third driver is the increasing awareness of the importance of identity verification. This is driven by the media coverage of identity theft and fraud, as well as the increasing number of data breaches.

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Market Segments

By Component
• Solutions
• Services

By Type
• Biometrics
• Non-Biometrics

By Deployment Mode
• On-Premises
• Cloud

By Organization Size
• SMEs
• Large enterprises

By Verticals
• BFSI
• Government
• Defense
• Healthcare & Life Sciences
• Retail and eCommerce
• IT & ITeS
• Energy and Utilities
• Others

Key Players

• Experian
• GBG
• Equifax
• Mitek Systems
• Thales Group
• LexisNexis Risk Solutions
• Onfido

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Reasons to buy Identity Verification Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

This release was published on openPR.