Identity Verification Market, Trends, Scope, Size, Overview, Growth Factors And Competitive Players Till 2028

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.

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The identity verification market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. APAC is expected to be the fastest growing region in the global identity verification market. Whereas, North America followed by Europe and APAC hold the highest market share in the identity verification market. Identity verification market is expected to experience significant growth in the coming years to meet the increasing demand for automation.

The Key Players in The Global Market Are: 

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

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The report segments the global Market as follows:

By Component (Solution and Services)
By Deployment (On-Premise and Cloud)
By Organization Size (SMEs, Large Enterprises)
By Industry Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom, Retail, and Others)
By Geography

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 contributes the largest market share in terms of 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 3 years, the region has witnessed significant adoption of emerging technologies such as artificial intelligence and blockchain across all the major industry verticals. North America is also well known for its robust IT and cloud infrastructure which is another complementing factor for the growth of advanced identity verification solutions. There are various identity verification players present in the North America region such as Acuant Inc., and Trulioo.

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Answers that the report acknowledges:

Market size and growth rate during forecast period.
Key factors driving the Market.
Key market trends cracking up the growth of the Market
Challenges to market growth.
Key vendors of Identity Verification Market
Detailed SWOT analysis.
Opportunities and threats face by the existing vendors in Global Market>
Trending factors influencing the market in the geographical regions.
Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major region

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This release was published on openPR.