With 17.6% CAGR, Identity Verification Market to Hit US$ 22.9 Billion by 2027 | Global Industry Report

According to IMARC Group's latest report, titled "Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global identity verification market reached a value of US$ 8.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027.

𝐆𝐞𝐭 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/identity-verification-market/requestsample

Identity verification is the process of authenticating the credentials of an individual for security purposes. It commonly uses smartphone applications, multi-factor authentication, document verification, web-based platforms, voice recognition, and biometrics systems for monitoring access requests. In addition to this, identity verification solutions also assist in confirming the nationality, immigration status, personal credentials, employment, business registration, etc. Consequently, they find extensive applications in several industries, including defense, military, information technology (IT), telecommunications, banking, financial services and insurance (BFSI), etc., across the globe.

Identity Verification Market Trends:

The growing prevalence of cyber security attacks and the emerging trend of enterprise mobility are primarily driving the identity verification market. Additionally, the rising instances of fraudulent activities and identity thefts, the widespread adoption of data security, the implementation of stringent regulations by government bodies to comply with safety standards, and the inflating digitalization are further catalyzing the market growth. Besides this, the escalating demand for work-from-home (WFH) business models, on account of the sudden outbreak of the COVID-19 pandemic, is propelling the need for efficient verification solutions during the remote hiring of candidates, which is acting as another significant growth-inducing factor. Moreover, the increasing integration of Artificial Intelligence (AI), cloud computing, Machine Learning (ML), and 360-degree Virtual Reality (VR) solutions with identity verification platforms is positively influencing the global market. Apart from this, they are also utilized by organizations to verify the identity of individuals when they are not physically present. Furthermore, banks and other financial institutions use anti-money laundering (AML) solutions to monitor customer risk and prevent new account frauds, which is expected to fuel the identity verification market over the forecasted period.

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Identity Verification Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the identity verification market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Acuant Inc.
AuthenticID Inc.
Equifax Inc.
Experian PLC
Intellicheck Inc.
Jumio Corporation
Mastercard Inc.
Mitek Systems Inc.
Onfido
Thales Group
TransUnion and Trulioo.

Key Market Segmentation:

The report has segmented the identity verification market on the basis of type, component, deployment mode, organization size and vertical

Breakup by Type:

Biometrics
Non-Biometrics

Breakup by Component:

Solutions
Services

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Vertical:

BFSI
Government and Defense
Healthcare and Life Sciences
Retail and E-Commerce
IT and Telecommunication
Energy and Utilities
Others

Breakup by Region:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Ask Analyst for Customization and Explore full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4704&flag=E

We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

Key Highlights of the Report:       

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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