Identity Verification Market Overview, Cost Structure Analysis, Growth Opportunities, and Forecast until 2029

"The rising identity thefts and growing fraudster access to business networks, apps, or services, stringent government regulations and mandates regarding privacy, and increased digitization initiatives are promoting the adoption of identity verification software and services across the enterprises."

🔥 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 + 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐓𝐎𝐂 ➡️ https://www.reportsnreports.com/contacts/requestsample.aspx?name=2219864

The global identity verification market size is projected to grow from USD 9.5 billion in 2022 to USD 18.6 billion by 2027, at a compound annual growth rate (CAGR) of 14.4%during the forecast period.

Major vendors in the global identity verification market include Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales (France), GBG (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), Acuant (US), Mitek Systems (US), IDEMIA (France), Jumio (US), HyperVerge (India), AU10TIX (Israel), Innovatrics (Slovakia), Intellicheck (US), Signicat (Norway), SecureKey Technologies (Canada), IDfy (India), IDMERIT (US), Veriff (Estonia), AuthenticID (US), TruNarrative (UK), Sumsub (UK), IDology (US), PassFort (UK), PXL Vision (Switzerland), Shufti Pro (UK), iDenfy (Lithuania), Berbix (US), Persona (US), Ekata (US), and HooYu (UK).

The market has promising growth potential due to several factors, including growing identity thefts and expanding dangers of fraudster access to business networks, apps, or services, strict government regulations and mandates regarding privacy, and increased digitization initiatives. However, a lack of technical expertise along with the need for security awareness and training, and increased installation and maintenance costs, are projected to impede market expansion.

By organization size, the SMEs to grow at a higher CAGR during the forecast period

The identity verification industry is segmented into two segments based on organization size: large enterprises and SMEs. SMEs consider identity verification software as a straightforward, intuitive, cost-effective, hassle-free, and secure option to suit their expanding demands and since they are much more prone to cyber fraud they seem to be eager to implement identity verification solutions in order to protect their assets, time, money, and resources. Apart from this, governments are also taking initiatives to promote the adoption of identity verification solutions in SMEs in their respective countries. Digital transformation projects are being prioritized by SMEs. For instance, the European DIGITAL SME Alliance campaign encourages the adoption of digital solutions by SMEs. Such initiatives could encourage small businesses to adopt identity verification technologies Thus the SME segment has the highest CAGR in the forecasted period.

By deployment mode, the on-premises segment accounts for the largest market size during the forecast period.

The identity verification market can be segmented into on-premises and cloud on the basis of deployment mode. On-premises identity verification is gaining popularity because of certain factors including internet penetration, accessibility, online documentation, the need for security requirements, and in-house hosting options. On-premises identity verification software is essential to safeguard private and sensitive information and manage information workflow inside the firm.

The adoption of on-premises solutions is projected to remain high where user credentials are critical for business operations as they can control systems. Also, the on-premises deployment strategy as compared to the cloud offers beneficial solutions without monthly charges. These factors are driving the growth of this segment. Apart from this, as employees are working from home, organizations of all types are focusing on protecting their networks from identity fraud threats by extending the capabilities of their on-premises. Flexibility, guaranteed resource availability, strong security, and regulatory compliance are major benefits for organizations that are operating their IT systems through the on-premises deployment model. Thus, the on-premises segment has the largest market share during the forecasted period.

➡️ 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 @ https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=2219864

Research Coverage

The report segments the identity verification market and forecasts its size by component (solutions and services), type (biometric and non-biometric), application(access control and user monitoring, KYC, KYB, and on boarding, identity fraud compliance and forensics), organization size (large enterprises and SMEs), deployment mode (cloud and on-premises), vertical (BFSI, retail and eCommerce, government and defense, healthcare and life sciences, IT and ITeS, telecom, energy and utilities, education, and others),and region(North America, Europe, Middle East& Africa, Asia Pacific, and Latin America).

The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

This release was published on openPR.