Identity Verification: The Proposal that Will Change Everything (Complete PDF Guide)

Identity verification solution is software that helps governments and businesses to identify or validate individual identities. They get affirmation about the user identity to gain trust if an online or offline individual is genuine or not.

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There are several types of identity verification, which include a biometric scanner, one-time password, iris scanner, and knowledge-based verification, among others. The sales of identity verification solutions depend on numerous economic and noneconomic factors.

Identity Verification Key Player Analysis:
Trulioo; Onfido; Mitek Systems, Inc; IDology; Authenteq; Experian Plc; Thales SA; IDEMIA; Jumio Corporation; and LexisNexis Risk Solutions Group are among the key companies operating in the identity verification market.

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Identity Verification. A few recent key Identity Verification Market developments are listed below:

In September 2023, UK-based Know Your Customer (KYC) marketplace company Magic partnered with automated identity verification provider Onfido. The primary goal of the joint venture is to offer both document and biometric verification services for KYC processes and, consequently, help mitigate fraud.
In March 2023, Mitek, a global leader in digital identity verification, joined the Open Identity Exchange (OIX), a global community for all ID sector stakeholders to connect and collaborate, developing the guidance needed for interoperable, trusted digital identities.
In January 2023, Trulioo launched an industry-defining global identity platform for person and business verification. The Trulioo platform showcases the company's expertise and innovation in helping businesses worldwide build trusted user experiences while achieving regulatory compliance and optimizing growth.
In August 2023, Canada-based Trulioo has added new capabilities to its Workflow Studio platform for faster identity verification, while new deals for Shufti Pro and iDenfy and a product launch from Vouched demonstrate the broad applicability of selfie biometrics.

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