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Identity verification requests are a security measure that enables businesses to safeguard user and customer information and guarantee its accuracy. The most recent technologies, including machine learning, face-based biometrics, and artificial intelligence, are used for identity verification. Various industries, including BFSI, government and defence, healthcare and life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others, use these solutions and services to verify that the information provided by online users or customers is linked to the identity of a real person. Growing digitization initiatives and rising adoption of digital IDs across sectors are the primary growth drivers for the identity verification market. Increasing regulations and the requirement to adhere to standards across all industries, particularly for financial institutions, are anticipated to present several opportunities for market vendors. Additionally, the rise in identity-related thefts and data breaches is having an impact on market expansion. Identity Verification Market size is grown USD 35.2 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 14.30% during the forecast period.
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Identity Verification Market Report Scope:
|Revenue Forecast in 2030:||USD 35.2 Billion|
|Growth Rate:||CAGR of 14.30% from 2022 to 2030|
|Forecast Period:||2022 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
The Key Players of the Global Identity Verification Market are Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany).
Component, Deployment Mode, Organization Size, and Verticals are the segments used to divide the global identity verification market.
The identity verification industry has been divided into solutions and services based on the Component. During the forecast period, the solutions segment, which currently holds the largest market share in the overall identity verification market, is anticipated to grow at a faster rate than the other segments. The solution segment makes it possible for a range of gadgets to grant access to restricted locations.
The identity verification has been divided into Biometrics and Non-Biometrics based on kind. The identity verification market’s highest market share was held by the biometrics category. Biometric identity verification tools use physiological traits like a fingerprint or face pattern to confirm or identify a person’s identity.
The identity verification has been divided into on-premises and cloud segments based on deployment mode. During the forecast period, the cloud segment is anticipated to hold a bigger market share in the identity verification. This is mostly because many small and medium-sized businesses have adopted cloud deployment due to its cost advantages.
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The identity verification market has been divided into SMEs and large companies based on organisation size. Due to their increased usage of identity verification solutions and susceptibility to cyber threats, SMEs are predicted to see the highest CAGR in the worldwide identity verification market. In 2019, the market size that belonged to large firms was larger.
The identity verification market has been divided into BFSI, government and defence, healthcare and life sciences, retail and eCommerce, IT and ITeS, energy and utilities, and others based on verticals. Education, travel, and gaming are further divided into separate segments in the other market. During the projection period, the BFSI segment, which currently holds the greatest market share in the overall identity verification, is anticipated to grow at the fastest rate. The market growth is predicted to be fueled by the increasing digitization of banking procedures including digital onboarding and payments.
Geographically, the Asia-Pacific, North America, Europe, Middle East & Africa, and South America regions make up the Global Identity Verification. In terms of market share, North America dominates the global identity verification industry. The growing integration of various technologies, such as artificial intelligence, machine learning, and blockchain for securing digital identities are expected to propel the demand for identity verification software. The growing digitalization trend includes smart infrastructure and smart cities. The region of Asia-Pacific was ranked second in the market. China, India, Japan, and the rest of Asia-Pacific have been separated apart for the purposes of this study. The implementation of cutting-edge computing technologies will likely lead to an increase in the market for identity verification in this region.
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