Global Identity Verification Market Surges as Businesses Embrace Secure Digital Transformation

According to TechSci Research report, “Identity Verification Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, The Global Identity Verification Market is experiencing significant growth and transformation due to various factors. Identity verification has become a crucial aspect of business operations, particularly in industries such as finance, healthcare, e-commerce, and telecommunications. This market encompasses a range of solutions and services designed to authenticate and validate the identities of individuals, ensuring secure transactions and preventing fraudulent activities. One of the key drivers behind the growth of the Global Identity Verification Market is the increasing need for enhanced security measures. With the rise in identity theft, data breaches, and online fraud, organizations are prioritizing robust identity verification solutions to protect their customers and sensitive information. Governments and regulatory bodies are also implementing stringent compliance requirements, further driving the demand for reliable identity verification systems.

Furthermore, the rapid digitization of various industries and the proliferation of online services have fueled the demand for seamless and efficient identity verification processes. As businesses expand their online presence and offer services to a global customer base, the ability to verify identities remotely and in real-time has become essential. This has led to the emergence of innovative technologies such as biometrics, artificial intelligence, machine learning, and blockchain in the identity verification market. The Global Identity Verification Market is characterized by a diverse range of solution providers, including established players and emerging startups. These companies offer a wide array of identity verification solutions, including document verification, biometric authentication, facial recognition, and data analytics. Many organizations are also adopting a multi-layered approach to identity verification, combining various methods to ensure a higher level of accuracy and security.

Geographically, North America and Europe have traditionally been the leading markets for identity verification solutions, driven by the presence of major financial institutions and stringent regulatory frameworks. However, the Asia-Pacific region is witnessing rapid growth in this market, fueled by the increasing adoption of digital services and the rising need for secure identity verification in emerging economies. In conclusion, the Global Identity Verification Market is experiencing significant growth due to the increasing demand for enhanced security, the digitization of industries, and the need for seamless online transactions. As businesses and governments prioritize identity verification to combat fraud and protect sensitive information, the market is expected to witness further advancements in technology and the emergence of new players offering innovative solutions.

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The Global Identity Verification Market is segmented by Component, Type, Deployment Mode, Organization Size, Verticals, and region. Based on Component, the market is bifurcated into Solution, Service. Based on Type, the market is bifurcated into Biometrics, Non-biometrics. Based on Deployment Mode, the market is bifurcated into On-premises, Cloud. Based on Organization Size, the market is bifurcated into SMEs, Large Enterprises. Based on Verticals, the market is bifurcated into BFSI, Government and Defense, Healthcare & Life Sciences, Retail and eCommerce, IT & IteS, Energy and Utilities, Others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on Type, the biometric segment dominates the market with a revenue share of more than 68.5% in 2021. Biometric identification verification is the most common type of identification verification, and it establishes a person's legitimacy based on one or more biological traits. Fingerprints, retina and iris patterns, and other biometric verification procedures are commonly used. Biometric solutions use lock-and-capture mechanisms to verify individuals and assist in providing access to a limited set of services.

Traditional non-biometric solutions are less secure and acquire traction than biometric alternatives. Due to the increasing intrinsic demand from consumers for compliance management, seamless onboarding, and fraud prevention, the biometric solutions industry is growing at a significant rate. Non-biometrics solutions are primarily used to detect fraudulent ID, business process automation, remote customer onboarding, and KYC/AML compliance.

After integrating AI and ML technologies into identity verification solutions, organizations can stay proactive and make very effective remediation and detection in response to invasive and suspicious activities and unauthorized access requests on an enterprise network. For instance, in august 2020, GBG partnered with Contemi Solutions to fully automate Anti-money Laundering (AML) and Know Your Client (KYC) processes for financial services institutions and Contemi clients. This alliance provides a paperless onboarding experience through a single API without sacrificing security.

Based on Deployment, the on-premises segment led the market with a revenue share of 59.5% in 2021. An on-premises service enables the enterprise to authenticate its client base and store its information on its servers. No third party has access to the client data after a one-time installation, so a second vendor or service provider is not needed. Companies can ensure a secure customer onboarding procedure with the help of this service, keeping the acquired data safe from criminal activity.

Cloud-based identity verification solutions are suitable for enterprises with limited security budgets. Small businesses can identify vulnerabilities and minimize threat landscapes at a lower cost with a cloud-based implementation, increasing customer service. Cloud-based identity verification solutions assist enterprises in managing their costs and improving their business efficiency.

Key market players in the Global Identity Verification Market are: -

·         Experian Information Solutions, Inc.

·         Equifax Inc.

·         TransUnion LLC

·         LexisNexis Risk Solutions

·         Jumio Corporation

·         GBG (GB Group Plc)

·         Mitek Systems, Inc.

·         Acuant, Inc.

·         Onfido Ltd.

·         IDnow GmbH

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“North America dominated the market with a revenue share of more than 39.6% in 2021. It is an advanced technological region with many early adopters and key market players. The demand for identity verification is expected to be driven by the development of government initiatives like smart cities, smart infrastructure, and digital identity-based driver's licenses. The increasing integration of various technologies, such as blockchain AI and ML, for securing digital identities.

Asia Pacific is predicted to contribute to the fastest-growing region with the most significant CAGR during the forecast period because it has become technologically prepared by adopting new technologies. The growth is driven by factors such as government initiatives to combat identity-related fraud and reinforcing eKYC to verify identities. Asia-Pacific is among the fastest-growing regions in GDP, resulting in business expansion and new startup formation. It increased the need for strong identity verification ways of preventing data breaches by creating a need for rapid, safe, and paperless digital transactions across these growing corporations.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Identity Verification Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Cloud, Non-Cloud), By Storage System (Direct-Attached, Cloud, Network-Attached Storage, Unified, Software-Defined), By Technology (Magnetic, Solid-state) By Region, and By Competition,” has evaluated the future growth potential of Global Identity Verification Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Identity Verification Market.

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