Report : Identity Verification Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services); Deployment (On-Premise and Cloud); Organization Size (SMEs, Large Enterprises) and Industry Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom, Retail, and Others) and Geography
The global Identity Verification market accounted to US$ 5.52 Bn in 2018 and is expected to grow at a CAGR of 14.3% during the forecast period 2019 - 2027, to account to US$ 18.12 Bn by 2027.
The growing sophistication of security information platforms and IT security-based tools & solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyber security incidents has further led to an increased need for robust security solutions across enterprises. The market demand for identity verification solutions has gained significant traction in the past few years owing to the versatile capabilities of these systems such as identity verification, data identification, fraud detection, and others. The growing popularity of digitization and automation in various industry verticals that range from BFSI to healthcare is also anticipated to fuel the growth of the identity verification market during the forecast period of 2019 to 2027. Some of the prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication & verification, mitigate the risk of spoofing, and others. All these benefits and capabilities offered by identity verification provide long term benefits to enterprises. These versatile benefits are expected to drive the market growth of identity verification market.
The identity verification market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. APAC is expected to be the fastest growing region in the global identity verification market. Whereas, North America followed by Europe and APAC hold the highest market share in the identity verification market. Identity verification market is expected to experience significant growth in the coming years to meet the increasing demand for automation.
North America identity verification market demand is primarily driven by growing demand from industry sectors such as BFSI, government, defense, healthcare, where correct identification of users and customers is a crucial business requirement for successful operations. In 2018, the North American region contributes the largest market share in terms of overall revenue of global identity verification market and it is estimated to continue its dominance throughout the forecast period from 2019 to 2027. North America is one of the fastest growing regions in terms of both technological innovations and adoption of advanced technologies. In the past 3 years, the region has witnessed significant adoption of emerging technologies such as artificial intelligence and blockchain across all the major industry verticals. North America is also well known for its robust IT and cloud infrastructure which is another complementing factor for the growth of advanced identity verification solutions. There are various identity verification players present in the North America region such as Acuant Inc., and Trulioo. The U.S. based company Acuant Inc. offers an identity verification solution AssureID for document & identity authentication. This solution is used across various industry verticals to authenticate user information. Another Canada based company Trulioo offers identity verification solutions for various purposes including identity authentication, know your customer (KYC) & anti-money laundering (AML) compliance, fraud prevention and auditing. In addition to them a large number of start-ups have been entering the marketplace with their innovative identity verification solutions by integrating artificial intelligence and other advanced technology into them.
The major players operating in the market for identity verification market include Acuant, Inc., Authenteq, Gemalto N.V. (Thales group), IDEMIA, Mitek Systems, Inc., Experian Information Solutions, Inc., Jumio Lexisnexis, Onfido, and Trulioo among others.
Identity Verification Market - Geographic Breakdown, 2018
The report segments the global identity verification market as follows:
Global Identity verification Market – By Organization Size
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