North America Identity Verification Market Growth Drivers and Forecast by 2027

North America identity verification market is expected to grow from US$ 2.05 Bn in 2018 to US$ 5.27 Bn by the year 2027. This represents a CAGR of 11.2% from the year 2018 to 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 cybersecurity 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.

Currently, the U.S is dominating the identity verification market in terms of installation, which in turn boost the demand for identity verification. The U.S. is anticipated to hold a The U.S. is a highly advanced country in North America and a country where investment in advanced technologies, as well as the adoption of advanced solutions, is quite high. Factors such as growing digitization of business processes and rising demand of smart identity verification solutions among enterprises to ensure efficiently and risk-free business operations are contributing substantially towards the growth of identity verification market in North America. The figure given below highlights the revenue share of Mexico in the North American identity verification market in the forecast period:

NORTH AMERICA IDENTITY VERIFICATION MARKET - SEGMENTATION

North America Identity verification Market by Component

• Solution
• Services

North America Identity verification Market by Deployment

• On-Premise
• Cloud

North America Identity verification Market by Organization Size

• SMEs
• Large Enterprises

North America Identity verification Market by End-User

• BFSI
• Government & Defense
• Healthcare
• IT & Telecom
• Retail
• Others

North America Identity verification Market by Country

• US
• Canada
• Mexico

Companies Mentioned

• ACUANT, INC.
• AUTHENTEQ
• GEMALTO N.V.(THALES GROUP)
• IDEMIA
• MITEK SYSTEMS, INC.
• EXPERIAN INFORMATION SOLUTIONS, INC.
• JUMIO
• LEXISNEXIS
• ONFIDO
• TRULIOO

North America Identity Verification Report Scope