IMARC Group, a leading market research company, has recently releases report titled “Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” the study provides a detailed analysis of the industry, including the global identity verification market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the identity verification market?
Report Attributes - Details
Market Size in 2021 - US$ 8.6 Billion
Market Forecast in 2027 - US$ 22.9 Billion
Growth rate (2022 to 2027) - CAGR of 17.6%
Base Year of the Analysis - 2021
Forecast Period - 2022-2027
What is Identity verification?
identity verification involves verifying the identity of a user to ensure the validity of their identity and the authenticity of their actions. It is widely used across organizations to prevent fraud by detecting and flagging false identities. Various methods, such as web-based platforms, multi-factor authentication, smartphone applications, document verification, biometric systems, and voice recognition, are used in the process to monitor access requests. Identity verification enables organizations to confirm the nationality, personal credentials, immigration status, employment, and business registration of an individual. Due to its accuracy and effectiveness, it is witnessing significant demand across various sectors, including military, medical, information technology (IT), telecommunications, defense, and banking, financial services, and insurance (BFSI).
What are the growth prospects and trends in the Identity verification?
The rising cases of fraudulent activities and identity thefts across the globe represent one of the primary factors accelerating the market growth. The increasing digitization in banking processes and the rising use of identity verification in the BFSI sector are other growth-inducing factors. Identity verification is largely used in the BFSI sector as know-your-customer (KYC) and anti-money laundering (AML) compliance to prevent new account frauds and financial scams and monitor customer risk. Moreover, the development of smart infrastructure, digital identity-based driver’s licenses, and smart cities are providing a considerable thrust to the market growth. Apart from this, the integration of machine learning (ML), cloud computing, and artificial intelligence (AI) with identity verification platforms is creating a positive outlook for the market.
Who are the key players operating in the industry?
The report covers the major market players including:
- Acuant Inc.
- AuthenticID Inc.
- Equifax Inc.
- Experian PLC
- Intellicheck Inc.
- Jumio Corporation
- Mastercard Inc.
- Mitek Systems Inc.
- Onfido
- Thales Group
- TransUnion and Trulioo.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Biometrics
- Non-Biometrics
Breakup by Component:
- Solutions
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Vertical:
- BFSI
- Government and Defense
- Healthcare and Life Sciences
- Retail and E-Commerce
- IT and Telecommunication
- Energy and Utilities
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
View Full Report: https://www.imarcgroup.com/identity-verification-market
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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