Identity Verification Market Size to hit $18.12Bn, Globally, by 2027 – Exclusive Report by The Insight Partners
The Insight Partners
7 min read
The Insight Partners
The identity verification market was valued at US$ 6.20 bllion in 2019 and is projected to reach US$ 18.12 billion by 2027. it is expected to grow at a CAGR of 14.3% during the forecast period of 2020 to 2027.
New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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 growth is driven by the growing number of cyber-attacks. North America region is observed to garner the highest market share in the identity verification market.
Component ; Deployment ; Organization Size and Industry Vertical and Geography
Regional scope
North America; Europe; Asia Pacific; Latin America; MEA
Country scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Over the years, the financial regulators have intensified their focus on monitoring of fraud activities, which also includes a thrust for the financial institutes to adopt suitable security solutions. Furthermore, in the coming years, the regulators are expecting that the firms to be able to show, not only that they are capable of functioning the system appropriately, but also prove that their systems are efficient enough. This demand for sophisticated transaction monitoring system would be predominantly driven by the legislation like NYSDFS (New York States’ Department of Financial Services) part 504. In the coming years, the emergence of secure transaction platforms enabling the financial institutions to configure a range of monitoring scenarios, performing efficient data analysis and filter out the genuine suspicious activities from the other false positives, are expected to gain significant traction in the market. This, in response, is expected to bolster the demand for identity verification solutions. Therefore, increasing demand for secure transaction in the BFSI sector is driving the growth of identity verification market.
Presently, most of the customers of identity verification providers are large enterprises, mainly due to large scale operations and faster adoption of digital and technological advancements on these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Some of the primary reasons behind this include resource constraints and lack of knowledge & awareness about the potential benefits of digital transformation. Hence, the small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunity for players operating in the identity verification market.
Market leaders are involved in mergers and acquisitions of smaller market players. Many well-known identity verification providers present in the market are focusing on providing advanced solutions to their customers. Several companies providing identity verification solutions are focusing on product enhancement with the aim of attracting new customers and gaining a strong customer base. The increasing popularity of identity verification solutions due to growing security concerns is expected to drive the revenue generation of the identity verification market. For instance, in 2019, Gemalto launched a new identity management system which allows the government to provide access to online & offline public services and civil rights. This system enables to access services such as healthcare, education, apply for a passport or open bank account, this service will allow users to control over their personal data.
In the BFSI sector, the identity authentication solutions authenticate the user’s identity mainly for payment applications. Similarly, ID verification solutions are used to verify the user identity by Data scanning, Face detecting, and many more to decrease fraudulent activities, and permit the business operates its function in a smoother and more profitable manner. The identity verification solutions are integrated with advanced technology such as biometrics, Machine Learning, and Artificial Intelligence, as well as helping customers meet regulatory compliance. The increasing number of cyber-attacks, increasing demand for secure transaction in BFSI sector are the major factors that are driving the growth of identity verification market.
Some of the major players in Identity Verification include Acuant, Inc., Authenteq, Gemalto N.V. (Thales group), IDEMIA, Mitek Systems, Inc., Experian Information Solutions, Inc., Jumio Lexisnexis, Onfido, and Trulioo among others. These market players hold a significant share of Identity verification market owing to their product offering.
In 2018, US accounted for the largest market share in North America, growing at a CAGR of 10.0%
The U.S. is a developed economy and the hub of the world’s biggest technology giants. The U.S. alone absorbs a major share of the total revenue of the global identity verification market. 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.
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