New York, US, July 27, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Identity Verification Market information by types of Standards, by Components, by Application and Region – forecast to 2027” market size to grow USD 21.9 Billion by 2026 at 37.29% CAGR.
The global identity verification market is growing profusely, witnessing the rising demand across the industry verticals. Spurring rise in industries such as BFSI, Government & Defense, Healthcare & Life Sciences, Retail & eCommerce, IT & ITeS, and Energy & Utilities is creating significant identity verification market demand. Besides, increasing needs for simplified ID verification processes complying with stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations foster market growth. Over the last couple of years, there has been a remarkable rise in mobile frauds worldwide, making up approx. 50% of the global confirmed fraud cases.
Dominant Key Players on Identity Verification Market Covered Are:
- Jumio (US)
- IDEMIA (France)
- Experian (Ireland)
- Equifax (US)
- GBG (UK)
- Mitek Systems (US)
- LexisNexis Risk Solutions (US)
- Thales Group (France)
- Onfido (UK)
- Acuant (US)
- Trulioo (Canada)
- TransUnion (US)
- IDology (US)
- AU10TIX (Israel)
- Innovatrics (Slovakia)
- WebID (Germany)
- Idenfy (Lithuania)
- IDnow (Germany)
- Signicat (Norway)
- Applied Recognition (Canada)
- SecureKey (Canada)
- Authenteq (Iceland)
- IDfy (India)
- Veri5Digital (India)
- PXL Vision (Switzerland)
- Shufti Pro (UK)
- Passbase (Germany)
- Signzy (India)
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Market USP Exclusively Encompassed:
Today, most financial institutions and eCommerce companies strive to protect their customers against the most sophisticated mobile fraud threats and cyber-attacks. This, as a result, increases the demand for innovative methods of verifying user’s identity and detecting fraud based on how the user holds and uses their mobile device.
Banking sectors look for efficient identity verification processes that can add product functionality to their mobile banking experience without adversely impacting customer engagement or introducing additional risk. Moreover, potential attacks, including social engineering scams, malware, remote access attacks, device theft, and other types of cyberattacks and fraud schemes, add to the market growth.
Segmentation of Market Covered in the Research:
The identity verification market research report is segmented into component, type, deployment mode, organization size, verticals, and region. The component segment is sub-segmented into solutions and services. The type segment is sub-segmented into biometrics and non- biometrics. The deployment mode segment is sub-segmented into on-premises and cloud.
The organization size segment is sub-segmented into SMEs and large enterprises. The verticals segment is sub-segmented into BFSI, government & defense, healthcare & life sciences, retail & eCommerce, IT & ITeS, energy & utilities, and others (education, travel, and gaming).
Browse In-depth Market Research Report (141 Pages) on Identity Verification:
North America has been consistently leading the global identity verification system market and is estimated to maintain its market position during the assessment period. The growing digitalization and demand for frictionless end-to-end encrypted identity verification processes drive the market growth. Besides, rising cyberattacks create the need for digital identity verification across the industry verticals.
The rising integration of various ubiquitous technologies, such as artificial intelligence, Blockchain, data analysis, and natural language processing technology with identity verification solutions to enhance digital identity securities propels the market demand.
Moreover, the strong presence of major solution providers, such as LexisNexis Risk Solutions, Acuant, Trulioo, Jumio, IDology, TransUnion, Applied Recognition, IDMERIT, and SecureKey, significantly contribute to the region’s market share. The US leads the regional market, whereas Canada is projected to witness a high growth rate in the coming future.
Europe holds the second spot globally in terms of the identity verification market revenue. The market is driven by increasing digitalization and rising demand for improved consumer experiences. Additionally, the increasing uptake of identity verification platforms across industries is a significant market trend.
The Asia Pacific region witnesses a spurring rise in the identity verification market value. Proliferation of digitalized verification processes, rise in the eCommerce sector, and economic growth are increasing major identity verification market size. Furthermore, improved Internet connectivity with high reliability in this region boosts the identity verification market shares.
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COVID-19 Impact on the Global Identity Verification Market
Covid-19 disruptions surfaced major security challenges with the changes and workspace shift. This, in turn, fostered the digital transformation across enterprises to enable them to provide remote working facilities to their employees. Although convenient and cost-effective, the WFH scenario has its share of flaws, such as cyberattacks vulnerability. Since everything is digital, it makes cyber criminals easier to manipulate systems and humans, making them believe in wrong identities.
Fraudsters started targeting enterprises for identity thefts, account takeover attacks, data breaches, and more. In such scenarios, enterprises found themselves vulnerable to advanced cyber-attacks and started looking for stronger digital verification methods to protect consumer data. In-short, the coronavirus pandemic has successfully increased the identity verification industry valuation.
The online working environment and WFH culture are here to stay at least for another year or two until the world completely breaks free from the pandemic. Trust, transparency, and reliability of the service would play a major role in reducing security risks collectively. This further presages that ID verification processes backed by a distributed and heterogeneous infrastructure would become the future of digital security.
Government agencies are rapidly stepping up identity verification to counter rising cases of identity fraud globally. The FBI has flagged a spike in fraudulent unemployment insurance claims during 2020 and COVID-19 related scams that affected 31% of people around the world. Traditional tracking methods proved insufficient as fraudsters successfully bypass these channels, file fraudulent claims and steal benefits.
The recommendation to implement an efficient process to track suspicious communications is growing rapidly. As the public sector continues to operate online in 2021, government agencies worldwide are likely to implement stronger digital identity verification measures to adapt to rising fraud and keep consumer data protected. Therefore, the identity verification market is projected to garner significant traction in the years to come.
The identity verification system market would witness significant strategic initiatives, such as collaboration, mergers & acquisitions, expansion, and launch & integration of advanced technologies. Leading industry players also make strategic investments to drive research and development activities and foster their expansion plans.
For instance, recently, on Jan. Feb 3, 2021, Baaz, the first culturally relevant and tailored social media platform in the Middle East, announced its partnership with a global leader in biometric technology, IDmission, would create flowless identity verification methods for social media users in GCC countries.
Baaz wants to be the first social media platform to offer secure user onboarding biometric verification, using advanced data analysis and natural language processing technology.
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