ID: MRFR/ICT/8903-HCR | February 2021 | Region: Global | 141 pages
Identity verification is a security solution that permits companies to secure and protect user and customer information and ensure its accuracy. Identity verification uses the latest technologies, such as machine learning, face-based biometrics, and artificial intelligence. These solutions and services are used by various verticals such as BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, Energy and Utilities, and others to ensure whether the information provided by online users or customers is associated with the identity of a real person. The major growth drivers for the global market include growing digitization initiatives and increasing uses of digital identities among verticals. The increasing regulations and need to comply with standards across every industry, primarily for financial institutions, are expected to offer various opportunities for the vendors in the market. Moreover, the increasing frequency of identity-related frauds and data breaches are influencing the market growth.
The identity verification market is substantially influenced due to the increasing pandemic situation of COVID-19 across the world. Fluctuating consumer preferences and changing purchasing behavior due to the global pandemic scenario is expected to considerably influence the identity verification market over the projected timeframe. For instance, in March 2020, the World Health Organization (WHO) declared the COVID-19 as a global pandemic, resulting in several countries going under lockdown. There is a high probability that the novel coronavirus outbreak will have a long-term effect on consumer lifestyle and behavior. It may also result in an increased need for identity verification due to the rising digitization initiatives, increasing fraudulent activities and identity theft in the last decade, and escalating use cases of digital identities among verticals. Moreover, increased focus on security in various industries such as BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others. The other segment is further divided into education, travel, and gaming.
Global Identity Verification Market has been segmented based on Component, Type, Deployment Mode, Organization Size, Verticals, and Region.
Based on the Component, the identity verification market has been segmented into solutions and services.
Based on Type, the identity verification market has been segmented into biometrics and non- biometrics.
Based on Deployment Mode, the identity verification market has been segmented into on-premises and cloud.
Based on Organization Size, the identity verification market has been segmented into SMEs and large enterprises.
Based on Verticals, the identity verification market has been segmented into BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others. The other segment is further sub-segmented into education, travel, and gaming.
Geographically, the Global Identity Verification Market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
North America leads the Global Identity Verification Market in terms of market share. The growing digitalization trend includes smart infrastructure and smart cities and the rising integration of various technologies, such as artificial intelligence, machine learning, and blockchain, for securing digital identities are expected to propel the demand for identity verification software. The presence of major solution providers in the market such as LexisNexis Risk Solutions, Trulioo, Acuant, Jumio, TransUnion, IDology, Applied Recognition, SecureKey, and IDMERIT is another factor that has contributed a significant share in the North American identity verification market
Asia-Pacific occupied the second position in the market. For the purpose of this study, Asia Pacific has been segmented into China, India, Japan, and the rest of Asia-Pacific. The identity verification market in this region is expected to grow due to the adoption of advanced computing technological utilization.
The Key Players of the Global Identity Verification Market are IDEMIA (France), Jumio (US), Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Signzy (India), and Passbase (Germany).
In July 2020, Experian partnered with Global Data Consortium to strengthen international customer identity verification. This partnership allows Experian clients to onboard customers rapidly, strengthen anti-fraud measures, and meet Know Your Customer (KYC) and Anti Money Laundering (AML) compliance requirements.
In August 2020, GBG collaborated with Contemi Solutions to allow Contemi clients and financial services institutions to fully automate its Anti Money Laundering (AML) checks and Know Your Client (KYC) processes. This partnership delivers a paperless onboarding experience via a single API without compromising security.
In May 2019, Equifax partnered with Verified.Me, to help verify customer’s identities, create accounts, and access services from another trusted organization.
In October 2020, Thales Group introduced a new identity verification suite, a secure biometric solution for customer onboarding. It minimizes ID fraud risks by verifying document authenticity so that service providers can digitally check the identities of new customers.
Global Identity Verification Market, 2018–¬2026 (USD Billion)
Key Questions Addressed by the Report