India Identity Verification Market Forecast 2023-2030
KEY FINDINGS
The India identity verification market is projected to register a CAGR of 16.42% during the forecast period, 2023-2030. Favorable government initiatives have supplemented the adoption of identity verification solutions and services in India.
MARKET INSIGHTS
The Indian government has implemented mandatory requirements for new importers, exporters, and customs brokers to furnish identification proof, including incorporation papers, PAN and Aadhaar numbers, as well as undergo a physical inspection of their business premises. Under the customs (Verification of Identity and Compliance) regulations 2021, customs officials now possess the authority to conduct identity checks on existing importers, exporters, and customs brokers. These measures are expected to drive the adoption of identity verification systems within the government sector over the projected period.
Furthermore, according to a report from the International Trade Administration (ITA) of the US Department of Commerce, India's cybersecurity market has experienced rapid growth due to the expansion of the country's digital economy and key infrastructure sectors. The market witnessed a Compound Annual Growth Rate (CAGR) of 15.6%, increasing from USD 1.97 billion in 2019 to USD 3.05 billion in 2022. Consequently, India has significant potential for offering secure and efficient solutions for digital transaction management. As a result, these factors are anticipated to boost the India identity verification market growth.
MARKET INSIGHTS
Some of the eminent companies in the market are TransUnion LLC, Thales Group SA, Nuance Communications Inc, Mastercard Inc, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
- 1. Research Scope & Methodology
- 1.1. Study Objectives
- 1.2. Methodology
- 1.3. Assumptions & Limitations
- 2. Executive Summary
- 2.1. Market Size & Estimates
- 2.2. Country Snapshot
- 2.3. Country Analysis
- 2.4. Scope Of Study
- 2.5. Crisis Scenario Analysis
- 2.5.1. Impact Of Covid-19 On Identity Verification Market
- 2.6. Major Market Findings
- 2.6.1. Stringent Government Regulations And Mandates Concerning Privacy
- 2.6.2. Adoption Of Digital Ids
- 3. Market Dynamics
- 3.1. Key Drivers
- 3.1.1. Occurrences Of Identity Thefts
- 3.1.2. Rising Digitalization Initiatives
- 3.1.3. Increasing Internet Penetration And Digital Literacy
- 3.2. Key Restraints
- 3.2.1. Price Variations In Identity Verification Products
- 3.2.2. Lack Of Technical Expertise And Need For Security Awareness & Training
- 4. Key Analytics
- 4.1. Key Technology Trends
- 4.2. Pestle Analysis
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Buyers Power
- 4.3.2. Suppliers Power
- 4.3.3. Substitution
- 4.3.4. New Entrants
- 4.3.5. Industry Rivalry
- 4.4. Growth Prospect Mapping
- 4.4.1. Growth Prospect Mapping For India
- 4.5. Market Concentration Analysis
- 4.6. Value Chain Analysis
- 4.6.1. Components
- 4.6.2. Identity Verifications
- 4.6.3. Deployment
- 4.6.4. End-use Industry
- 4.7. Key Buying Criteria
- 4.7.1. Capacity And Coverage
- 4.7.2. Fraud Capabilities
- 4.7.3. Data Storage And Security
- 4.7.4. Verification Types
- 5. Market By Component
- 5.1. Solution
- 5.2. Service
- 6. Market By Deployment Type
- 6.1. On-premises
- 6.2. Cloud
- 7. Market By Type
- 7.1. Biometrics
- 7.2. Non-biometrics
- 8. Market By Organization Size
- 8.1. Smes
- 8.2. Large Enterprises
- 9. Market By Vertical
- 9.1. Bfsi
- 9.2. Government And Defense
- 9.3. Healthcare & Life Sciences
- 9.4. Retail And E-commerce
- 9.5. It & Ites
- 9.6. Energy And Utilities
- 9.7. Other Verticals
- 10. Competitive Landscape
- 10.1. Key Strategic Developments
- 10.1.1. Acquisitions
- 10.1.2. Product Launches & Developments
- 10.1.3. Partnerships & Agreements
- 10.1.4. Business Expansions
- 10.2. Company Profiles
- 10.2.1. Equifax Inc
- 10.2.1.1. Company Overview
- 10.2.1.2. Products List
- 10.2.2. Experian Plc
- 10.2.2.1. Company Overview
- 10.2.2.2. Products List
- 10.2.2.3. Strengths & Challenges
- 10.2.3. Idemia
- 10.2.3.1. Company Overview
- 10.2.3.2. Products List
- 10.2.4. Jumio Corporation
- 10.2.4.1. Company Overview
- 10.2.4.2. Products List
- 10.2.4.3. Strengths & Challenges
- 10.2.5. Mastercard Inc
- 10.2.5.1. Company Overview
- 10.2.5.2. Products List
- 10.2.5.3. Strengths & Challenges
- 10.2.6. Nuance Communications Inc
- 10.2.6.1. Company Overview
- 10.2.6.2. Products List
- 10.2.6.3. Strengths & Challenges
- 10.2.7. Thales Group Sa
- 10.2.7.1. Company Overview
- 10.2.7.2. Products List
- 10.2.7.3. Strengths & Challenges
- 10.2.8. Transunion Llc
- 10.2.8.1. Company Overview
- 10.2.8.2. Products List
- 10.2.8.3. Strengths & Challenges
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