Global Digital Identity Verification Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Digital Identity Verification Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Digital identity verification is the process that validates a person’s identifying traits and verifies they really are who they say they are, by using computer technology. Businesses verify user identities to create trust online and off, prevent identity fraud, and comply with privacy and anti-fraud regulations.

Market Overview:

The latest research study on the global Digital Identity Verification market finds that the global Digital Identity Verification market reached a value of USD 9905.12 million in 2022. It’s expected that the market will achieve USD 26261.94 million by 2028, exhibiting a CAGR of 17.65% during the forecast period.

After the explosion of COVID-19, global vertical industries have had to force themselves to adapt to the new digital world due to trends such as work from home (WFH). As all businesses operate more in the digital world, cyber attackers have left no stone unturned, such as identity theft and identity spoofing have increased the need as well as the importance of providing stronger authentication methods that are more robust and reliable. Authenticate employees and customers and grant them access. In addition, with the increase in online processes (such as going online to online transactions due to COVID-19), it has become more imperative for verticals such as BFSI and healthcare to comply with regulations to avoid any fines for data breaches.

One of the biggest impacts of COVID-19 is the increasing adoption of online services such as health data, financial data, identity verification, security, and video conferencing. All of these services are placing greater demands on online authentication, along with the need for more contactless technology. COVID-19 has created an environment where businesses need to not only fight fraud, but also help fight the spread of corona-viruses. This further underscores the importance of an identity verification solution.

Political Factors

While the threats may not be the same before the digital identity verification suppliers as the physical retailers, still there are several political hurdles before them. Companies should track their political environment. Changes in political factors can affect business strategies for the following reasons: the stability of the political system can affect the attractiveness of digital identity verification in a given market, because political chaos can result to disruption of business both online and physical; governments view business organizations as important tools for social reform; governments pass legislation, which can affect the relationships between companies and their customers, suppliers and other companies; governments have a responsibility to protect the public interest; government actions can affect the economic environment, for example, for the growth in Asia Pacific region can be made difficult by the red tape; and governments are the main consumer country.

Economic Factors

Economic factors are very significant in terms of the digital identity verification business. Whether it is an online business or physical, economic factors can have a significant effect on it. It is because economic factors are directly related to business and their effect is also direct on business revenue and profits. During the period of recession, spending had decreased. People had adopted cost cutting measures as the level of economic activity and employment had gone down. During such periods when economic activity has gone down, the profits and revenue of businesses can go down. Economic fluctuations since the recession have also kept affecting businesses from time to time since the recession. Regional or global economic issues can have an impact on customer acquisition, retention and usage levels.

Social Factors

Social factors such as the level of social development and consumer attitudes also profoundly affect the extent of demand for digital identity verification and related products. The global diversified demand for digital identity verification is rapidly intensifying. As digital transformation deepens further, user access relationships become more complex, and the demand for new types of services and devices grows day by day. For example, users have evolved from corporate employees and outsourced employees to partners and customers; devices cover various IoT devices such as cell phones, tablets, and wearable devices; in addition, the same user may use multiple devices, all of which increase the difficulty of user and device management. At the same time, a large number of enterprises and organizations have offices all over the country or even the world, and the geographic dispersion leads to the need for identity and access management systems to comply with the legal requirements of different regions regarding data privacy protection, data retention, etc.

Region Overview:

In 2022, the share of the Digital Identity Verification market in North America stood at 42.05%.

Company Overview:

IDEMIA is one of the major players operating in the Digital Identity Verification market, holding a share of 21.32% in 2023.

IDEMIA

IDEMIA is a French digital security firm, founded in 2007, which merged with Safran Identity & Security (Morpho) in 2017 to become OT-Morpho. In September 2017 the merged company adopted its new IDEMIA brand. IDEMIA's products include solutions for payment of things, biometric payment, biometric recognition on mobile, video analytics, digitalization of identity documents, eSIM, and border and access control.

Thales

Thales is a France-based technology company. It provides a wide range of solutions divided into three segments: Aerospace, Transport and Defense and Security. Aerospace provides onboard electronic equipment designed to increase flight safety and reliability, civil and military aircraft simulators, onboard connectivity and in-flight entertainment, onboard equipment and functions for aircraft piloting, navigation and control as well as equipment, payloads, satellites, systems and services for the space sector.

Segmentation Overview:

By type, Multi-factor Authentication segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Large enterprises, with a market share of 62.85% in 2022.

Key Companies in the global Digital Identity Verification market covered in Chapter 3:

Jumio
Equifax
Authenteq
Shufti Pro
GBG
Mitek Systems
LexisNexis
Experian
Trulioo
IDEMIA
Onfido
Acuant
IDMERIT
iDenfy
CSI
Thales

In Chapter 4 and Chapter 14.2, on the basis of types, the Digital Identity Verification market from 2018 to 2029 is primarily split into:

Single-factor Authentication
Multi-factor Authentication

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Digital Identity Verification market from 2018 to 2029 covers:

Large Enterprises
Small and Medium-sized Enterprises (SMEs)

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)