Identity Verification Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware), Type (Biometrics, Non- Biometrics), Organization Size (SMEs, Large), End User and By Geography

Identity Verification Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware), Type (Biometrics, Non- Biometrics), Organization Size (SMEs, Large), End User and By Geography

According to Stratistics MRC, the Global Identity Verification Market is accounted for $7,558.27 million in 2021 and is expected to reach $23,163.51 million by 2028 growing at a CAGR of 17.4% during the forecast period. Identity verification solution secures a high level of assurance with detailed customer characteristics such as nationality & immigration status, personal credentials, identity document verification, and employment & business registration. Identity verification solutions and services are used by different businesses to secure whether the information provided by users or customers is associated with the identity of a real individual.

Market Dynamics:

Driver:

Increasing digitalization

The digitalization of the world has brought so many identity-related frauds to light and urged businesses to take stringent measures for securing them. With increasing digitalization across governments and private sectors around the world, identity verification has become a vital component where verified identity is mandatory, such as border controls and digital services’ access.

Restraint:

Price disparity in identity verification solutions

There are different prices charged by the vendors of ID verification which is based on price per verification, linguistics, data storage, and technical support. For example, ID verification pricing of iDenfy starts from USD 1.18 per verification, whereas for Shufti Pro, the price starts from USD 1 per customer verification. Due to this price disparity, the customers get a bit ambiguous about which particular solution or service should be selected.

Opportunity:

Increasing requirement of authentication

With initiatives across developing countries, such as electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports where video analytics and liveness detection is used for ID verification, secure identity verification has become a crucial part of online security of these areas which provides numerous opportunities for the market.

Threat:

Absence of standards and protocols

Depending on the organization and the level of assurance needed, a university ID or other non-government issued identification card may suffice for one form of ID. Identity verification in the electronic sense, also called identity ""proofing"" or ""vetting"", is used to confirm an identity where the individual is not standing before you to show some sort of picture ID. In these cases, most organizations require a real-time process that validates the personal information provided by the individual.

The small- and medium-sized enterprises (SMEs) segment is expected to be the largest during the forecast period

SMEs are majorly adopting identity verification solutions and services to compliance obligations and risks related to fraud. SMEs are more prone to cyber fraud due to limited resources, availability of IT personnel, and budget constraints; and are looking forward to adopting identity verification software to save their money, time, resources, and assets. SMEs find identity verification software a simple, intuitive, low cost, hassle-free, and secure solution to meet their growing needs.

The non- biometrics segment is expected to have the highest CAGR during the forecast period

The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation. The integration and introduction of AI and ML technologies in identity verification solutions in turn help organizations to remain proactive and make very effective detection and remediation in response to suspicious activities and invasive and unauthorized access requests on an enterprise network.

Region with highest share:

Asia Pacific is projected to hold the largest market share as Asia Pacific is getting technologically equipped with the early adoption of new technologies. Increasing demand for cloud-based identity verification, increasing identity-related cyber-attacks are driving the revenue growth in this region.

Region with highest CAGR:

North America is projected to have the highest CAGR as it is a technologically advanced region with a high number of early adopters and the presence of major market players. Factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver’s license and increasing integration of various technologies, such as AI, ML, and blockchain, for securing digital identities are expected to drive the demand of identity verification market.

Key players in the market:

Some of the key players profiled in the Identity Verification Market include Thales Group, LexisNexis Risk Solutions, Mitek Systems, Equifax, Jumio, Innovatrics, Experian PLC, LoginID Inc., Ipsidy Inc., Acuant, TransUnion LLC and GB Group plc.

Key developments:

In December 2019: GBG and What3words partnered to enhance location data for retailers and logistic companies for reaching niche markets easily.

In June 2020: GBG partnered with CredoLab to easily and confidently assess the creditworthiness of any Indonesian individual, including the unbanked and underbanked for CredoLab by using GBG’s digital/AI-driven risk management.

In December 2020: Onfido collaborated with Salesforce AppExchange, a leading enterprise cloud marketplace. The collaboration aimed to launch a new version of Onfido's identity verification and authentication service on Salesforce AppExchange.

In November 2020: LexisNexis Risk Solutions partnered with Nuggets, e-commerce payments, and ID platform to allow the implementation of self-sovereign digital identity (SSI) solutions.

Components Covered:
• Software
• Hardware
• Services
• Solutions

Types Covered:
• Biometrics
• Non- Biometrics

Deployment Modes Covered:
• Cloud
• On-Premises

Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SMEs)
• Large Enterprises

End Users Covered:
• Information Technology and Information Technologies Enabled Services (IT & ITes)
• Government and Defense
• Retail and eCommerce
• Energy and Utilities
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare & Life Sciences
• Transportation & Mobility
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances