New York, Feb. 01, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the Consumer Sentinel Network of the Federal Trade Commission (FTC), the total number of identity thefts reported to the organization increased from 650572 numbers in the year 2019 to 1387615 numbers in the year 2020. Moreover, in the year 2020, government documents or benefits fraud registered 406375 cases and ranked first amongst all the types of identity theft.
Research Nester has recently released a report on “Global Identity Verification Market” which includes a detailed study of the market drivers, along with the latest market trends, and the key opportunities that are anticipated to drive the market growth in the coming years. Additionally, the report utilizes various statistical tools, such as PESTEL and SWOT analysis, to assess the market growth, and also covers the impact of COVID-19 on the growth of the market in the coming years.
The dependence on the internet and internet services is growing at a massive speed around the globe. The International Telecommunication Union (ITU), in one of its statistics, estimated that close to 51% of the population worldwide, were using the internet at the end of 2019. With the surge in the number of users using the internet, the concern for the rising prevalence of online fraudulent activities, such as identity thefts, money laundering, government documents or benefits fraud, and credit card frauds, among others, is also increasing rapidly. As a result, there is a growing demand among the providers of internet services to adopt identity verification systems so as to safeguard the data of their customers, which is anticipated to act as one of the major factors to drive the growth of the global identity verification market. The market registered a revenue of USD 7632.60 Million in the year 2020 and is further expected to reach USD 33189.19 Million by the end of 2030, by growing with a CAGR of 16.32% during the forecast period, i.e., 2021-2030.
The market is also anticipated to grow on account of the surge in the number of financial institutions worldwide and the increasing number of services provided by these institutions through the internet. According to the statistics by the World Bank, the number of commercial bank branches around the world increased from 10.98 (per 100,000 adults) in the year 2020 to 14.145 in the year 2020. Moreover, the number of automated teller machines (ATMs) per 100,000 adults, increased from 29.76 in the year 2010 to 51.66 in the year 2020. Apart from this, the rising focus of the government of nations to shift towards digital governance, along with the development of stringent norms for cyber security and adopting advanced safety solutions, such as know your customer (KYC), anti-money laundering (AML), and others, are some of the additional factors anticipated to drive the market growth in the coming years.
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The global identity verification market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in North America generated the largest revenue of USD 2855.35 Million in the year 2020 and is further expected to touch USD 12661.67 Million by the end of 2030. The market in the region is further segmented by country into the United States and Canada. Out of these, the market in the United States is anticipated to attain the largest market revenue by the end of 2030, while the market in Canada is projected to grow with the highest CAGR of 17.24% during the forecast period.
On the other hand, the market in the Asia Pacific is estimated to generate the second highest market revenue of USD 10006.54 Million by the end of 2030, up from a revenue of USD 2089.81 Million in the year 2020 and also grow with the highest CAGR of 17.44% during the forecast period. The market in the region is further segmented by country into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Amongst the market in these countries, the market in China registered the largest revenue of USD 677.93 Million in the year 2020, and is further estimated to reach USD 3550.32 Million by the end of 2030. Apparently, the market in India is anticipated to grow with the highest CAGR of 19.57% during the forecast period, and further attain the second-largest revenue of USD 1837.20 Million by the end of 2030.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The global identity verification market is segmented by verification type into knowledge-based authentication, SMS-based two-factor authentication, IC chip-based authentication, database solutions, AL/ML-based authentication, biometric authentication, and others. Out of all these segments, the biometric authentication segment generated the largest revenue of USD 2634.46 Million in the year 2020, and is further anticipated to grow with a CAGR of 16.57% during the forecast period, and attain revenue of USD 11702.06 Million by the end of 2030. In North America, the segment is predicted to touch the largest revenue of USD 4479.70 Million by the end of 2030, up from a revenue of USD 988.24 Million in the year 2020. On the other hand, in the Asia Pacific, the segment attained the largest revenue of USD 719.52 Million in the year 2020, and is further anticipated to grow with a CAGR of 17.69% during the forecast period. Moreover, by the end of 2030, the segment in the region is predicted to touch the largest revenue of USD 3519.30 Million.
The global identity verification market is further segmented by end-user industry into BFSI, government & defense, retail, healthcare, IT & telecom, entertainment & gaming, transportation, logistics, & mobility, energy & utility, hospitality, and others. Amongst these segments, the BFSI segment held the largest revenue of USD 2180.38 Million in the year 2020 and is further projected to reach USD 9852.40 Million by the end of 2030. In North America, the segment is anticipated to grow with the third-highest CAGR of 17.02% during the forecast period, and further attain the largest revenue of USD 3754.19 Million by the end of 2030, up from a revenue of USD 813.20 Million in the year 2020. On the other hand, in Europe, the segment is projected to garner the largest revenue of USD 2019.81 Million by the end of 2030.
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The global identity verification market is also segmented by component type, deployment type, and by organization size.
Global Identity Verification Market, Segmentation by Component Type
- Solutions
- Document Verification
- Identity Authentication
- Digital Identity Verification
- AML Screening & Monitoring
- Business Verification
- Others
- Services
- Professional Services
- Managed Services
Global Identity Verification Market, Segmentation by Deployment Type
- Cloud
- On-Premise
Global Identity Verification Market, Segmentation by Organization Size
- Small & Medium Enterprises
- Large Enterprises
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Some of the prominent industry leaders in the global identity verification market that are included in our report are Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Acuant, Inc., Onfido, Liquid Inc., Intellicheck, Inc., IDEMIA, and others.
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