Identity Verification Market Size is Anticipated to Gain $18.6 billion by 2026, Accelerating at a CAGR of 16.6%: Report by MarketsandMarkets™

Chicago, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Identity Verification Market size to grow from USD 8.6 billion in 2021 to USD 18.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period, according to a new report by MarketsandMarkets™. The primary growth drivers for the Identity Verification Market are increase in government initiatives towards digital identity space, stringent regulatory laws, and the need for identity related compliance. Identity verification is one of the central ideas of such stringent regulations.

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380 – Tables
43 – Figures
308 – Pages

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Scope of the Report

Report Metrics Details
Market size available for years 2016–2026
Base year considered 2020
Forecast period 2021–2026
Forecast units Value (USD)
Segments covered Component, Type, Organization Size, Deployment Mode, Vertical, and Region
Geographies covered North America, Europe, APAC, MEA, and Latin America
Companies covered Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany).

Enterprises are more focused towards increased adoption of cloud-based identity verification solutions and to improve seamless customer verification experience among verticals such as BFSI, travel and hospitality among others.

Non-biometrics segment type to hold the largest market size during the forecast period

The non-biometrics solutions are majorly used for remote customer onboarding, fraudulent ID detection, KYC/AML compliance, and business process automation. Solutions are used to verify documents, such as government IDs, passport, driving license, and credit or debit cards. Proliferation in AI and IoT technologies into identity verification space has helped organizations to be proactive in identity fraud detection and remediation of suspicious activities. The non-biometrics solution segment is an essential part of identity verification solutions and is expected to witness a huge growth in the coming years.

By deployment mode, cloud deployment to grow at a higher CAGR during the forecast period

Cloud-based identity verification solutions are enabling organizations to provide application access to deliver multi-factor authentication seamlessly. It manages their costs but also helping them in improving business agility. It is the fastest-growing deployment model in the Identity Verification Market. SMEs prefer cloud-based deployment, as it is cost-effective and easy to deploy. With the cloud-based deployment of these solutions, small enterprises can assess vulnerabilities and reduce threat landscape at a much lower cost, thus improving their customer services.

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North America to hold the largest market size during the forecast period

North America governments and companies as well are focusing on digitalization and the use of emerging technologies in identity verification systems, such as AI, machine learning, and automation, would present attractive prospects for identity verification suppliers. It is a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver’s license, and the use of identity verification by the US police to track criminals suspected of major and minor crimes, as well as to find out missing persons, are also driving the need of identity verification across North America.

Major vendors in the global Identity Verification Market include Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US) are the key players in the global Identity Verification Market.

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