Selbyville, Delaware, April 04, 2023 (GLOBE NEWSWIRE) --
The identity verification market valuation is anticipated to be worth USD 55 Billion by 2032, as reported in a research study by Global Market Insights Inc.
The increased emphasis on enhancing the customer's digital onboarding experience is likely to bolster the adoption of identity verification systems from 2023 to 2032.
Enterprises in the industry are implementing digital identity verification technologies to facilitate digital onboarding. Since it is a legal requirement, companies cannot skip the ID verification step. On the contrary, digitization can speed up the procedure. With the digital ID verification process, customers will have quicker access to the services, enhancing their experience with the company. Identity verification methods such as Biometric identity verification, Mobile ID Verification, and Video KYC are finding widespread usage across organizations of all capacities, which will positively impact the industry expansion through 2032.
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Furthermore, verification services, including blockchain-based identity verification, have reduced incidences of cyberattacks and vulnerabilities across organizations, which will benefit market growth. Nonetheless, the rising trend of Bring Your Own Devices (BYOD) in organizations, KYC and AML, and identity verification in the healthcare sector will offer growth opportunities to the market.
The identity verification market from the biometric segment accounted for 65% revenue share in 2022. Biometric identity verification offers the increased assurance of a person’s identity by verifying one or more distinguishing biological traits. Since these traits are unique for each individual, biometrics offers a quick and efficient way to identify and verify them. Biometric solutions use lock-and-capture mechanisms to verify individual identities with the help of fingerprint verification, voice, iris, and facial recognition.
The identity verification market from the fraud prevention application segment is estimated to witness 20% CAGR from 2023 to 2032. Identity verification facilitates fraud prevention by validating the identity of the person opening an account or making a transaction they claim to be. It can also validate a user's identity if there is any suspicious login attempt or strange online behavior such as large cash withdrawals and deposits and notify to take extra authentication steps.
The identity verification market from the healthcare end-use segment will reach USD 5 Billion by 2032, driven by the ability of identity verification solutions to help healthcare staff manage and access patients instantly. It helps validate and correct demographic data during pre-registration and check-in by immediately accessing the exact name, address, date of birth, and phone number of an individual. It also enables healthcare professionals to remotely identify patients to gain access to their data right away with the help of a digital identity verification system, thus favoring the market demand.
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Asia Pacific identity verification market is poised to account more than 25% share by 2032, attributed to a number of factors, such as favorable government initiatives to reinforce eKYC to verify identities and combat identity-related fraud. For instance, the income tax department of India has made it mandatory to link PAN cards with Aadhaar cards to track individuals having multiple PAN cards to evade tax and reduce the possibility of fraudulent activities. Additionally, the evolving digital landscape across several regional economies will open new growth avenues for the regional market.
Some of the leading companies involved in the identity verification market are Equifax, Inc., GB group PLC, IBM Corporation, IDEMIA, iDenfyTM, Intellicheck Inc., Jumio, Keesing Technologies, Mastercard Inc, MicroBilt Corporation, Microsoft Corporation, Mitek Systems, Inc., Nord security, Onfido ltd, SEON Technologies Ltd., Shufti pro, Slashdot Media & TransUnion LLC & Thales.
These enterprises are consistently focusing on strengthening their strategic game to safeguard their market position. For instance, in October 2022, TransUnion LLC and Strivacity teamed up to enhance the customer sign-in journey by streamlining the identity verification process. Under this partnership, TruValidate Global Fraud Solutions by TransUnion will combine with the native identity verification capabilities of Strivacity, which will help customers validate the identity of users using TransUnion’s solution. Notably, the solution provides a comprehensive view of each consumer by linking proprietary data, personal data, device identifiers, and online behaviors.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Identity verification marketr 3600 synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023 - 2032
2.3 Regional trends
2.4 Component trends
2.5 Deployment trends
2.6 Organization size trends
2.7 Type trends
2.8 Application trends
2.9 End-use trends
Chapter 3 Identity Verification Market Industry Insights
3.1 Impact of COVID-19 pandemic
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Patent analysis
3.5 Key initiative & news
3.5.1 New product launch
3.5.2 Partnership/collaboration
3.5.3 Merger/acqusition
3.5.4 Business expansion
3.6 Technology & innovation landscape
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing AML and KYC regulatory requirement
3.8.1.2 Increasing focus on customer experience for digital onboarding
3.8.1.3 Rising incidences of identity theft and cyberattacks
3.8.1.4 Growing digitalization initiatives
3.8.1.5 Integration of AI and ML with Identity verification
3.8.2 Industry pitfalls & challenges
3.8.2.1 Lack of technical expertise
3.8.2.2 High installation cost
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
