Global Identity Verification Market Assessment and Impact of COVID-19, Forecast to 2025

Dublin, Feb. 08, 2021 (GLOBE NEWSWIRE) -- The "Identity Verification Market by Component (Solutions and Services), Type (Non-Biometric and Biometric), Organization Size, Deployment Mode, Vertical (BFSI, Government and Defense, and Healthcare and Life Sciences), and Region - Global Forecast to 2025" report has been added to's offering.

The global identity verification market is expected to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025, at a CAGR of 15.6% during the forecast period.

The major growth drivers for the market include increasing digitization initiatives, increasing fraudulent activities and identity theft during the last decade, and Increasing use cases of digital identities among verticals. However, price disparity in identity verification solutions and services may restrain market growth.

By type, biometrics to grow at the highest rate during the forecast period

Biometric solutions follow lock and capture mechanisms to verify the individuals and further help in enabling access to a specific set of services. The biometric solutions are more secure and gain traction than conventional non-biometrics solutions. The biometric solutions segment is growing at a significant rate due to the increasing inherent demand from customers' end for seamless onboarding, compliance management, and fraud prevention.

Large enterprises segment to hold a larger market size during the forecast period

Amplifying internet penetration and increasing eCommerce activities are expected to increase the adoption of identity verification technology across large enterprises. Large organizations have adopted the identity verification solutions due to increased money laundering, fraudulent activity, identity theft, processing of high-risk transactions, compliant to different regulations, and cost-cutting on manual processes. Additionally, as large enterprises do not have budget constraints, it enables them to adopt the on-premises-based identity verification solution.

Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

The government takes initiatives toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, is mainly driving the need for robust and stronger identity verification practices in APAC.

Other factors driving the adoption of identity verification solutions are the increasing BYOD trend across enterprises of all sizes and the increased use of smartphones for online transactions and online shopping. This, in turn, has led to an expansion of customer base and internet users, eventually leading to the urgent need to deploy identity verification solutions.

Key Topics Covered

1 Introduction
1.1 Introduction to COVID-19
1.2 COVID-19 Health Assessment
1.3 COVID-19 Economic Assessment
1.3.1 COVID-19 Economic Impact - Scenario Assessment
1.4 Objectives of the Study
1.5 Market Definition
1.6 Market Scope
1.7 Currency Considered
1.8 Stakeholders

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Identity Verification Market
4.2 Market, by Type, 2020
4.3 Market, by Deployment Mode, 2020
4.4 Market, by Organization Size, 2020
4.5 Market, Market Share of Top Three Verticals and Regions, 2020
4.6 Identity Verification Market, Top Three Verticals
4.7 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.3 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.3.3 Cumulative Growth Analysis
5.4 Regulatory Landscape
5.4.1 Payment Services Directive 2
5.4.2 Electronic Identification, Authentication, and Trust Services
5.4.3 Know Your Customer
5.4.4 Anti-Money Laundering
5.4.5 General Data Protection Regulation
5.4.6 Federal Information Processing Standards
5.4.7 Payment Card Industry-Data Security Standard (PCI-DSS)
5.4.8 Health Insurance Portability and Accountability Act (HIPAA)
5.4.9 Soc2
5.5 Use Cases
5.6 Ecosystem
5.7 Technology Analysis
5.8 Pricing Model

6 Identity Verification Market, by Component
6.1 Introduction
6.2 Solutions
6.3 Services

7 Identity Verification Market, by Type
7.1 Introduction
7.2 Non-Biometrics
7.3 Biometrics

8 Identity Verification Market, by Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Businesses
8.3 Large Enterprises

9 Identity Verification Market, by Deployment Mode
9.1 Introduction
9.2 Cloud
9.3 On-Premises

10 Identity Verification Market, by Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.3 Government and Defense
10.4 Retail and e-Commerce
10.5 Healthcare and Life Sciences
10.6 Information Technology and Information Technologies Enabled Services
10.7 Energy and Utilities
10.8 Others

11 Identity Verification Market, by Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 Middle East and Africa
11.6 Latin America

12 Competitive Landscape

13 Company Profiles
13.1 Introduction
13.2 Experian
13.3 GB Group plc (GBG)
13.4 Equifax
13.5 Mitek Systems
13.6 Thales Group
13.7 Lexisnexis Risk Solutions
13.8 Onfido
13.9 Trulioo
13.10 Acuant
13.11 Idemia
13.12 Jumio
13.13 Transunion
13.14 Au10Tix
13.15 Idology (GBG plc)
13.16 Innovatrics
13.17 Applied Recognition
13.18 Signicat
13.19 Securekey Technologies Inc.
13.20 IDFY
13.21 AuthenteQ
13.22 Veri5Digital
13.23 Startups
13.23.1 PXL Vision AG
13.23.2 IDmerit
13.23.3 Shufti Pro
13.23.4 Idenfy
13.23.5 WebID Solutions

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