Identity Verification Market Report, Size, Growth and Trends | 2027 | Forecast and Analysis

Identity verification represents the process of authenticating the credentials of an individual for security purposes

BROOKLYN, NY, USA, February 6, 2023 /EINPresswire.com/ -- According to IMARC Group’s latest report, titled "Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global identity verification market reached a value of US$ 8.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027.

Identity verification represents the process of authenticating the credentials of an individual for security purposes. It generally uses web-based platforms, smartphone applications, multi-factor authentication, document verification, voice recognition, and biometrics systems for monitoring access requests. These solutions aid in confirming the nationality, immigration status, personal credentials, employment and business registration of users, etc. As a result, identity verification finds extensive applications across numerous sectors, including defense, military, information technology (IT), telecommunications, medical, banking, financial services and insurance (BFSI), etc.

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Year considered to estimate the market size:

Base year of the analysis: 2021
Historical period: 2016-2021
Forecast period: 2022-2027

Identity Verification Market Trends:

The growing instances of fraudulent activities across countries are primarily augmenting the identity verification market. Furthermore, the widespread adoption of this process in the BFSI sector is positively influencing the global market. Apart from this, the escalating demand for know your customer (KYC) and anti-money laundering (AML) solutions among banks and other financial institutions to monitor risk and prevent new account frauds and financial scams is acting as another significant growth-inducing factor. Moreover, the widespread adoption of work-from-home (WFH) business models is propelling the need for efficient verification solutions during the remote hiring of candidates, which is also bolstering the market growth. Besides this, continuous technological advancements, including the rising integration of artificial intelligence (AI), cloud computing, machine learning (ML), and 360-degree virtual reality (VR) solutions with identity verification platforms, are further catalyzing the global market. Additionally, the inflating digitalization and the increasing number of small and medium-sized enterprises (SMEs) that are more prone to cybercrimes are expected to fuel the identity verification market in the coming years.

Identity Verification Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the identity verification market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Acuant Inc.
AuthenticID Inc.
Equifax Inc.
Experian PLC
Intellicheck Inc.
Jumio Corporation
Mastercard Inc.
Mitek Systems Inc.
Onfido
Thales Group
TransUnion and Trulioo.

Key Market Segmentation:

The report has segmented the identity verification market on the basis of type, component, deployment mode, organization size and vertical

Breakup by Type:

Biometrics
Non-Biometrics

Breakup by Component:

Solutions
Services

Breakup by Deployment Mode:

On-premises
Cloud-based

Breakup by Organization Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Vertical:

BFSI
Government and Defense
Healthcare and Life Sciences
Retail and E-Commerce
IT and Telecommunication
Energy and Utilities
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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Key Highlights of the Report:       

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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