The global post-COVID-19 identity verification market size is foecasted to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during 2020–2025. 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. • By Company: Tier I: 20%, Tier II: 57%, and Tier III: 33% • By Designation: C-Level: 40%, Manager and Other Level: 60% • By Region: North America: 20%, Europe: 35%, APAC: 45%
The report includes the study of the key players offering identity verification solutions and services. It profiles major vendors in the global identity verification market, including 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).
Research coverage The report segments the global identity verification market by component, type, deployment mode, organization size, vertical, and region.The type segment comprises biometrics and non-biometrics.
The deployment mode segment comprises cloud and on-premises.The organization size segment comprises SMEs and large enterprises.
The identity verification market by vertical includes BFSI, government and defense, healthcare and life sciences, retail and eCOmmerce, IT and ITeS, energy and utilities and others (education, travel and gaming). The report covers the identity verification market with respect to 5 major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA) and Latin America. The report would help the market leaders and new entrants in the global identity verification market in the following ways: 1. The report segments the market into various subsegments. Hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are split further across applications and regions. 2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities. 3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.
Our reports have been used by over 10K customers, including:
The chromatography resin market size is estimated to be USD 2.2 billion in 2020 and is projected to reach USD 3.3 billion by 2025, at a CAGR of 8.2% between 2020 and 2025. Factors such as increasing demand for therapeutic antibodies, public-private investment in pharmaceutical & life science research, and rising concern for food safety will...
The global mycoplasma testing market size is valued at an estimated USD 689 million in 2020 and is projected to reach USD 1,095 million by 2025, at a CAGR of 9.7% during the forecast period. The global mycoplasma testing industry’s growth is driven by factors such as the growing concerns over cell culture contamination, growth in the pharmaceutical...
The market for global green & bio-based plastic additives is expected to grow at a CAGR of approximately 5% globally during the forecast period. Growing demand for bio-based plastics for packaging applications and other reasons are driving the market growth. The impact of COVID-19 and reasons are expected to hinder the market...
The oxidative stress assay market is projected to reach USD 1,326 million by 2025 from USD 836 million in 2020, at a CAGR of 9.7%. Growth in the oxidative stress assay market can be attributed to growth in the biopharmaceutical industry and increasing public-sector funding for academic research. Other important factors aiding the growth of...
Chronic Disease Prevalence
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.