Isle of Man, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Douglas Insights is expanding and adding more market reports to its comparison engine. The most recent addition to the database is the Identity verification market. The reports are a compilation of everything needed to comprehend a market. Following that, the report discusses the drivers, challenges, opportunities, and constraints. Douglas Insights has a large database of market researchers and analysts who offer their thoughts on these reports. As a result, clients get a comprehensive picture of everything they need to know.
The identity verification market is expected to expand significantly in the coming years. The market revolves around identity verification for any purpose. Some major factors, such as an increase in fraudulent activity, fuel the need for identity verification. The outbreak of the pandemic has caused problems in all markets and industries. However, it has created some opportunities for the identity verification market. During the pandemic, a new working model known as work-from-home enabled many people to be onboarded and recruited via digital media. A significant portion of this involved identity verification.
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Market Drivers
The major factors impacting the market are as follows: there are increasing cyber-attacks on security platforms, which is why companies want to ensure that only those working in a particular company have access to it. Security information platforms are also becoming more complex, which drives the market demand. The growing demand for IT-based tools and solutions can significantly impact how a company manages its security system. In the coming years, there will be an alarming increase in the number of cyber security incidents, prompting businesses to close ranks and hire better security solutions to ensure their growth.
Another factor driving the market is the global increase in digitalization. Because of the increasing digitalization, there is an increase in intellectual property fraud. As a result, many businesses would want to implement a wide range of security measures. Digital use is rapidly expanding in all types of businesses around the world. Identity verification is critical in this situation. The need for services that are quick and accurate also drives market demand. The demand from places like border control that take in thousands of people daily also drives the market demand.
The government is also expanding initiatives to provide people with much smarter identification, such as Smart IDs. There is also an increase in opportunities for smart cities and airports, which is driving market demand.
In addition to market drivers, there are also market restraints. The price fluctuation of various solutions in the identity verification market is a major constraint. A variety of factors determines prices. As a result, the actual costs of identity verification solutions may differ greatly from the prices that retailers will offer customers. Linguistics, technical support, and data storage are examples of these factors. Certain retailers offer pricing that varies depending on the type of package selected by the customer. Larger companies provide monthly and annual pricing for each verification. There are also a limited number of ID verification checks available to the client, which contributes to price fluctuations.
Customers face a significant challenge as a result of price inequality because they do not know what they will receive. Customers are also less likely to be satisfied if they settle for identity verification that does not match their company.
Key players
There are a number of key market players to consider when it comes to the Identity Verification Market. Some of the players include ACCURATECHNOLABS, ACUANT INC., EQUIFAX INC., EXPERIAN PLC, FORGEROCK, GB GROUP PLC (GBG), INTELLICHECK INC., JUMIO, MASTERCARD, MITEK SYSTEMS INC., NUANCE COMMUNICATIONS INC., THALES GROUP, TRANSUNION LLC, TRULIOO, VERIFF.
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Identity Verification Market Report Coverage
| Report Attributes | Details |
| Market Size in 2018 | $XX BN |
| Market Size Projection in 2028 | $XX BN |
| CAGR (2021-2028) | 16.XX% |
| Largest Market | North America |
| Growth Drivers | Increasing Cyber-Attacks On Security Platforms, Growing Complexity In Security Information Platforms, Growing Demand For IT-Based Tools And Solutions, Increased Digitalization In The World |
| Segmentation | By Component (Solutions, Services) By Type (Biometrics, Non- Biometrics) By Deployment Mode (On-premises, Cloud) By Organization Size (SMEs, Large enterprises) By Verticals (BFSI, Government and defense, Healthcare & Life Sciences, Retail and eCommerce, IT & ITeS, Energy and Utilities, Others (Education, Travel, and Gaming)) |
| Regional Analysis | North America (US, Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Europe (U.K, Germany, Italy, France, Spain, Russia and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, ASEAN and Rest of Asia Pacific), ME (GCC Countries, Israel, and Rest of Middle East) & Africa (South Africa, North Africa and Central Africa) |
| Key Companies Covered | ACCURATECHNOLABS, ACUANT INC., EQUIFAX INC., EXPERIAN PLC, FORGEROCK, GB GROUP PLC (GBG), INTELLICHECK INC., JUMIO, MASTERCARD, MITEK SYSTEMS INC., NUANCE COMMUNICATIONS INC., THALES GROUP, TRANSUNION LLC, TRULIOO, VERIFF. |
Segmentations
By Component
- Solutions
- Services
By Type
- Biometrics
- Non- Biometrics
By Deployment Mode
- On-premises
- Cloud
By Organization Size
- SMEs
- Large enterprises
By Verticals
- BFSI
- Government and defense
- Healthcare & Life Sciences
- Retail and eCommerce
- IT & ITeS
- Energy and Utilities
- Others (Education, Travel, and Gaming)
Key questions answered in this report
- COVID 19 impact analysis on global Identity Verification industry.
- What are the current market trends and dynamics in the Identity Verification market and valuable opportunities for emerging players?
- What is driving Identity Verification market?
- What are the key challenges to market growth?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which product type segment holds a larger mark et share and why?
- Are low and middle-income economies investing in the Identity Verification market?
- Key growth pockets on the basis of regions, types, applications, and end-users
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Unique data points of this report
- Statistics on Identity Verification and spending worldwide
- Recent trends across different regions in terms of adoption of Identity Verification across industries
- Notable developments going on in the industry
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)
Table of Content:
1 . PREFACE
1.1. Report Description
1.1.1. Objective
1.1.2. Target Audience
1.1.3. Unique Selling Proposition (USP) & offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Market Research Process
1.3.2. Market Research Methodology
2 . EXECUTIVE SUMMARY
2.1. Highlights of Market
2.2. Global Market Snapshot
3 . IDENTITY VERIFICATION – INDUSTRY ANALYSIS
3.1. Introduction - Market Dynamics
3.2. Market Drivers
3.3. Market Restraints
3.4. Opportunities
3.5. Industry Trends
3.6. Porter’s Five Force Analysis
3.7. Market Attractiveness Analysis
3.7.1 Market Attractiveness Analysis By Component
3.7.2 Market Attractiveness Analysis By Type
3.7.3 Market Attractiveness Analysis By Deployment Mode
3.7.4 Market Attractiveness Analysis By Organization Size
3.7.5 Market Attractiveness Analysis By Verticals
3.7.6 Market Attractiveness Analysis By Region
4 . VALUE CHAIN ANALYSIS
4.1. Value Chain Analysis
4.2. Raw Material Analysis
4.2.1. List of Raw Materials
4.2.2. Raw Material Manufactures List
4.2.3. Price Trend of Key Raw Materials
4.3. List of Potential Buyers
4.4. Marketing Channel
4.4.1. Direct Marketing
4.4.2. Indirect Marketing
4.4.3. Marketing Channel Development Trend
5 . IMPACT ANALYSIS OF COVID-19 OUTBREAK
5.1. Impact Analysis of Covid-19 Outbreak
5.1.1. Direct Impact on Production
5.1.2. Supply Chain and Market Disruption
5.1.3. Financial Impact on Firms and Financial Markets
5.2. COVID-19 Impact Analysis by Production, Import, Export and Demand
5.3. Market: Pre V/S Post COVID-19
5.4. Estimated Impact of the Coronavirus (COVID-19) Epidemic
5.5. COVID-19: Micro and Macro Factor Analysis
6 . GLOBAL IDENTITY VERIFICATION MARKET ANALYSIS BY COMPONENT
6.1 Overview by Component
6.2 Historical and Forecast Data
6.3 Analysis by Component
6.4 Solutions Historic and Forecast Sales by Regions
6.5 Services Historic and Forecast Sales by Regions
7 . GLOBAL IDENTITY VERIFICATION MARKET ANALYSIS BY TYPE
7.1 Overview by Type
7.2 Historical and Forecast Data
7.3 Analysis by Type
7.4 Biometrics Historic and Forecast Sales by Regions
7.5 Non- Biometrics Historic and Forecast Sales by Regions
8 . GLOBAL IDENTITY VERIFICATION MARKET ANALYSIS BY DEPLOYMENT MODE
8.1 Overview by Deployment Mode
8.2 Historical and Forecast Data
8.3 Analysis by Deployment Mode
8.4 On-premises Historic and Forecast Sales by Regions
8.5 Cloud Historic and Forecast Sales by Regions
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