Identity Verification Market Size is projected to reach USD 32.94 Billion by 2030, growing at a CAGR of 16.35%: Straits Research

The global identity verification market size was valued at USD 8.43 billion in 2021 and is predicted to reach USD 32.94 billion by 2030, increasing at a CAGR of 16.35% from 2022 to 2030. In 2021, North America held a dominant position in the market with a revenue share that was greater than 41 percent

 | Source: Straits Research Straits Research

New York, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Businesses of many types utilize Identity Verification solutions and services to establish if user or client information is real. The identity verification system verifies personal credentials, nationality and immigration status, identification document verification, employment and business registration.

Identity verification enables a secure customer enrolling process, eliminates identity fraud risk, and provides real-time, seamless onboarding. Most online and offline processes require identification verification. At border controls or to access digital services, identity verification is required. Increasing data breaches and identity scams will fuel the identity verification market.


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Global Identity Verification Market: DRIVERS

  • Increasing Internet and Digital Literacy

Future need for new trends in virtual identity verification is projected to grow due to the rise of smart services offered by companies to their clients. Increasing online operations, such as bank transactions and online onboarding, have boosted business identity verification in global marketplaces. Demand for internet services has led to the establishment and expansion of third-party identity verification enterprises worldwide. These firms can check consumers' IDs online. People in all countries are becoming more digitally literate, allowing them to use internet services. The growing number of consumers in developing countries who buy online services is driving the online identity verification business.

  • Identity Theft Fuels Identity Verification Market

Companies rely more on digital data and computer networks for daily operations and commercial activities. Internet users are exchanging and storing more personal and financial data. Cyber hackers use stolen credentials to open fake mobile phone, internet payment, and online merchant accounts.

577 hacking incidents exposed 15.3 million records in 2019, according to ITRC. Identity theft is increasing as thieves get better. Cybercriminals are targeting loyalty and incentive programs and retirement accounts, leading to more account fraud losses. As identity thefts and data breaches increase, the identity verification market will grow.


Global Identity Verification Market: KEY FUTURE OPPORTUNITIES

  • Technological Innovation Creates New Opportunities

Biometric recording equipment and devices have improved, increasing demand for digital identity verification. Virtual Identity verification is so dynamic and incorporates so many user interfaces and record-keeping systems that more solutions are sold than services.

Industrialized and developing countries are implementing e-government. In the last decade, more government organizations have started adopting remote ID verification for social security cards and driver's licenses. These services should provide market merchants more opportunities in the future.


Report Scope

Report MetricDetails
Market SizeUSD 32.94 Billion by 2030
CAGR16.35% (2020-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredComponent, Type, Deployment Mode, Organization Size, Verticals, and Region
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsEquifax, Inc., Thales Group S.A., Experian Plc, Acuant, Inc., Mitek Systems, Inc., TransUnion LLC., GB Group PLC
Key Market OpportunitiesWith An Increase in Technological Innovation, New Possibilities Are Emerging
Key Market DriversIncreasing Internet Penetration and Digital Literacy

Identity Verification Market Fueled by An Increase in Identity Thefts

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Regional Overview of Global Identity Verification Market

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa make up the Global Identity Verification Market.

North America maintained a 41% market share in 2021. It's a tech-savvy region with many early adopters and market players. Smart cities, smart infrastructure, and digital driver's licenses are expected to increase demand for identity verification services. Integrating blockchain, AI, and machine learning to protect digital identities.

Asia Pacific will be a big contributor to the fastest-growing area with the greatest CAGR due to its enhanced technological preparation from adopting new technology. Government efforts to prevent identity fraud and the strengthening of e-KYC are driving the expansion. The Asia-Pacific area has one of the greatest GDP growth rates, leading to new business formation and expansion. These increasing enterprises need rapid, safe, paperless digital transactions. This has increased the significance of identity verification to prevent data leaks.


Key Highlights

  • The Global Identity Verification Market was valued at USD 8.43 billion in 2021 and is predicted to reach at USD 32.94 billion by 2030, increasing at a CAGR of 16.35% from 2022 to 2030.
  • By Component, the Global Identity Verification Market is segmented into Solution and Service. In 2021, the solution segment accounted for more than 70% of the market's revenue.
  • By Type, the Global Identity Verification Market is segmented into Biometrics and Non-biometrics. In 2021, biometrics accounted for more than 70% of the market's revenue.
  • By Deployment Mode, the Global Identity Verification Market is segmented into On-premises and Cloud. In 2021, the on-premises category had a revenue share of 62%.
  • By Organization Size, the Global Identity Verification Market is segmented into SMEs and Large Enterprises. With a revenue share of 68% in 2021, the big enterprises segment dominated the market.
  • By Verticals, the Global Identity Verification Market is segmented into BFSI, Government and Defence, Healthcare & Life Sciences, Retail and E-Commerce, IT & ITES, Energy and Utilities, and Others (Education, Travel, and Gaming). In 2021, the BFSI category accounted for 32 percent of the market's revenue.
  • By Region, the Global Identity Verification Market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America held a dominant position in the market.


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Major Players in Global Identity Verification Market

  • Equifax, Inc.
  • Thales Group S.A.
  • Experian Plc
  • Acuant, Inc.
  • Mitek Systems, Inc.
  • TransUnion LLC.
  • GB Group PLC
  • IDEMIA
  • Intellicheck Inc.
  • Nuance Communications Inc.


Global Identity Verification Market: Segmentation

BY COMPONENT

  • Solution
  • Service

BY TYPE

  • Biometrics
  • Non-biometrics

BY DEPLOYMENT MODE

  • On-premises
  • Cloud

BY ORGANIZATION SIZE

  • SMEs
  • Large Enterprises

BY VERTICALS

  • BFSI
  • Government and Defence
  • Healthcare & Life Sciences
  • Retail and E-Commerce
  • IT & ITES
  • Energy and Utilities
  • Others (Education, Travel, and Gaming)

BY GEOGRAPHY

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)


TABLE OF CONTENT

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Identity Verification Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Solution
      1. Market Size & Forecast
    3. Service
      1. Market Size & Forecast
  5. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Biometrics
      1. Market Size & Forecast
    3. Non-biometrics
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By Type
      3. Canada
        1. By Component
        2. By Type
      4. Mexico
        1. By Component
        2. By Type
      5. Latin America
        1. By Component
        2. By Type
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By Type
      3. France
        1. By Component
        2. By Type
      4. U.K.
        1. By Component
        2. By Type
      5. Italy
        1. By Component
        2. By Type
      6. Spain
        1. By Component
        2. By Type
      7. Rest of Europe
        1. By Component
        2. By Type
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By Type
      3. China
        1. By Component
        2. By Type
      4. Australia
        1. By Component
        2. By Type
      5. India
        1. By Component
        2. By Type
      6. South Korea
        1. By Component
        2. By Type
      7. Rest of Asia-Pacific
        1. By Component
        2. By Type
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By Type
      3. South Africa
        1. By Component
        2. By Type
      4. Kuwait
        1. By Component
        2. By Type
      5. Rest of Middle East & Africa
        1. By Component
        2. By Type
  7. Company Profile
    1. Equifax Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. Thales Group SA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Experian Plc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations


Table of Content and Figure @ https://straitsresearch.com/report/identity-verification-market/toc


Recent Developments

  • June 2022 - Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), signed a new contract with EUSPA to develop, qualify, and deploy EGNOS. Thales Alenia Space today completed a significant milestone in the Galileo programme by integrating a new satellite into the GMS, which will improve location for 3.3 billion users.
  • April 2022 - GB Group plc, the industry leaders in digital location, identity verification, and fraud prevention software, has announced a trading report for the year ending on March 31, 2022, as well as an update regarding the integration of Acuant.


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Have a Look at the Related Research Report

Identity Verification Software Market: Information by Component (Solution, Services), Industry Vertical (BFSI, Healthcare), Deployment Mode (Cloud, On-Premise) and Region — Forecast Till 2026

Identity and Access Management Market: Information by Component (Directory Service, Single Sign-On), Deployment (Cloud, Hybrid), End-User (BFSI, Energy), and Region — Forecast till 2030

Digital Identity Solutions Market: Information by Solution (Biometric, Non-Biometric), Organization Size (SMEs, Large Enterprises), Industry Vertical, and Region — Forecast till 2029

Consumer Identity and Access Management (IAM) Market: Information by Service (Professional Services), Solution (Advanced Authentication), Deployment, Industry Vertical-Forecast Till 2026


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Tags

Identity Verification Market Identity Verification solution Digital Literacy 3-party identity verification technological eKYC

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