NEWARK, Del, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global identity verification market is predicted to register a CAGR of 13.2% over the forecast period, as per FMI’s analysis. The industry’s market valuation is anticipated to increase from US$ 11.1 billion in 2023 to US$ 38.5 billion by 2033 end.
The identity verification industry is being positively favored by the heightened regulations and the compulsion to oblige with the industry standards across all sectors. The financial sector, especially, is likely to provide lucrative expansion opportunities to market players. In addition to this, the emerging trend of Bring Your Own Devices (BYOD) and enterprise mobility are the factors expected to propel market development further.
The adoption of upscaled identity verification systems, which include extremely powerful mobile devices with sophisticated cameras, GPS capabilities, and microphones, has boosted self-service identity verification to offer multi-factor authentication in different forms. The incorporation of biometrics in digital identification offers enhanced attribution to a person owing to its distinctive features. As a result, it is less susceptible to impersonation, given the means of acquisition are sternly regulated.
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Key companies are developing mobile applications and Software Development Kits (SDKs) to capitalize on this flourishing sector. Document verification tests, like nodding and blinking, enable the recognition and verification of driving licenses and passports. Additionally, key participants in the identity verification industry are constantly investing in research and development initiatives and introducing new products to combat security and cyber-attacks.
Key Highlights of the Identity Verification Industry:
- The United States is projected to be a significant identity verification market over the projected period as well. The market is estimated to attain US$ 12.4 billion by 2033, expanding at a CAGR of 13% over the coming years.
- Within Asia Pacific, China is expected to be a dominant market. The China market is assessed to reach US$ 3.1 billion by 2033, registering a CAGR of 12.6%. Rising governmental efforts to avoid identity fraud and invigoration of e-KYC are pushing market expansion.
- In the Europe region, Germany is projected to drive significant market growth. Germany's identity verification industry is projected to attain US$ 2.7 billion by 2033. The market is expected to exhibit a CAGR of 11.7% in the next 10 years. The demand for identity verification services is projected to surge due to the establishment of smart infrastructure, smart cities, and digital driver’s licenses in the region.
- Based on organization size, large enterprises are projected to dominate the marketplace over the forecast period. The segment is expected to display a 12.6% CAGR in the forecast period, rising from the 9.8% CAGR observed in the historical period.
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Latest Market Developments in the Market:
- In November 2020, LexisNexis Risk Solutions introduced LexisNexis Fraud Intelligence. This tool assists businesses to mitigate the risk associated with account opening. This solution helps enterprises in reducing the new account fraud risk by clubbing identity events and consumer application activity to develop a robust and comprehensive score that delivers a broad picture of identity proof.
- Financial Action Task Force (FATA) increased the scope of reporting entities in 2021, and motivated member countries to compel virtual asset dealers, legal professionals, and art dealers to perform anti-money laundering screening on their clients.
- In November 2021, Experian Information Solutions, Inc. introduced Work Report, which is an automated verification solution that permits users to consent to reveal their payment details to another organization digitally. The solution links to an employer’s payroll information in a matter of seconds to check a consumer’s gross and net income, status, and job tenure.
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Table of Content
1. Executive Summary | Identity Verification Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2017 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2023 to 2033
5.3.1. Solutions
5.3.2. Services
5.4. Y-o-Y Growth Trend Analysis By Component, 2017 to 2022
5.5. Absolute $ Opportunity Analysis By Component, 2023 to 2033
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