Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Identity Verification Market by Component (Solutions and Services), Type (Biometric and Non-Biometric), Organization Size, Deployment Mode, Application, Vertical (BFSI, Retail and eCommerce, and Gaming and Gambling) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global identity verification market size is projected to grow from USD 9.5 billion in 2022 to USD 18.6 billion by 2027, at a compound annual growth rate (CAGR) of 14.4% during the forecast period.
By organization size, the SMEs to grow at a higher CAGR during the forecast period
The identity verification industry is segmented into two segments based on organization size: large enterprises and SMEs. SMEs consider identity verification software as a straightforward, intuitive, cost-effective, hassle-free, and secure option to suit their expanding demands and since they are much more prone to cyber fraud they seem to be eager to implement identity verification solutions in order to protect their assets, time, money, and resources.
Apart from this, governments are also taking initiatives to promote the adoption of identity verification solutions in SMEs in their respective countries. Digital transformation projects are being prioritized by SMEs. For instance, the European DIGITAL SME Alliance campaign encourages the adoption of digital solutions by SMEs. Such initiatives could encourage small businesses to adopt identity verification technologies Thus the SME segment has the highest CAGR in the forecasted period.
By deployment mode, the on-premises segment accounts for the largest market size during the forecast period.
The identity verification market can be segmented into on-premises and cloud on the basis of deployment mode. On-premises identity verification is gaining popularity because of certain factors including internet penetration, accessibility, online documentation, the need for security requirements, and in-house hosting options. On-premises identity verification software is essential to safeguard private and sensitive information and manage information workflow inside the firm.
The adoption of on-premises solutions is projected to remain high where user credentials are critical for business operations as they can control systems. Also, the on-premises deployment strategy as compared to the cloud offers beneficial solutions without monthly charges.
These factors are driving the growth of this segment. Apart from this, as employees are working from home, organizations of all types are focusing on protecting their networks from identity fraud threats by extending the capabilities of their on-premises. Flexibility, guaranteed resource availability, strong security, and regulatory compliance are major benefits for organizations that are operating their IT systems through the on-premises deployment model. Thus, the on-premises segment has the largest market share during the forecasted period.
By application, access control and user monitoring to grow at the highest CAGR during the forecast period
The application offering of the identity verification market includes access control and user monitoring, KYC, KYB & onboarding, and identity fraud compliance and forensics. The demand for access control and user monitoring apps is anticipated to increase due to the growing concern for safety and the frequency of security events. At present, contactless biometrics systems are currently being used for access control applications by businesses and organizations from a variety of sectors, including banking and finance, healthcare, government, agriculture, travel and immigration, and hospitality and by different nations, including the UK, Dubai, Australia, and Germany, to enhance access control and offer a practical immigration solution. By confirming multiple login credentials, such as usernames and passwords, PINS, biometric scans, and security tokens, access control can identify people.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 355 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $9.5 Billion |
| Forecasted Market Value (USD) by 2027 | $18.6 Billion |
| Compound Annual Growth Rate | 14.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rising Occurrences of Identity Thefts and Increasing Risks of Fraudster Access to Business Networks, Apps, or Services
- Stringent Government Regulations and Mandates Concerning Privacy
- Growing Digitalization Initiatives
Restraints
- Lack of Technical Expertise and Requirement for Security Awareness and Training
- Higher Implementation Costs and Maintenance
Opportunities
- Adopting Biometric Devices in Identity Verification Systems
- Proliferation of Advanced Technologies in Identity Verification
Challenges
- Disparities in Costs of Several Identity Verification Solutions
- Privacy and Data Breach Challenges
Case Study Analysis
- Electronic Identification's Video Identification Solution Helped in Account Opening Process
- Veriff Delivered AI-Powered Identity Verification Solution for Certific Customers
- Idenfy's Automated Id Verification Solution to Enhance Experience for Itcs Trade Customers
Companies Mentioned
- Acuant
- Au10Tix
- Authenticid
- Berbix
- Ekata
- Equifax
- Experian
- Gbg
- Hooyu
- Hyperverge
- Idemia
- Idenfy
- Idfy
- Idmerit
- Idology
- Innovatrics
- Intellicheck
- Jumio
- Lexisnexis Risk Solutions
- Mastercard
- Mitek Systems
- Onfido
- Passfort
- Persona
- Pxl Vision
- Securekey Technologies
- Shufti Pro
- Signicat
- Sumsub
- Thales
- Transunion
- Trulioo
- Trunarrative
- Veriff
For more information about this report visit https://www.researchandmarkets.com/r/l3azz4
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