Market dynamics

Market dynamics, regulatory landscape, use cases, ecosystem, technology analysis and pricing models

DUBLIN, January 25, 2022 /PRNewswire/ — Report “Global Identity Verification Market 2021-2026” has been added to from ResearchAndMarkets.com offer.

The size of the global identity verification market is expected to grow from $8.6 billion in 2021 for $18.6 billion by 2026, at a compound annual growth rate (CAGR) of 16.6% over the period 2021-2026.

Key market growth drivers include increase in digitization initiatives, increase in fraudulent activities and identity theft over the past decade, and increase in use cases of digital identities among industries vertical. However, the price disparity of identity verification solutions and services may restrain the growth of the market.

By type, Biometrics is expected to grow at the highest rate during the forecast period

Biometric solutions follow lock-and-capture mechanisms to verify individuals and further help enable access to a specific set of services. Biometric solutions are more secure and gaining ground than conventional non-biometric solutions. The biometric solutions segment is witnessing significant growth owing to the inherent growing customer demand for seamless integration, compliance management and fraud prevention.

The large enterprise segment will hold a larger market size during the forecast period

Amplifying internet penetration and increasing e-commerce activity is expected to increase the adoption of identity verification technology in large enterprises. Large organizations have embraced identity verification solutions due to increased money laundering, fraudulent activity, identity theft, high-risk transaction processing, regulatory compliance, and reducing the cost of manual processes. Moreover, since large enterprises do not have budget constraints, it allows them to adopt the on-premises identity verification solution.

Asia Pacific (APAC) to grow at the highest CAGR over the forecast period

The government is taking initiatives to combat identity-related fraud, especially to strengthen eKYC to verify identities, such as country-initiated compliance regulations, which mainly explains the need for identity verification practices sturdy and stronger in APAC.

Other factors driving the adoption of identity verification solutions are the growing BYOD trend in businesses of all sizes and the increased use of smartphones for online transactions and online purchases. This, in turn, led to an expansion of customer base and Internet users, which ultimately led to the urgent need to deploy identity verification solutions.

Market dynamics

  • Drivers and Opportunities
  • Constraints and challenges
  • Cumulative growth analysis

Regulatory landscape

  • Payment Services Directive 2
  • Electronic identification, authentication and trust services
  • Know your customer
  • Fight against money laundering
  • General Data Protection Regulation
  • Federal Information Processing Standards
  • Payment Card Industry Data Security Standard (PCI-DSS)
  • Health Insurance Portability and Accountability Act (HIPAA)
  • SOC2

Use case

Ecosystem

Technological analysis

Price model

Company Profiles

  • Experian
  • GB Group plc (GBG)
  • Equifax
  • Mitek Systems
  • Thales Group
  • LexisNexis Risk Solutions
  • Onfido
  • Trulioo
  • Acute
  • Idemic
  • Jumio
  • Transunion
  • AU10TIX
  • IDology (GBG plc)
  • Innovatrics
  • Applied Recognition
  • Meaning
  • SecureKey Technologies Inc.
  • IDfy
  • Authentic
  • Veri5Digital

start-up

  • PXL Vision SA
  • IDmerit
  • Shufti Pro
  • Identify
  • Web ID Solutions

For more information about this report visit https://www.researchandmarkets.com/r/itiyif

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