Identity Verification Market
Global Identity Verification Market Size, Share & Trends Analysis Report by Deployment (Cloud-Based and On-premises), by verification Type (Non-Biometrics Authentication and Biometrics authentication), and by Application (BFSI, Government, Aerospace & Defense, Healthcare, Retail and e-Commerce, IT & Telecom, Energy and Utilities, and Others) Forecast Period (2022-2028)
The global identity verification market is anticipated to grow at a significant CAGR of 17% during the forecast period. The increase in fraudulent activities across the globe, due to the extensive use of the internet, which in turn is creating demand for the identity verification market over the forecast period. For instance, the Identity Theft Research Center (ITRC), reports a record number of data compromises in the US in 2021, amounting to a 68% increase over 2020. Furthermore, according to Accenture reports, the insurance industry was the most frequent target of ransomware attacks in the first half of 2021, accounting for almost 25% of all ransomware attacks on Accenture’s clients. Consumer goods and services, and telecommunications ranked second and third. In addition, the Federal Trade Commission’s (FTC) Consumer Sentinel Network took in over 5.7 million reports in 2021 of which 49 % were for fraud, and 25 % for identity theft.
Impact of COVID-19 Pandemic on Global Identity Verification Market
The imposition of lockdowns due to the COVID-19 pandemic along with huge shifts in consumer behavior have pushed the globe to adopt digital solutions. Financial crime such as identity fraud is growing as sophisticated criminals exploit the ever-expanding capabilities of emerging technology. The COVID-19 pandemic has served to increase opportunities for criminals to benefit from fear, uncertainty, and desperation. Hence, identity verification solutions offer industries a chance to fight back which increased their adoption across the globe. This sudden speed in identity verification adoption is a clear reflection of the urgency to protect the huge numbers of consumers who have been forced to use digital services for the first time as a result of lockdown restrictions.
Segmental Outlook
The global identity verification market is segmented based on deployment, verification type, and application. Based on the deployment, the market is segmented into cloud-based and on-premises. Based on the verification type, the market is sub-segmented into non-biometric authentication and biometric authentication. The non-biometric authentication is further segmented into knowledge-based authentication, SMS-based two-factor authentication, credit bureau-based solutions, and database solutions. Biometric authentication includes fingerprints, facial patterns, voice-based, and others. based on the application, the market is augmented into the BFSI, government, aerospace & defense, healthcare, retail and e-commerce, IT & telecom, energy & utilities, and others including education, travel, and gaming. The above-mentioned segments can be customized as per the requirements. Among the non-biometric authentication, the two-factor authentication sub-segment is expected to hold a considerable share in the market during the forecast period. Two-factor authentication using biometrics is the key factor in increasing the security of the information of the end-user or consumers.
Global Identity Verification Market Share by Verification Type, 2021 (%)
The Biometric Authentication Segment is Expected to Hold a Significant Share in the Global Identity Verification
Among the verification type segment, biometric authentication is expected to hold a significant share in the market, as it provides a secure and uncrackable access control solution that doesn't expose users’ information to cybercriminals. Biometrics is being increasingly incorporated into various authentication and security applications that require accurate and reliable information about an individual.
Regional Outlooks
The global identity verification market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. The Europe region is expected to hold a prominent market share during the forecast period. The growing government initiatives in the region are supporting the growth of the market. For instance, In June 2021, the European Commission has suggested creating a digital ID wallet that can be used across the EU by more than 80% of the EU population by 2030.
Global Identity Verification Market Growth, by Region 2022-2028
The North American Region is Expected to Hold the Considerable Share in the Global Identity Verification Market
Among all regions, the North American region is expected to hold a considerable share in the market during the forecast period as it is a technologically advanced region with the presence of many market players. Digital identity-based driver’s licenses and increasing integration of various technologies, such as AI, ML, and blockchain, for securing digital identities are propelling the growth of the market. For instance, in 2018, Canada is also progressing with its federal digital identity scheme named the Pan-Canadian Trust Framework, piloted by the Digital ID Authentication Council of Canada, a non-profit organization (DIACC). A national proof of concept project for a unified login authentication service called Sign In Canada
Market Players Outlook
The major companies serving the global identity verification market include Equifax Inc., GB Group Plc, Intellicheck Inc., Jumio Corp., LexisNexis Risk Solutions Group, Mastercard Inc., Nuance Communications Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2020, the RBI amended the KYC norms allowing banks and other lending institutions regulated by it to use the video-based Customer Identification Process (V-CIP), a move that will assist in onboarding customers, remotely. To leverage the digital channels for the Customer Identification Process (CIP) by Regulated Entities (REs), the RBI has decided to permit V-CIP as a consent-based alternate method of establishing the customer's identity.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global identity verification market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Identity Verification Market
• Recovery Scenario of Global Identity Verification Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Segmentation
4.1. Global Identity Verification Market by Deployment
4.1.1. Cloud-Based
4.1.2. On-Premises
4.2. Global Identity Verification Market by Verification Type
4.2.1. Non-biometrics Authentication Type
4.2.1.1. Knowledge-Based Authentication
4.2.1.2. SMS-Based Two-Factor Authentication
4.2.1.3. Credit Bureau-Based Solutions
4.2.1.4. Database Solutions
4.2.2. Biometrics Authentication Type
4.2.2.1. Fingerprint
4.2.2.2. Facial Patterns
4.2.2.3. Voice-Based
4.2.2.4. others (Iris based, Palm or finger veins Patterns)6
4.3. Global Identity Verification Market by Application
4.3.1. BFSI
4.3.2. Government
4.3.3. Aerospace & defense
4.3.4. Healthcare
4.3.5. Retail and eCommerce
4.3.6. IT & Telecom
4.3.7. Energy and Utilities
4.3.8. Others (Education, Travel, and Gaming)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. AuthenticID, Inc.
6.2. Experian Plc
6.3. Equifax Inc.
6.4. GB Group Plc
6.5. Intellicheck Inc.
6.6. Jumio Corp.
6.7. LexisNexis Risk Solutions Group
6.8. Mastercard Inc.
6.9. Mitek Systems Inc.
6.10. Nuance Communications Inc.
6.11. Neustar Inc.
6.12. Onfido Ltd.
6.13. Pindrop
6.14. Relx Group Plc
6.15. Thales Group
6.16. Trans Union LLC
6.17. Trulioo Information Services Inc.
6.18. Trusteer (IBM Corp.)
6.19. Veriff
1. GLOBAL IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
2. GLOBAL CLOUD-BASED IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL ON-PREMISES IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY VERIFICATION TYPE, 2021-2028 ($ MILLION)
5. GLOBAL IDENTITY VERIFICATION BY NON-BIOMETRIC AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL IDENTITY VERIFICATION BY BIOMETRIC AUTHENTICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
7. GLOBAL IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
8. GLOBAL IDENTITY VERIFICATION IN BFSI MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL IDENTITY VERIFICATION IN GOVERNMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
10. GLOBAL IDENTITY VERIFICATION IN AEROSPACE & DEFENSE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL IDENTITY VERIFICATION IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL IDENTITY VERIFICATION IN RETAIL & ECOMMERCE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL IDENTITY VERIFICATION IN IT & TELECOM MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL IDENTITY VERIFICATION IN ENERGY & UTILITIES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
15. GLOBAL IDENTITY VERIFICATION IN OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
16. GLOBAL IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
17. NORTH AMERICAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
18. NORTH AMERICAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
19. NORTH AMERICAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY VERIFICATION TYPE, 2021-2028 ($ MILLION)
20. NORTH AMERICAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
21. EUROPEAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
22. EUROPEAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
23. EUROPEAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY VERIFICATION TYPE, 2021-2028 ($ MILLION)
24. EUROPEAN IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
25. ASIA-PACIFIC IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
26. ASIA-PACIFIC IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
27. ASIA-PACIFIC IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY VERIFICATION TYPE, 2021-2028 ($ MILLION)
28. ASIA-PACIFIC IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
29. REST OF THE WORLD IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
30. REST OF THE WORLD IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2021-2028 ($ MILLION)
31. REST OF THE WORLD IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY VERIFICATION TYPE, 2021-2028 ($ MILLION)
32. REST OF THE WORLD IDENTITY VERIFICATION MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL IDENTITY VERIFICATION MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL IDENTITY VERIFICATION MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL IDENTITY VERIFICATION MARKET, 2022-2028 (%)
4. GLOBAL IDENTITY VERIFICATION MARKET SHARE BY DEPLOYMENT, 2021 VS 2028 (%)
5. GLOBAL CLOUD-BASED IDENTITY VERIFICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL ON-PREMISES IDENTITY VERIFICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL IDENTITY VERIFICATION MARKET SHARE BY VERIFICATION TYPE, 2021 VS 2028 (%)
8. GLOBAL IDENTITY VERIFICATION BY NON-BIOMETRIC AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL IDENTITY VERIFICATION BY KNOWLEDGE-BASED AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
10. GLOBAL IDENTITY VERIFICATION BY SMS-BASED TWO-FACTOR AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL IDENTITY VERIFICATION BY CREDIT BUREAU-BASED SOLUTIONS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL IDENTITY VERIFICATION BY DATABASE SOLUTIONS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
13. GLOBAL IDENTITY VERIFICATION BY BIOMETRIC AUTHENTICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL IDENTITY VERIFICATION BY FINGERPRINTS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. GLOBAL IDENTITY VERIFICATION BY FACIAL PATTERNS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
16. GLOBAL IDENTITY VERIFICATION BY VOICE-BASED MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
17. GLOBAL IDENTITY VERIFICATION BY OTHER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
18. GLOBAL IDENTITY VERIFICATION MARKET SHARE BY APPLICATION, 2021 VS 2028 (%)
19. GLOBAL IDENTITY VERIFICATION IN BFSI MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
20. GLOBAL IDENTITY VERIFICATION IN GOVERNMENT MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
21. GLOBAL IDENTITY VERIFICATION IN AEROSPACE & DEFENSE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
22. GLOBAL IDENTITY VERIFICATION IN HEALTHCARE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
23. GLOBAL IDENTITY VERIFICATION IN RETAIL AND E-COMMERCE MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
24. GLOBAL IDENTITY VERIFICATION IN IT & TELECOM MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
25. GLOBAL IDENTITY VERIFICATION IN ENERGY & UTILITIES MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
26. GLOBAL IDENTITY VERIFICATION IN OTHER MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
27. GLOBAL IDENTITY VERIFICATION MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
28. US IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
29. CANADA IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
30. UK IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
31. FRANCE IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
32. GERMANY IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
33. ITALY IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
34. SPAIN IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
35. REST OF EUROPE IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
36. INDIA IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
37. CHINA IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
38. JAPAN IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
39. SOUTH KOREA IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
40. REST OF ASIA-PACIFIC IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
41. REST OF THE WORLD IDENTITY VERIFICATION MARKET SIZE, 2021-2028 ($ MILLION)
