Market Research Future Insights
According to MRFR analysis, the global Identity Verification market size is expected to register a CAGR of 14.30% from 2022 to 2030 and hold a value of over USD 35.2 Billion by 2030.
The Identity Verification Market refers to the use of technology and processes to verify the identity of individuals in order to prevent fraud and ensure secure access to various services and resources. It includes various solutions such as biometric verification, document verification, facial recognition, and others. COVID-19 has had a significant impact on the Identity Verification Market. The pandemic has led to a rapid increase in the adoption of digital services and remote working, resulting in an increased demand for identity verification solutions. The market has seen a significant rise in the use of biometric verification and facial recognition solutions to enable remote onboarding and authentication of customers and employees.
As of my knowledge cutoff in September 2021, the identity verification market was experiencing significant growth and was driven by various factors, including increased concerns about identity theft, fraud prevention, regulatory compliance, and the rising adoption of digital services. However, please note that market conditions may have changed since then. Here is an overview of the identity verification market as of that time:
Market Size and Growth:
The identity verification market was growing rapidly and was expected to continue its upward trajectory. The increasing need for secure and reliable identity verification solutions drove market expansion.
Key Players:
There were several prominent players in the identity verification market, offering a range of solutions and services. Some notable companies included:
- IDEMIA (France)
- Jumio (US)
- Experian (Ireland)
- GBG (UK)
- Equifax (US)
- Mitek Systems (US)
- Thales Group (France)
- LexisNexis Risk Solutions (US)
- Onfido (UK)
- Trulioo (Canada) and
- Acuant (US) (US)
Solution Types:
Document Verification: Solutions that utilize optical character recognition (OCR) and machine learning algorithms to verify the authenticity of identity documents such as passports, driver’s licenses, and IDs.
Biometric Verification: Solutions that use biometric data like facial recognition, fingerprint scanning, or iris scanning to verify an individual’s identity.
Knowledge-Based Authentication (KBA): Solutions that verify the identity of an individual based on their knowledge of specific information, such as personal details or answers to security questions.
Mobile ID Verification: Solutions that leverage mobile devices to capture and verify identity information, often utilizing the device’s built-in biometric capabilities.
Data Verification: Solutions that cross-reference user-provided information with external data sources to verify identity details.
Industry Verticals:
Financial Services: Identity verification is crucial for banks, fintech companies, and other financial institutions to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
E-commerce and Retail: Online businesses require identity verification to prevent fraud, ensure secure transactions, and establish trust with customers.
Healthcare: Identity verification plays a critical role in healthcare to safeguard patient data, prevent medical fraud, and ensure compliance with privacy regulations.
Travel and Hospitality: Airlines, hotels, and travel agencies use identity verification to enhance security and streamline the check-in process.
Government and Public Sector: Identity verification solutions are employed by government entities for citizen services, border control, voter registration, and public benefits administration.
Related Articles:
Advanced Process Control (APC) Market
Market Drivers:
Increasing incidents of identity theft and fraud, both online and offline, leading to a heightened demand for robust identity verification solutions.
Regulatory compliance requirements, such as KYC and AML regulations, necessitate reliable identity verification processes across various industries.
Digital transformation and the rising adoption of digital services, including online banking, e-commerce, and digital onboarding, create a need for secure and seamless identity verification.
Advancements in technologies like biometrics, artificial intelligence (AI), machine learning (ML), and blockchain contribute to the growth of the identity verification market.
Please note that the identity verification market is evolving rapidly, and new players, technologies, and regulatory developments may have emerged since my knowledge cutoff. It’s advisable to conduct further research and refer to up-to-date sources for the most current market overview.
