Global Identity Verification Market: Overview
Identity verification facilities are utilized by various establishments to certify that the information given by customers or users is related with the identity of a real entity. Identity verification services check with detailed consumer attributes that include components such as credentials, employment or business registration, and nationality. Identity verification is a complete process to certify secure consumer enrollment and minimizing the likelihood of identity fraud. The surging frequency of data theft and other frauds will heighten the demand for global identity verification market in the forthcoming period. Over the past few years, the financial regulators have reinforced their center of attention on detecting fraud activities, which also includes a push for the financial establishments to espouse apt security solutions.
Global Identity Verification Market: Growth Factors
Rapid growth in the recent times in the identity verification is mainly driven by the growing number of cyber-attacks. The digital transformation throughout the world has revealed many identity-related scams and has compelled businesses to implement hard and fast actions for protecting them. With developing digitalization, identity verification across private and public establishments has become an indispensable element where a verified identification is compulsory. The increasing government initiatives across many nations, such as electronic IDs, border control that utilizes facial recognition for the process of identity verification & validation, and smart airports & cities where lice detection is utilized for ID authentication, online security can be ensured using safe identity verification.
The COVID pandemic has had a huge impact on various organizations as they are now operating online, and digital solutions are of more importance now than ever. The pandemic has made people stay indoors and find ways to work remotely and connect virtually with industries like banking. Numerous banks around the globe are adopting stringent privacy and security solutions, like E-KYC onboarding, remote identity verification, and contactless payments to ensure contactless banking for their clients. This has in turn resulted into a surge in the demand for online ID verification market. Additionally, the pandemic has also seen an upsurge in identity-related frauds. Thus, the rise in digital frauds in the BFSI sector has positively affected the demand for global identity verification market.
At present, a majority of the consumers of identity verification suppliers are established enterprises, predominantly because of large-scale execution and quicker adoption of digital & technological developments on these businesses. Large industries across the globe are up-to-date with digital advancements to enhance existent processes. On the other hand, medium-sized and small-sized establishments are still struggling to adapt to the latest technological tendencies.
The primary reasons for this hurdle in the growth of the market are resource restrictions and lack of understanding and awareness regarding the potential advantages of digital development.
Global Identity Verification Market: Segmentation
The global identity verification market can be segmented based on industry, deployment mode, component, and region. By component, the identity verification market has been segmented into services- consulting, managed services, support & maintenance, training & education, and professional services. By deployment mode, the identity verification market has been segmented into on-premises and cloud-based deployment. By industry, identity verification market has been categorized into retail, manufacturing, healthcare, BFSI, government & public sector, education, and others.
Global Identity Verification Market: Regional Analysis
The region of North America is expected to amass the largest market share in the global identity verification market as it is a technologically developed region which has numerous early adopters along with the existence of some substantial market players. The issuing of new government initiatives, for instance, smart infrastructure & cities, digital driver’s license, and merger of various computer-based programs such as AI, blockchain, and ML for shielding digital identities is anticipated to positively affect the demand of identity verification market.
On the other hand, Asia Pacific is predicted to be the fastest developing region during the forthcoming period because of drastic modernization in technological sense. Various initiatives that will prove to be fruitful for the development of the global identity verification market have been undertaken by the governments in this region. These initiatives are aimed to tackle identity-related cheating specially due to the surge in identity-related cybercrimes and increase in the usage of cloud-based identity verification.
Global Identity Verification Market: Competitive Players
Thales Group, LexiNexis, IDEMIA, GBG, Authenteq, Onfido, Mitek Systems Inc., Gemalto, Idenfy Transunion, and Lexisnexis Risk Solutions are some major establishments providing product innovation in the global identity verification market.
Global Identity Verification Market: Regional Segment Analysis
What Reports Provides