Identity Verification Market Size, Share & Industry Analysis By Component (Solution, Services), By Deployment (Cloud, On-Premise), By Enterprise Size (Small and Medium-size enterprises, Large Enterprises), By Industry (Banking, Financial Services & Insurance (BFSI), Government, IT & Telecom, Manufacturing, Healthcare & Life Sciences, Retail, Others)And Regional Forecast, 2024-2032

Identity verification has become a major element when verified identity is required, such as border controls and access to digital services in governments and corporate sectors worldwide. Rising identity theft, digitization initiatives, an increase in fraud cases over the last decade, and the adoption of digital IDs among verticals are all boosting the identity verification industry.

Furthermore, companies and governments have taken several steps to focus on digitalization and adopting the latest technologies such as artificial intelligence, machine learning, and automation in identity verification strategies, which will provide growth offers for identity verification manufacturers. For Instance, In September 2020, LoginID Inc. and AuthID Inc entered into a partnership to provide the latest tools to fight against fraud in online activities. This collaboration between authID's biometric identity verification platform and LoginID's FIDO/FIDO2 as a Service platform allows both companies to provide login services and seamless FIDO2 authentication with increased security and identity assurance.

Additionally, increased adoption of digitized products and solutions by consumers and organizations will significantly grow the identity verification market. For Instance, in 2020, According to TechRepublic Premium Survey, the paper was digitized by 58%, and online training was employed by 45% as per respondents.

IMPACT OF COVID-19 ON THE IDENTITY VERIFICATION MARKET

The demand for identity verification is increasing during the ongoing COVID-19 pandemic. Due to the increased adoption of ID verification technology, most enterprises operate more in the digital world. For Instance,

• According to Trulioo, COVID-19 has caused 72% of online markets and 52% of financial service providers to increase their deployment of ID verification technology.

Furthermore, as a result of COVID-19 online processes increased, such as online transactions and online onboarding, it has become even more critical for verticals like BFSI and healthcare to fully comply with the regulations to avoid any financial penalties thus identity verification measures in place to prevent any probable frauds.

KEY INSIGHTS-

The report will cover the following insights-

• Micro Macro Economic Indicators


• Drivers, Restraints, Opportunities, and Trends


• Impact of Covid-19


• Business Strategies Adopted by Key Players


• Consolidated SWOT Analysis of Key Players

ANALYSIS BY END-USER-

BFSI Industry to boost the market growth.

Increased digitization of banking procedures, such as digital onboarding and digital payments, is increasing the demand for identity verification all across the world. Because of its high technological adoption, the vertical is vulnerable to several security flaws that hackers could use to steal sensitive data such as bank account, personal information, and credit card numbers. Financial institutions are always seeking security solutions to mitigate such vulnerabilities, which will boost the identity verification industry in the future. In addition, strict rules such as the Bank Secrecy Act, GDPR, and PSD2 increase the demand for identity verification around the world.

REGIONAL ANALYSIS-

The Asia Pacific is expected to hold a major market share in the coming years due to populated countries in the Asia-Pacific area such as India and China. With increased internet coverage, the region is one of the fastest users of technology. Furthermore, as these emerging economies adopt digitization, the risk of customer data and data channel breaches has increased. In the region, there has been an increase in demand for identity theft prevention products.

For Instance, In July 2020, IDsign India-based digital ID and signing platform launched mobile-based identity verification and digital signing solution. The IDSign app is available for Windows, Windows, Android beta users, and iOS.

KEY PLAYERS COVERED-

Key players in the identity verification market include MasterCard, Inc., Acuant Inc., Jumio Corporation, Onfido Limited, Intellicheck Inc., Thale Group, GB Group Plc, Mitek Systems, Inc.,  Acuant, Inc., TransUnion LLC, LexisNexis Risk Solution Group, ForgeRock, and others.

SEGMENTATION

KEY RECENT DEVELOPMENTS-

• May 2021 – Acuant Inc. collaborated with Airside to maintain confidentiality with biometrics and personal data for mobile identification verification processes. This partnership is enabling the quick and cost-effective reopening of travel and public spaces. The partnership helps customers have more control over Personally Identifiable Information shared through the new Airside Digital Identity App (PII).


• October 2020 - Thales Group Launched an identity verification suit, a secure biometric solution for customer onboarding. This Identity Verification Suite (IDV) reduces the risk of ID fraud by ensuring the legitimacy of documents, allowing service providers to validate the identities of new clients digitally.