According to IMARC Group’s latest report, Identity Verification Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.”the global identity verification market reached a value of US$ 8.6 Billion in 2021. Identity verification is a security service solution employed in corporate, private, and governmental institutions for verifying consumer information accurately.
It is also utilized for examining the credibility of various documents, such as identity cards, driving license, passport and know your customer (KYC), to avoid fraudulent activities. Currently, identity verifications methods can be categorized into different types, including knowledge-based, two-factor, database, online, and biometric.
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The increasing need for curbing fraudulent activities across industries represents one of the primary factors driving the global identity verification market growth. For instance, the banking, financial services, and insurance (BFSI) industry extensively utilizes identity verification solutions to ensure secure and seamless transactions. In line with this, the rising prevalence of cyber-attacks is contributing to the market growth further. Other factors, such as the increasing integration of the Internet of Things (IoT) and cloud-based services in identity verification systems and the implementation of stringent governmental regulations, are creating a positive outlook for the market. Looking forward, IMARC Group expects the market to reach US$ 22.9 Billion by 2027, exhibiting a CAGR of 17.6% during 2022-2027.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
- Acuant Inc.
- AuthenticID Inc.
- Equifax Inc.
- Experian PLC
- Intellicheck Inc.
- Jumio Corporation
- Mastercard Inc.
- Mitek Systems Inc.
- Thales Group
- TransUnion and Trulioo.
Key Market Segmentation:
Breakup by Type:
- Small and Medium-sized Enterprises
- Large Enterprises
- Government and Defense
- Healthcare and Life Sciences
- Retail and E-Commerce
- IT and Telecommunication
- Energy and Utilities
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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