According to a new market research report published by Global Insight Services “Identity Verification Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Identity verification is the process of confirming that someone is who they say they are. This can be done in a number of ways, but typically involves comparing information provided by the individual to other data sources, such as a government-issued ID or a credit report.
In many cases, identity verification is simply a matter of verifying that the information provided matches what is on file. However, in some cases, it may also involve more sophisticated methods, such as biometric data or knowledge-based authentication.
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Key Players
- Experian
- GBG
- Equifax
- Mitek Systems
- Thales Group
- LexisNexis Risk Solutions
- Onfido
Key Trends
There are three key trends in Identity Verification technology:
The move towards biometric-based authentication: This trend is being driven by the increasing availability of biometric devices (such as fingerprint scanners and iris scanners) and the need for more secure authentication methods.
The increasing use of artificial intelligence: AI is being used to verify identities more accurately and efficiently.
The rise of mobile ID verification: With the increasing use of smartphones, more businesses are offering mobile ID verification solutions.
Key Drivers
There are a few key drivers of the identity verification market. The first is the increasing need for organizations to verify the identities of their customers and employees. This is driven by the need to comply with regulations and to protect against fraud.
The second driver is the increasing availability of data and technology that can be used for identity verification. This includes data from social media, government databases, and private companies.
The third driver is the increasing awareness of the importance of identity verification. This is driven by the media coverage of identity theft and fraud, as well as the increasing number of data breaches.
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Market Segments
By Component
- Solutions
- Services
By Type
- Biometrics
- Non-Biometrics
By Deployment Mode
- On-Premises
- Cloud
By Organization Size
- SMEs
- Large enterprises
By Verticals
- BFSI
- Government
- Defense
- Healthcare & Life Sciences
- Retail and eCommerce
- IT & ITeS
- Energy and Utilities
- Others
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