Global Identity Verification Market is expected to foresee significant growth. North America to lead the growth!

The global identity verification market is expected to register a CAGR of around 16% over the period of 2021-2027. This is mainly due to the growing digitalization, growing uses of digital identities among industries, and the increasing frequency of identity theft and cyberattacks. Increasing regulation and mandatory compliance with standards in all industries, especially in the financial sector, is expected to create many opportunities for market participants. Moreover, the increasing frequency of identity theft and cyberattacks are one of the most prominent factors driving the adoption of identity verification.

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Based on component, the market is bifurcated into solutions and services. The solutions segment accounted for a commendable share of the global identity verification market in 2020 due to factors such as the shift to digital transformation in various industries, the growing need to combat data breaches and fraud, increasing government support for data protection laws, and regulations, and requirements, requisite to fulfill KYC and AML compliance and easy onboarding of customers as well as employees.

On the basis of type, the market is categorized into biometric and non-biometric. Among these two, the biometric type segment held a noteworthy share of the global identity verification market in 2020 owing to the growing use of fingerprint identification, increased security of protected data, and improved authentication security to combat new threats, enhanced customer satisfaction, rising trend for contactless biometric solutions, and surging dependency on digital technologies.

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For a better understanding of the market adoption of identity verification, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. North America is expected to grow at a steady growth rate as it is a technologically advanced region with the presence of many early adopters and major market players. In addition, factors such as the development of government initiatives such as smart infrastructure, smart cities, and digital identity-based driver’s licenses, as well as increasing integration of various technologies such as AI, ML, and blockchain to secure digital identities are further contributing to the identity verification market.

Some of the major players operating in the identity verification market are Experian Information Solutions Inc., GB Group plc, Equifax Inc., Mitek Systems Inc., LexisNexis Risk Solutions Group, Trulioo Information Services Inc., Acuant Inc., TransUnion LLC, Innovatrics s.r.o., and Applied Recognition Corp.

Global Identity Verification Market Segmentation

Market Insight, by Component

• Solutions
• Services

Market Insight, by Type

• Biometric
• Non-Biometric

Market Insight, by Deployment

• On-premises
• Cloud

Market Insight, by Organization Size

• Large Enterprises
• SMEs

Market Insight, by Industry

• Information and Communication Technology
• Banking and Financial Services
• Government
• Healthcare
• Others

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
  • Germany
  • France
  • Spain
  • UK
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Experian Information Solutions Inc.
• GB Group plc
• Equifax Inc.
• Mitek Systems Inc.
• LexisNexis Risk Solutions Group
• Trulioo Information Services Inc.
• Acuant Inc.
• TransUnion LLC
• Innovatrics s.r.o.
• Applied Recognition Corp.