Global Identity Verification Market 2019-2024 - Integration of AI and ML Technologies to Enhance Identity Verification Solutions
DUBLIN, May 22, 2019 /PRNewswire/ -- The "Identity Verification Market by Component (Solutions and Services), Deployment Mode, Organization Size, Industry Vertical, and Region (North America, Europe, APAC, Middle East and Africa, Latin America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The identity verification market size is expected to grow from USD 6.0 billion in 2019 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period.
The rising number of identity-related frauds and data breaches are expected to drive the identity verification market
The factors expected to drive the identity verification market are the rising number of identity-related frauds and data breaches, stringent regulations, and need for compliance to drive the adoption of identity verification solutions, enterprise mobility, and Bring Your Own Device (BYOD) trends. However, aggregating critical enterprise data distributed across multiple locations within a business is still a point of concern for organizations.
The services segment is expected to grow at a higher CAGR during the forecast period
The identity verification market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their identity verification solutions and related processes. The solutions segment is expected to hold a larger market size during the forecast period. The identity verification solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) due to an increasing need to secure the business-sensitive applications from unauthorized accesses.
Increasing deployment of cloud-based identity verification solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based identity verification solutions by them to secure their web applications, mobile applications, mobile devices, infrastructure, and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks. SMEs are small in terms of their size but cater to a large number of customers globally. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations' applications, platforms, and infrastructure.
However, the rising level of cyber-attacks, and the increasing need to protect their infrastructure and confidential data from unauthorized access, and identity impersonification will drive the demand for identity verification solutions among SMEs. These solutions not only enhance the security portfolio of SMEs but also enable them to comply with regulations by ensuring customer data protection as well as organization data protection from identity theft.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the identity verification solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC identity verification market is gaining traction, as this region is showing the highest growth of the Internet of Things (IoT), BYOD, and web applications adoption for their business functions and this, in turn, increases the need to secure these solutions against cyber threats, identity-based threats, and attacks. SMEs as well as large organizations in the APAC region have become more aware of identity verification services and have started adopting them to combat identity-based threats and data thefts to their infrastructures, endpoints, and cloud-based applications.
Furthermore, North America is expected to have the largest market size in 2019 owing to the presence of a large number of vendors and initial adoption of identity verification solutions owing to the rising sophistication level of cyber-attacks and heavy financial losses in the advent of any identity attack.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Identity Verification Market
4.2 Market By Component, 2019
4.3 Market By Service, 2019
4.4 Market Market Share of Top 3 Industry Verticals and Regions, 2019
4.5 Market By Organization Size, 2019
4.6 Market By Deployment Mode, 2019
4.7 Market Top 3 Industry Verticals
4.8 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Number of Identity Related Frauds and Data Breaches
5.2.1.2 Stringent Regulations and Need for Compliance to Drive the Adoption of Identity Verification Solutions
5.2.1.3 Enterprise Mobility and BYOD Trends
5.2.2 Restraints
5.2.2.1 Budgetary Limitations Inhibiting the Adoption of Identity Verification Solutions
5.2.3 Opportunities
5.2.3.1 Integration of AI and ML Technologies to Enhance Identity Verification Solutions
5.2.3.2 Proliferation of Cloud-Based Identity Verification Solutions and Services
5.2.4 Challenges
5.2.4.1 Aggregating Critical Enterprise Data Distributed Across Multiple Locations Within A Business
5.3 Regulatory Landscape
5.3.1 Payment Services Directive 2
5.3.2 Electronic Identification, Authentication, and Trust Services
5.3.3 Know Your Customer
5.3.4 Anti-Money Laundering
5.3.5 General Data Protection Regulation
5.3.6 Payment Card Industry Data Security Standard
5.3.7 Health Insurance Portability and Accountability Act
5.3.8 Federal Information Processing Standards
5.4 Innovation Spotlight
5.5 Use Cases
5.5.1 Adoption of Identity Verification Solution By A Financial Organization in Canada
5.5.2 Reliance on Identity Verification Solution By A Brokerage Firm in the US
5.5.3 Adoption of Identity Verification Solution By A Credit Union in the US
6 Identity Verification Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Digital Identity Verification
6.2.1.1 Rapidly Growing Identity-Based Attacks and Frauds to Drive the Growth of Digital Identity Verification Solutions in the Identity Verification Market
6.2.2 Identity Authentication
6.2.2.1 Need for Enhanced Identity Authentication Solutions to Drive the Growth of the Market
6.2.3 ID Verification
6.2.3.1 Evolving Online Identity-Related Frauds to Drive the Growth of ID Verification Solutions in the Market
6.2.4 Others
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Need for Right Recommendations for Deploying Security Solutions to Combat With Cyber Threats
6.3.1.2 Training and Education
6.3.1.2.1 Growing Need Among Enterprises for Eliminating Knowledge Gaps to Boost the Growth of Training and Education Services
6.3.1.3 Support and Maintenance
6.3.1.3.1 Support and Maintenance Services to Continue to Gain Popularity During the Forecast Period
6.3.2 Managed Services
6.3.2.1 Managed Services to Continue to Gain Popularity During the Forecast Period
7 Identity Verification Market, By Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Low Cost of Installation, Upgrade, and Maintenance to Increase the Adoption of Cloud-Based Identity Verification Solutions
7.3 On-Premises
7.3.1 Need to Maintain Strict Confidentiality of Identity Records in Government and Defense, and Banking Verticals to Fuel the Demand for On-Premises Identity Verification Solutions
8 Identity Verification Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.2.1 Increasing Identity-Based Attacks on Small and Medium-Sized Enterprises to Contribute to the Greater Adoption of Identity Verification Solutions
8.3 Large Enterprises
8.3.1 Need for Meeting KYC and AML Compliance to Propel the Adoption of Identity Verification Solutions
9 Identity Verification Market, By Industry Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Growing Digital Identity Thefts Encourage BFSI Organizations to Deploy Identity Verification Solutions
9.3 Government and Defense
9.3.1 Increase in Bribery, Corruption, and Data Theft to Drive the Adoption of Identity Verification Solutions in Government Institutions
9.4 Retail
9.4.1 Constant Risk to the Huge Amount of Confidential Customer Data and Consumer Identity in the Retail Industry Vertical to Drive the Demand for Identity Verification Solutions
9.5 Healthcare
9.5.1 Increasing Number of Patient Identity Thefts to Boost the Demand for Identity Verification Solutions in the Healthcare Industry Vertical
9.6 IT and Telecom
9.6.1 IT and Telecom Companies Deploy Identity Verification Solutions to Address the Challenges Related to the Security and Privacy of Digital Identities
9.7 Energy and Utilities
9.7.1 Identity Verification Solutions to Enhance Operational Efficiency and Mitigate Potential Identity-Based Threats in Energy and Utilities Industry Vertical
9.8 Others
10 Identity Verification Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Leveraging Machine Learning and Blockchain Technologies for Protecting Digital Identities in the US
10.2.2 Canada
10.2.2.1 Rising Fraudulent Transactions Across Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Introduction of Nation ID Scheme Across the UK to Spur the Growth of Market
10.3.2 Germany
10.3.2.1 Need to Provide Enhanced Customer Services and Secure Critical Assets From Unethical Users in Germany
10.3.3 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Need for Real-Time Online Identity Verification to Prove Chinese National's Identity
10.4.2 Japan
10.4.2.1 Rising Money Laundering and Identity Impersonation to Fuel the Growth of Market
10.4.3 India
10.4.3.1 Need to Shift From Outdated Legacy IT Infrastructures Across the Region
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Middle East
10.5.1.1 Rising Need to Prevent Identity Thefts Across the Middle East Fueling the Growth for Market
10.5.2 Africa
10.5.2.1 Increase in the Number of Tech Startups to Create Growth Opportunities for Identity Verification Vendors in Africa
10.6 Latin America
10.6.1 Mexico
10.6.1.1 Adoption of Cloud-Based Services to Spur the Growth of Identity Verification Solutions in Mexico
10.6.2 Brazil
10.6.2.1 Rising Digital Transformation Initiative Forcing Enterprises to Deploy Identity Verification Solutions
10.6.3 Rest of Latin America
11 Competitive Landscape
11.1 Introduction
11.1.1 Visionary Leaders
11.1.2 Innovators
11.1.3 Dynamic Differentiators
11.1.4 Emerging Companies
11.2 Competitive Benchmarking
11.2.1 Analysis of Product Portfolio of Major Players in the Market
11.2.2 Business Strategies Adopted By Major Players in the Market
11.3 Competitive Scenario
11.3.1 Partnerships, Agreements, and Collaborations
11.3.2 New Product Launches/Product Enhancements
11.3.3 Mergers and Acquisitions
11.3.4 Business Expansions
12 Company Profiles
12.1 Introduction
12.2 Experian
12.3 LexisNexis Risk Solutions
12.4 Equifax
12.5 Mitek Systems
12.6 Gemalto
12.7 Onfido
12.8 Trulioo
12.9 Acuant
12.10 IDEMIA
12.11 Jumio
12.12 Authenteq
12.13 Shufti Pro
12.14 IDMERIT
12.15 TransUnion
12.16 iDenfy
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