Identity Verification Market size to grow by USD 10.23 billion from 2021 to 2026 | The increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives drives the market - Technavio

NEW YORK, Aug. 22, 2023 /PRNewswire/ -- The identity verification market size is set to grow by USD 10.23 billion from 2021 to 2026, progressing at a CAGR of 16.86% during the forecast period. Discover IT Consulting & Other Services industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

The identity verification market covers the following areas:

Identity Verification Market Sizing
Identity Verification Market Forecast
Identity Verification Market Analysis

Company Landscape

The identity verification market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Company Offerings 

• Equifax Inc. - The company offers identity verification services that feature document verification, age verification, ID verification, and more.
• Experian Plc - The company offers identity verification services that feature age verification, address and location verification, step-up authentication, patient screening, and more.
• GB Group plc

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Key Market Segmentation

This report extensively covers identity verification market segmentation by component (solution and services) and geography (North America, APAC, Europe, South America, and the Middle East and Africa). 

• The identity verification market share growth by the solution segment will be significant during the forecast period. Identity verification solutions are employed by businesses to verify that users or customers provide information that corresponds to the identity of an actual individual. This mechanism guarantees the authentic presence of a genuine person in a given process and substantiates their claimed identity. This preventive measure thwarts unauthorized attempts to impersonate others, fabricate false identities, or engage in fraudulent activities. An illustrative scenario is the conventional face-to-face procedure, where an individual must be physically present at the respective company premises, institution, or organization. Consequently, the solutions segment of the global identity verification market is poised for favourable growth during the forecast period. 

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Regional Market Outlook

• North America is estimated to account for 30% of the global market's growth during the forecast period. The identity verification market in North America is prominently led by the United States and Canada. While the market growth in this region is projected to be comparatively moderate compared to other regions, the presence of robust IT and business infrastructure will play a pivotal role in facilitating the expansion of the identity verification market in North America throughout the forecast period. This comprehensive market research report encompasses in-depth insights into competitive intelligence, identification of marketing gaps, and identification of regional prospects for vendors. These insights are invaluable in formulating effective and strategic business plans.

For more key highlights on the regional market share of most of the above-mentioned countries.- View Sample Report

Companies Mentioned

• Applied Recognition Corp.
• Authenteq Tarbena GmbH
• Equifax Inc.
• Experian Plc
• GB Group plc
• ICTS International NV
• ID Merit
• Intellicheck Inc.
• Jumio Corp.
• Khosla Labs Pvt. Ltd.
• Mastercard Inc.
• Onfido
• PXL Vision AG
• RELX Plc
• SecureKey Technologies Inc.
• Shufti Pro Ltd.
• Thales Group
• TransUnion
• UAB Identifikaciniai Projektai
• WebID Solutions GmbH
• Mitek Systems Inc.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Market Dynamics

Drivers

The increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives is notably driving market growth. The global shift towards digitalization has brought to light a multitude of identity-related frauds, prompting organizations to institute stringent security measures. In this context, identity verification has emerged as a pivotal element, particularly in scenarios requiring verified identity such as border controls and digital service access. As governments and corporate sectors around the world embrace digital platforms, secure identity verification has taken on paramount importance. This is evidenced by various initiatives like eID implementations, smart border controls utilizing facial recognition for identity validation, and the integration of video analytics and liveness detection for ID verification in smart cities and airports. The collective impact of these governmental endeavors is poised to drive substantial growth in the global identity verification market during the forecast period.

Trends - Increasing adoption of bring your own device (BYOD) among enterprises is one of the key market trends that is contributing to the market growth. 

Challenges - Data privacy and security concerns are some of the factors hindering the identity verification market growth. 

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Related Reports:

The digital identity and security market size is estimated to grow at a CAGR of 17.51% between 2022 and 2027. The market size is forecast to increase by USD 42.07 billion. This report extensively covers market segmentation by component (solutions and services), deployment (on-premise and cloud), and geography (North America, APAC, Europe, South America, and the Middle East and Africa). An increase in digitization with electronic ID cards (eID) and smart infrastructure initiatives is the key factor driving the growth of the global digital identity and security market. 

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Key Topics Covered:

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

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