CHICAGO, May 14, 2019 /PRNewswire/ -- According to market research report on "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", published by MarketsandMarkets™, the Identity Verification Market 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.

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Identity verification solutions enable organizations to verify the digital identities of new and existing clients quickly. The solutions use the power of the latest technologies, such as machine learning, face-based biometrics, and AI, to ensure whether an individual is who they claim to be. They are the next-generation of identity authentication solutions that deliver a significantly higher level of assurance and establish trusted identities. The major factors driving the growth of the Identity Verification Market are the increasing emphasis on compliance management, and rising number of identity-related frauds and data breaches.

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Among components, the solutions segment is expected to grow at the highest CAGR during the forecast period

The solutions segment is growing at a significant rate, due to the increasing demand for digital identity verification, identity authentication, and ID verification, which include compliance management and fraud prevention. ID verifications help detect digital manipulations with genuine ID images or content, such as names, addresses, date of births, and face photo replacements, with the help of advanced technologies. There is a huge adoption of ID verification solutions across the globe. The market size of the ID verification in the solutions segment is expected to grow at the highest CAGR during the forecast period.

The services segment is expected to be the fastest market during the forecast period

The Identity Verification Market by component is segmented into solutions and services. The services segment is expected to grow at a higher CAGR from 2019 to 2024. As the market for identity verification solutions is continuing to grow, the market for services associated with identity verification is also expanding. Services offered, whether managed or professional, enable enterprises to safeguard their users and devices from unauthenticated accesses. The market for identity verification services is growing, due to the increasing demand among organizations to offer enhanced customer services and convenience to users.

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North America is estimated to dominate the Identity Verification Market in 2019

The global Identity Verification Market is segmented by region into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America, being a technologically advanced region, houses the highest number of identity verification vendors. The region has witnessed prominent identity verification solutions implementation across industry verticals, such as Banking, Financial Services, and Insurance (BFSI), retail, healthcare, government, and IT and telecom. As a result, the region is expected to be the largest market for identity verification solutions. Moreover, several APAC industry verticals are investing heavily in the adoption of identity verification solutions to streamline their internal operations and minimize costs.

The report encompasses the different strategies, such as partnerships and collaborations, mergers and acquisitions, and product developments, adopted by the major players to increase their market shares. Some of the major technology vendors in the Identity Verification Market are Experian (Ireland), LexisNexis (US), Equifax (US), Mitek Systems (US), Gemalto (Netherlands), Onfido (England), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), Authenteq (Iceland), Shufti Pro (UK), IDMERIT (US), iDenfy (Lithuania), and TransUnion (US).

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