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Identity Verification Market: Market Segments: By Component (Solution and Services); By Type (Biometrics and Non- Biometrics); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Deployment Model (On-premises and Cloud); By Vertical (BFSI, Retail and eCommerce, Government and defense, IT & ITeS, Healthcare, Energy and Utilities and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts t- 2030
Product Overview
Identity Verification is the method of delivering security solutions in order t- guarantee an individual's unique identity verification and authentication. Security solutions provide physical documents in real-time, such as biometrics for artificial intelligence, voice recognition systems and many others.
Market Highlights
Identity Verification Market is expected t- project a notable CAGR of 15.7% in 2030.
Identity Verification Market t- surpass USD 17.63 billion by 2030 from USD 7.2 billion in 2018 at a CAGR of 15.7% throughout the forecast period, i.e., 2019-30. Due t- the increasing number of identity threats related t- fraud, the Identity Verification Market is experiencing significant growth, and the rise of data breaches is the key factor contributing t- market growth.
Identity Verification Market: Segments
SMEs segment t- grow with the highest CAGR of XX.X% during 2019-30
Identity Verification Market is segmented by Organization Size as SMEs and Large enterprises. The solutions segment is further bifurcated int- consulting and training. The greater market share in 2018 was accounted by Large enterprises segment. Due t- the presence of a large number of access points due t- numerous divisions and massive organizational scale, large organizations are vulnerable t- cyber-attacks of their subsidiaries/departments may often have their own IT security operation centers t- track and handle cyber threats and security warnings across large organizations. In particular, SMEs are implementing identity authentication technologies and services that resolve enforcement responsibilities and fraud-related risks.
Identity Verification Market: Market Dynamics
Drivers
Rising cyber-attacks and growing security concerns
It is expected that the rising complexity of security information platforms and IT security-based tools & solutions will have a profound effect on the overall management of an enterprise's security ecosystem. Furthermore, the alarming rise in the number of cyber security incidents has contributed t- an increased need for comprehensive security solutions across organizations.
Restrain
High Cost During the Adoption of Identity Verification Solutions
The pricing of identity verification solutions and services is determined on the basis of a few variables, such as verification costs, linguistics, storage of data and technical support. Maximum firms offer pricing per verification on a monthly and annual basis that includes a limited number of ID verification tests. In certain instances of an annual package, some vendors often have adjustable pricing through check.
Identity Verification Market: Key Players
Acuant Inc
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Authenteq
Equifax Inc.
Experian Plc.
IDEMIA
iDenfy
IDMERIT
Jumio
LexisNexis
Mitek Systems, Inc.
Onfido
Shufti Pr- Limited
TransUnion LLC.
Trulioo
Thales Group (Gemalto)
Identity Verification Market: Regions
Identity Verification Market is segmented based on regional analysis int- five major regions. These include North America, Latin America, Europe, APAC and MENA.
Identity Verification Market in North America held the largest market share of XX.X% in the year 2018 and as it is a technologically advanced region with a high number of early adopters and the involvement of major market players, it is expected t- continue its market dominance in the future. The demand for identity authentication markets is expected t- be driven by factors such as the growth of government initiatives such as smart infrastructure, smart cities, digital identity-based driver's licenses and increasing integration of various technologies such as AI, ML, and blockchain, t- protect digital identities. During the forecast era, Asia Pacific is expected t- contribute t- the fastest growing area with the highest CAGR, as it becomes technologically prepared with the early adoption of new technologies. Factors such as government measures t- tackle identity-related fraud, in particular t- improve eKYC for identity verification, such as country-initiated enforcement legislation, growing demand for cloud-based identity verification, increasing identity, etc.
Identity Verification Market report als- contains analysis on:
Identity Verification Market Segments:
By Component:
Solutions
Services
By Type:
Biometrics
Non- Biometrics
By Deployment Model:
On-premises
Cloud
By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Vertical:
BFSI
Government and defense
Healthcare & Life Sciences
Retail and eCommerce
IT & ITeS
Energy and Utilities
Others
Identity Verification Market Dynamics
Identity Verification Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints