New York, July 27. Feb. 2, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Identity verification market Forecasts until 2027 – Impact of COVID-19 and global analysis by component (solution and services); Deployment (on premise and cloud); Organization Size (SMB, Large Enterprise) and Industry Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom, Retail, and Others) and Geography “The growth of the global identity verification market is driven by increasing number of cyber attacks North America region is observed to hold the highest market share in the identity verification market.
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|Market size Value in||US$6.20 billion in 2019|
|Market Size Value by||$18.12 billion by 2027|
|Rate of growth||CAGR of 14.3% from 2020 to 2027|
|Year of reference||2020|
|Number of pages||181|
|Number of tables||110|
|Number of graphs and figures||81|
|Historical data available||Yes|
|Segments Covered||Making up ; Deployment ; Organization Size & Vertical & Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
Over the years, financial regulators have intensified their focus on monitoring fraud activities, which also includes a push for financial institutions to adopt appropriate security solutions. Additionally, in the coming years, regulators expect companies to be able to demonstrate not only that they are able to operate the system appropriately, but also to prove that their systems are effective enough. . This demand for a sophisticated transaction monitoring system would be primarily driven by legislation like NYSDFS (New York States’ Department of Financial Services) part 504. In the coming years, the emergence of secure transaction platforms allowing financial institutions to configure A range of monitoring scenarios, performing effective data analysis and filtering the real suspicious activities from other false positives, are expected to gain popularity in the market. This, in response, is expected to bolster demand for identity verification solutions. Hence, the growing demand for secure transactions in the BFSI sector is driving the growth of the identity verification market.
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Currently, most customers of identity verification vendors are large enterprises, primarily due to the large-scale operations and faster adoption of digital and technological advancements by these enterprises. Large enterprises around the world are at the forefront of digital transformation to improve existing processes; however, small and medium enterprises are still adapting to the latest technological trends. Some of the main reasons behind this include resource constraints and lack of knowledge and awareness about the potential benefits of digital transformation. Therefore, small and medium enterprises, as well as organizations that still follow do-it-yourself identity verification methods, present enormous strategic value and growth opportunity for players operating in the identity verification market. ‘identify.
Market leaders are involved in mergers and acquisitions of smaller market players. Many well-known identity verification vendors in the market focus on providing advanced solutions to their customers. Several companies providing identity verification solutions focus on improving products in an effort to attract new customers and gain a strong customer base. Rising popularity of identity verification solutions owing to growing security concerns is expected to boost the revenue generation of identity verification market. For example, in 2019, Gemalto launched a new identity management system that enables the government to provide access to public services and civil rights online and offline. This system allows access to services such as health, education, requesting a passport or opening a bank account, this service will allow users to control their personal data.
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In the BFSI sector, identity authentication solutions authenticate user identity primarily for payment applications. Likewise, identity verification solutions are used to verify the identity of the user through data scanning, face detection and many more to reduce fraudulent activities and enable the business to perform its function. more smoothly and cost-effectively. Identity verification solutions are integrated with advanced technologies such as biometrics, machine learning and artificial intelligence, while helping customers comply with regulations. Growing number of cyber-attacks and increasing demand for secure transactions in the BFSI sector are the major factors driving the growth of the identity verification market.
Major identity verification players include Acuant, Inc., Authenteq, Gemalto NV (Thales Group), IDEMIA, Mitek Systems, Inc., Experian Information Solutions, Inc., Jumio Lexisnexis, Onfido, and Trulioo, among others. These market players hold a major share of the identity verification market due to their product offering.
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In 2018, the United States accounted for the largest market share in North America, growing at a CAGR of 10.0%
The United States is a developed economy and the hub of the biggest tech giants in the world. The United States alone absorbs a significant share of the total revenue from the global identity verification market. The United States is a very advanced country in North America and a country where the investment in advanced technologies, as well as the adoption of advanced solutions, is quite high. Factors such as increasing digitization of business processes and increasing demand for smart identity verification solutions among enterprises to ensure efficient and risk-free business operations are significantly contributing to the growth of identity verification market in South America. North.
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