The global identity verification market is anticipated to grow at a significant CAGR of 17% during the forecast period. The increase in fraudulent activities across the globe, due to the extensive use of the internet, which in turn is creating demand for the identity verification market over the forecast period. For instance, the Identity Theft Research Center (ITRC), reports a record number of data compromises in the US in 2021, amounting to a 68% increase over 2020. Furthermore, according to Accenture reports, the insurance industry was the most frequent target of ransomware attacks in the first half of 2021, accounting for almost 25% of all ransomware attacks on Accenture’s clients. Consumer goods and services, and telecommunications ranked second and third. In addition, the Federal Trade Commission’s (FTC) Consumer Sentinel Network took in over 5.7 million reports in 2021 of which 49 % were for fraud, and 25 % for identity theft.
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The imposition of lockdowns due to the COVID-19 pandemic along with huge shifts in consumer behavior have pushed the globe to adopt digital solutions. Financial crime such as identity fraud is growing as sophisticated criminals exploit the ever-expanding capabilities of emerging technology. The COVID-19 pandemic has served to increase opportunities for criminals to benefit from fear, uncertainty, and desperation. Hence, identity verification solutions offer industries a chance to fight back which increased their adoption across the globe. This sudden speed in identity verification adoption is a clear reflection of the urgency to protect the huge numbers of consumers who have been forced to use digital services for the first time as a result of lockdown restrictions.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Identity Verification Market by Deployment
- Cloud-Based
- On-Premises
Global Identity Verification Market by Verification Type
- Non-biometrics Authentication Type
- Knowledge-Based Authentication
- SMS-Based Two-Factor Authentication
- Credit Bureau-Based Solutions
- Database Solutions
- Biometrics Authentication Type
- Fingerprint
- Facial Patterns
- Voice-Based
- others (Iris based, Palm or finger veins Patterns)6
Global Identity Verification Market by Application
- BFSI
- Government
- Aerospace & defense
- Healthcare
- Retail and eCommerce
- IT & Telecom
- Energy and Utilities
- Others (Education, Travel, and Gaming)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- AuthenticID, Inc.
- Experian Plc
- Equifax Inc.
- GB Group Plc
- Intellicheck Inc.
- Jumio Corp.
- LexisNexis Risk Solutions Group
- Mastercard Inc.
- Mitek Systems Inc.
- Nuance Communications Inc.
- Neustar Inc.
- Onfido Ltd.
- Pindrop
- Relx Group Plc
- Thales Group
- Trans Union LLC
- Trulioo Information Services Inc.
- Trusteer (IBM Corp.)
- Veriff
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global identity verification market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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