INFORMATION & COMMUNICATION TECHNOLOGY
Global Identity Verification Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Identity Verification Market, By Type (Biometrics and Non-biometrics), Component (Solution and Service), Deployment (On-premises and Cloud), Organization size (Small and Medium-sized Enterprises and Large Enterprises), Application (Access Control and User Monitoring, KYC, KYB, and Onboarding, Identity Fraud Compliance and Forensics, and Others), Vertical (BFSI, Government and Defense, Healthcare & Life Sciences, Manufacturing, Retail and E-Commerce, IT & Telecom, Energy & Utilities, Gaming, and Others), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global identity verification market size is valued to be USD 10.97 billion in 2023 and is expected to reach USD 35.67 billion by 2032, and it is expected to register a CAGR of 13.61% over the forecast period 2024-2032.
The identity verification market is the sector of identity management and authentication services that focuses on validating the identities of individuals or businesses. This market includes a wide range of technologies, solutions, and services for authenticating and confirming the identities of individuals, customers, users, or entities in a variety of contexts, including financial transactions, online services, access control, age verification, employment screening, and more.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Growing adoption of biometric technology
- Remote work and online services
RESTRAINTS
- Privacy concerns
- High cost of implementation
OPPORTUNITIES
- Proliferation of mobile devices
- Need for frictionless user Experience
CHALLENGES
- Technological limitations
- Integration challenges
SEGMENTATION
- Type
- Biometrics
- Non-biometrics
- Component
- Solution
- Service
- Deployment
- On-premises
- Cloud
- Organization size
- Small and Medium-sized Enterprises
- Large Enterprises
- Application
- Access Control and User Monitoring
- KYC, KYB, and Onboarding
- Identity Fraud Compliance and Forensics
- Others
- Vertical
- BFSI
- Government and Defense
- Healthcare & Life Sciences
- Manufacturing
- Retail and E-Commerce
- IT & Telecom
- Energy & Utilities
- Gaming
- Others
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, and segments as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- Equifax, Inc.
- Experian Plc
- GB Group PLC
- IDEMIA
- Intellicheck Inc.
- Mitek Systems, Inc.
- Nuance Communications Inc.
- Thales Group S.A.
- TransUnion LLC
- Jumio
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Identity Verification Market, by Type
- 3.2 Global Identity Verification Market, by Component
- 3.3 Global Identity Verification Market, by Deployment
- 3.4 Global Identity Verification Market, by Organization size
- 3.5 Global Identity Verification Market, by Application
- 3.6 Global Identity Verification Market, by Vertical
- 3.7 Global Identity Verification Market, by Geography
- 3.8 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Rapid digital transformation
- 5.1.2 Emergence of AI and machine learning
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Growing adoption of biometric technology
- 5.2.2 Remote work and online services
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 Privacy concerns
- 5.3.2 High cost of implementation
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Proliferation of mobile devices
- 5.4.2 Need for frictionless user Experience
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Technological limitations
- 5.5.2 Integration challenges
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL IDENTITY VERIFICATION MARKET, BY TYPE
- 6.1 Type Summary
- 6.2 Market Attractive Index
- 6.3 Global Identity Verification Market, by Type (2019-2032)
- SECTION 7 - GLOBAL IDENTITY VERIFICATION MARKET, BY COMPONENT
- 7.1 Component Summary
- 7.2 Market Attractive Index
- 7.3 Global Identity Verification Market, by Component (2019-2032)
- SECTION 8 - GLOBAL IDENTITY VERIFICATION MARKET, BY DEPLOYMENT
- 8.1 Deployment Summary
- 8.2 Market Attractive Index
- 8.3 Global Identity Verification Market, by Deployment (2019-2032)
- SECTION 9 - GLOBAL IDENTITY VERIFICATION MARKET, BY ORGANIZATION SIZE
- 9.1 Organization size Summary
- 9.2 Market Attractive Index
- 9.3 Global Identity Verification Market, by Organization size (2019-2032)
- SECTION 10 - GLOBAL IDENTITY VERIFICATION MARKET, BY APPLICATION
- 10.1 Application Summary
- 10.2 Market Attractive Index
- 10.3 Global Identity Verification Market, by Application (2019-2032)
- SECTION 11 - GLOBAL IDENTITY VERIFICATION MARKET, BY VERTICAL
- 11.1 Vertical Summary
- 11.2 Market Attractive Index
- 11.3 Global Identity Verification Market, by Vertical (2019-2032)
- SECTION 12 - GLOBAL IDENTITY VERIFICATION MARKET, BY GEOGRAPHY
- 12.1 Regional Summary
- 12.2 Market Attractive Index
- 12.3 Global Identity Verification Market, by Geography (2019-2032)
- SECTION 13 - NORTH AMERICA IDENTITY VERIFICATION MARKET
- 13.1 North America Summary
- 13.2 Market Attractive Index
- 13.3 North America Identity Verification Market, by Type (2019-2032)
- 13.4 North America Identity Verification Market, by Component (2019-2032)
- 13.5 North America Identity Verification Market, by Deployment (2019-2032)
- 13.6 North America Identity Verification Market, by Organization size (2019-2032)
- 13.7 North America Identity Verification Market, by Application (2019-2032)
- 13.8 North America Identity Verification Market, by Vertical (2019-2032)
- 13.9 North America Identity Verification Market, by Country (2019-2032)
- 13.9.1 U.S.
- 13.9.2 Canada
- 13.9.3 Mexico
- 13.9.4 Rest of North America
- SECTION 14 - EUROPE IDENTITY VERIFICATION MARKET
- 14.1 Europe Summary
- 14.2 Market Attractive Index
- 14.3 Europe Identity Verification Market, by Type (2019-2032)
- 14.4 Europe Identity Verification Market, by Component (2019-2032)
- 14.5 Europe Identity Verification Market, by Deployment (2019-2032)
- 14.6 Europe Identity Verification Market, by Organization size (2019-2032)
- 14.7 Europe Identity Verification Market, by Application (2019-2032)
- 14.8 Europe Identity Verification Market, by Vertical (2019-2032)
- 14.9 Europe Identity Verification Market, by Country (2019-2032)
- 14.9.1 Germany
- 14.9.2 U.K.
- 14.9.3 France
- 14.9.4 Italy
- 14.9.5 Spain
- 14.9.6 Russia
- 14.9.7 The Netherlands
- 14.9.8 Belgium
- 14.9.9 Turkey
- 14.9.10 Rest of Europe
- SECTION 15 - ASIA-PACIFIC IDENTITY VERIFICATION MARKET
- 15.1 Asia-Pacific Summary
- 15.2 Market Attractive Index
- 15.3 Asia-Pacific Identity Verification Market, by Type (2019-2032)
- 15.4 Asia-Pacific Identity Verification Market, by Component (2019-2032)
- 15.5 Asia-Pacific Identity Verification Market, by Deployment (2019-2032)
- 15.6 Asia-Pacific Identity Verification Market, by Organization size (2019-2032)
- 15.7 Asia-Pacific Identity Verification Market, by Application (2019-2032)
- 15.8 Asia-Pacific Identity Verification Market, by Vertical (2019-2032)
- 15.9 Asia-Pacific Identity Verification Market, by Country (2019-2032)
- 15.9.1 China
- 15.9.2 India
- 15.9.3 Japan
- 15.9.4 South Korea
- 15.9.5 Singapore
- 15.9.6 Malaysia
- 15.9.7 Australia
- 15.9.8 Thailand
- 15.9.9 Philippines
- 15.9.10 Rest of Asia-Pacific
- SECTION 16 - SOUTH AMERICA IDENTITY VERIFICATION MARKET
- 16.1 South America Summary
- 16.2 Market Attractive Index
- 16.3 South America Identity Verification Market, by Type (2019-2032)
- 16.4 South America Identity Verification Market, by Component (2019-2032)
- 16.5 South America Identity Verification Market, by Deployment (2019-2032)
- 16.6 South America Identity Verification Market, by Organization size (2019-2032)
- 16.7 South America Identity Verification Market, by Application (2019-2032)
- 16.8 South America Identity Verification Market, by Vertical (2019-2032)
- 16.9 South America Identity Verification Market, by Country (2019-2032)
- 16.9.1 Brazil
- 16.9.2 Argentina
- 16.9.3 Chile
- 16.9.4 Colombia
- 16.9.5 Rest of South America
- SECTION 17 - MIDDLE EAST AND AFRICA IDENTITY VERIFICATION MARKET
- 17.1 Middle East and Africa Summary
- 17.2 Market Attractive Index
- 17.3 Middle East and Africa Identity Verification Market, by Type (2019-2032)
- 17.4 Middle East and Africa Identity Verification Market, by Component (2019-2032)
- 17.5 Middle East and Africa Identity Verification Market, by Deployment (2019-2032)
- 17.6 Middle East and Africa Identity Verification Market, by Organization size (2019-2032)
- 17.7 Middle East and Africa Identity Verification Market, by Application (2019-2032)
- 17.8 Middle East and Africa Identity Verification Market, by Vertical (2019-2032)
- 17.9 Middle East and Africa Identity Verification Market, by Country (2019-2032)
- 17.9.1 Kingdom of Saudi Arabia
- 17.9.2 South Africa
- 17.9.3 U.A.E.
- 17.9.4 Egypt
- 17.9.5 Rest of Middle East and Africa
- SECTION 18 - COMPANY SHARE ANALYSIS
- 18.1 Global Identity Verification Market, Company Share Analysis
- 18.2 North America Identity Verification Market, Company Share Analysis
- 18.3 Europe Identity Verification Market, Company Share Analysis
- 18.4 Asia-Pacific Identity Verification Market, Company Share Analysis
- SECTION 19 - COMPANY PROFILES
- 19.1 Equifax, Inc.
- 19.1.1 Company Snapshot
- 19.1.2 Financial Overview
- 19.1.3 Product Portfolio
- 19.1.4 Recent Developments
- 19.2 Experian Plc
- 19.2.1 Company Snapshot
- 19.2.2 Financial Overview
- 19.2.3 Product Portfolio
- 19.2.4 Recent Developments
- 19.3 GB Group PLC
- 19.3.1 Company Snapshot
- 19.3.2 Financial Overview
- 19.3.3 Product Portfolio
- 19.3.4 Recent Developments
- 19.4 IDEMIA
- 19.4.1 Company Snapshot
- 19.4.2 Financial Overview
- 19.4.3 Product Portfolio
- 19.4.4 Recent Developments
- 19.5 Intellicheck Inc.
- 19.5.1 Company Snapshot
- 19.5.2 Financial Overview
- 19.5.3 Product Portfolio
- 19.5.4 Recent Developments
- 19.6 Mitek Systems, Inc.
- 19.6.1 Company Snapshot
- 19.6.2 Financial Overview
- 19.6.3 Product Portfolio
- 19.6.4 Recent Developments
- 19.7 Nuance Communications Inc.
- 19.7.1 Company Snapshot
- 19.7.2 Financial Overview
- 19.7.3 Product Portfolio
- 19.7.4 Recent Developments
- 19.8 Thales Group S.A.
- 19.8.1 Company Snapshot
- 19.8.2 Financial Overview
- 19.8.3 Product Portfolio
- 19.8.4 Recent Developments
- 19.9 TransUnion LLC
- 19.9.1 Company Snapshot
- 19.9.2 Financial Overview
- 19.9.3 Product Portfolio
- 19.9.4 Recent Developments
- 19.10 Jumio
- 19.10.1 Company Snapshot
- 19.10.2 Financial Overview
- 19.10.3 Product Portfolio
- 19.10.4 Recent Developments
- SECTION 20 - RELATED REPORTS
- SECTION 21 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.