Global Identity Verification Market Forecast 2023-2032

The global identity verification market is predicted to record a CAGR of 15.57% during the forecast period, 2023-2032. The market growth is propelled by rising internet penetration and digital literacy, increasing digitalization initiatives, and growing occurrences of identity thefts.

MARKET INSIGHTS

Identity verification facilitates the validation of the user's identity and the accuracy of the information provided by them. From a digital perspective, identity verification is done online using machine learning, artificial intelligence, and other advanced technologies.

Further, there is an increasing need for identity verification products and services. The rise in instances of identity theft and the heightened risk of fraudulent access to business networks, applications, and services worldwide are significant factors expected to drive the growth of the global identity verification market in the projected period. Identity theft poses a substantial concern for individuals globally, with its occurrence experiencing a substantial surge in recent years.

To illustrate, in 2022, the Federal Trade Commission reported 5.7 million allegations of fraud and identity theft, with 1.4 million cases involving identity theft specifically. Among the various categories of identity theft, fraud ranked highest, with 395,948 documented cases. Victims of fraud typically incur losses averaging $500, resulting in estimated total losses of $10.2 billion.

On the other hand, the global identity verification market growth restraints include the lack of technical expertise and price variations.

REGIONAL INSIGHTS

The global identity verification market growth evaluation includes the geographical analysis of North America, Europe, Asia-Pacific, and Rest of World. North America is the dominating region in the global market, accredited to favorable government support and surging applications.

COMPETITIVE INSIGHTS

The presence of well-established market players adds to the high competitive rivalry in the market. Some of the leading companies in the market are TransUnion LLC, Intellicheck Inc, Trulioo Information Services Inc, Nuance Communications Inc, etc.

Our report offerings include:

Explore key findings of the overall market
Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
Market Segmentation caters to a thorough assessment of key segments with their market estimations
Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments

Product Code: 61426

1. RESEARCH SCOPE & METHODOLOGY

1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS

2. EXECUTIVE SUMMARY

2.1. MARKET SIZE & ESTIMATES
2.2. MARKET OVERVIEW
2.3. SCOPE OF STUDY
2.4. CRISIS SCENARIO ANALYSIS
- 2.4.1. IMPACT OF COVID-19 ON IDENTITY VERIFICATION MARKET
2.5. MAJOR MARKET FINDINGS
- 2.5.1. STRINGENT GOVERNMENT REGULATIONS AND MANDATES CONCERNING PRIVACY
- 2.5.2. ADOPTION OF DIGITAL IDs

3. MARKET DYNAMICS

3.1. KEY DRIVERS
- 3.1.1. OCCURRENCES OF IDENTITY THEFTS
- 3.1.2. RISING DIGITALIZATION INITIATIVES
- 3.1.3. INCREASING INTERNET PENETRATION AND DIGITAL LITERACY
3.2. KEY RESTRAINTS
- 3.2.1. PRICE VARIATIONS IN IDENTITY VERIFICATION PRODUCTS
- 3.2.2. LACK OF TECHNICAL EXPERTISE AND NEED FOR SECURITY AWARENESS & TRAINING

4. KEY ANALYTICS

4.1. KEY TECHNOLOGY TRENDS
4.2. PORTER'S FIVE FORCES ANALYSIS
- 4.2.1. BUYERS POWER
- 4.2.2. SUPPLIERS POWER
- 4.2.3. SUBSTITUTION
- 4.2.4. NEW ENTRANTS
- 4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING
- 4.3.1. GROWTH PROSPECT MAPPING FOR UNITED STATES
- 4.3.2. GROWTH PROSPECT MAPPING FOR GERMANY
- 4.3.3. GROWTH PROSPECT MAPPING FOR INDIA
- 4.3.4. GROWTH PROSPECT MAPPING FOR MEXICO
4.4. MARKET MATURITY ANALYSIS
4.5. MARKET CONCENTRATION ANALYSIS
4.6. VALUE CHAIN ANALYSIS
- 4.6.1. COMPONENTS
- 4.6.2. IDENTITY VERIFICATIONS
- 4.6.3. DEPLOYMENT
- 4.6.4. END-USE INDUSTRY
4.7. KEY BUYING CRITERIA
- 4.7.1. CAPACITY AND COVERAGE
- 4.7.2. FRAUD CAPABILITIES
- 4.7.3. DATA STORAGE AND SECURITY
- 4.7.4. VERIFICATION TYPES

5. MARKET BY COMPONENT

5.1. SOLUTION
5.2. SERVICE

6. MARKET BY DEPLOYMENT TYPE

6.1. ON-PREMISES
6.2. CLOUD

7. MARKET BY TYPE

7.1. BIOMETRICS
7.2. NON-BIOMETRICS

8. MARKET BY ORGANIZATION SIZE

8.1. SMES
8.2. LARGE ENTERPRISES

9. MARKET BY VERTICAL

9.1. BFSI
9.2. GOVERNMENT AND DEFENSE
9.3. HEALTHCARE & LIFE SCIENCES
9.4. RETAIL AND E-COMMERCE
9.5. IT & ITES
9.6. ENERGY AND UTILITIES
9.7. OTHER VERTICALS

10. GEOGRAPHICAL ANALYSIS

10.1. NORTH AMERICA
- 10.1.1. MARKET SIZE & ESTIMATES
- 10.1.2. NORTH AMERICA IDENTITY VERIFICATION MARKET DRIVERS
- 10.1.3. NORTH AMERICA IDENTITY VERIFICATION MARKET CHALLENGES
- 10.1.4. NORTH AMERICA IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
- 10.1.5. KEY PLAYERS IN NORTH AMERICA IDENTITY VERIFICATION MARKET
- 10.1.6. COUNTRY ANALYSIS
  - 10.1.6.1. UNITED STATES
  - 10.1.6.1.1. UNITED STATES IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.1.6.2. CANADA
  - 10.1.6.2.1. CANADA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2. EUROPE
- 10.2.1. MARKET SIZE & ESTIMATES
- 10.2.2. EUROPE IDENTITY VERIFICATION MARKET DRIVERS
- 10.2.3. EUROPE IDENTITY VERIFICATION MARKET CHALLENGES
- 10.2.4. EUROPE IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
- 10.2.5. KEY PLAYERS IN EUROPE IDENTITY VERIFICATION MARKET
- 10.2.6. COUNTRY ANALYSIS
  - 10.2.6.1. UNITED KINGDOM
  - 10.2.6.1.1. UNITED KINGDOM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.2. GERMANY
  - 10.2.6.2.1. GERMANY IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.3. FRANCE
  - 10.2.6.3.1. FRANCE IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.4. ITALY
  - 10.2.6.4.1. ITALY IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.5. SPAIN
  - 10.2.6.5.1. SPAIN IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.6. BELGIUM
  - 10.2.6.6.1. BELGIUM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.7. POLAND
  - 10.2.6.7.1. POLAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.2.6.8. REST OF EUROPE
  - 10.2.6.8.1. REST OF EUROPE IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3. ASIA-PACIFIC
- 10.3.1. MARKET SIZE & ESTIMATES
- 10.3.2. ASIA-PACIFIC IDENTITY VERIFICATION MARKET DRIVERS
- 10.3.3. ASIA-PACIFIC IDENTITY VERIFICATION MARKET CHALLENGES
- 10.3.4. ASIA-PACIFIC IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
- 10.3.5. KEY PLAYERS IN ASIA-PACIFIC IDENTITY VERIFICATION MARKET
- 10.3.6. COUNTRY ANALYSIS
  - 10.3.6.1. CHINA
  - 10.3.6.1.1. CHINA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.2. JAPAN
  - 10.3.6.2.1. JAPAN IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.3. INDIA
  - 10.3.6.3.1. INDIA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.4. SOUTH KOREA
  - 10.3.6.4.1. SOUTH KOREA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.5. INDONESIA
  - 10.3.6.5.1. INDONESIA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.6. THAILAND
  - 10.3.6.6.1. THAILAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.7. VIETNAM
  - 10.3.6.7.1. VIETNAM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.8. AUSTRALIA & NEW ZEALAND
  - 10.3.6.8.1. AUSTRALIA & NEW ZEALAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.3.6.9. REST OF ASIA-PACIFIC
  - 10.3.6.9.1. REST OF ASIA-PACIFIC IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.4. REST OF WORLD
- 10.4.1. MARKET SIZE & ESTIMATES
- 10.4.2. REST OF WORLD IDENTITY VERIFICATION MARKET DRIVERS
- 10.4.3. REST OF WORLD IDENTITY VERIFICATION MARKET CHALLENGES
- 10.4.4. REST OF WORLD IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
- 10.4.5. KEY PLAYERS IN REST OF WORLD IDENTITY VERIFICATION MARKET
- 10.4.6. REGIONAL ANALYSIS
  - 10.4.6.1. LATIN AMERICA
  - 10.4.6.1.1. LATIN AMERICA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  - 10.4.6.2. MIDDLE EAST & AFRICA
  - 10.4.6.2.1. MIDDLE EAST & AFRICA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES

11. COMPETITIVE LANDSCAPE

11.1. KEY STRATEGIC DEVELOPMENTS
- 11.1.1. ACQUISITIONS
- 11.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
- 11.1.3. PARTNERSHIPS & AGREEMENTS
- 11.1.4. BUSINESS EXPANSIONS
11.2. COMPANY PROFILES
- 11.2.1. AUTHENTICID
  - 11.2.1.1. COMPANY OVERVIEW
  - 11.2.1.2. PRODUCTS LIST
  - 11.2.1.3. STRENGTHS & CHALLENGES
- 11.2.2. EQUIFAX INC
  - 11.2.2.1. COMPANY OVERVIEW
  - 11.2.2.2. PRODUCTS LIST
- 11.2.3. EXPERIAN PLC
  - 11.2.3.1. COMPANY OVERVIEW
  - 11.2.3.2. PRODUCTS LIST
  - 11.2.3.3. STRENGTHS & CHALLENGES
- 11.2.4. GB GROUP PLC
  - 11.2.4.1. COMPANY OVERVIEW
  - 11.2.4.2. PRODUCTS LIST
  - 11.2.4.3. STRENGTHS & CHALLENGES
- 11.2.5. IDEMIA
  - 11.2.5.1. COMPANY OVERVIEW
  - 11.2.5.2. PRODUCTS LIST
- 11.2.6. INTELLICHECK INC
  - 11.2.6.1. COMPANY OVERVIEW
  - 11.2.6.2. PRODUCTS LIST
  - 11.2.6.3. STRENGTHS & CHALLENGES
- 11.2.7. JUMIO CORPORATION
  - 11.2.7.1. COMPANY OVERVIEW
  - 11.2.7.2. PRODUCTS LIST
  - 11.2.7.3. STRENGTHS & CHALLENGES
- 11.2.8. MASTERCARD INC
  - 11.2.8.1. COMPANY OVERVIEW
  - 11.2.8.2. PRODUCTS LIST
  - 11.2.8.3. STRENGTHS & CHALLENGES
- 11.2.9. MITEK SYSTEMS INC
  - 11.2.9.1. COMPANY OVERVIEW
  - 11.2.9.2. PRODUCTS LIST
  - 11.2.9.3. STRENGTHS & CHALLENGES
- 11.2.10. NUANCE COMMUNICATIONS INC
  - 11.2.10.1. COMPANY OVERVIEW
  - 11.2.10.2. PRODUCTS LIST
  - 11.2.10.3. STRENGTHS & CHALLENGES
- 11.2.11. ONFIDO LIMITED
  - 11.2.11.1. COMPANY OVERVIEW
  - 11.2.11.2. PRODUCTS LIST
  - 11.2.11.3. STRENGTHS & CHALLENGES
- 11.2.12. THALES GROUP SA
  - 11.2.12.1. COMPANY OVERVIEW
  - 11.2.12.2. PRODUCTS LIST
  - 11.2.12.3. STRENGTHS & CHALLENGES
- 11.2.13. TRANSUNION LLC
  - 11.2.13.1. COMPANY OVERVIEW
  - 11.2.13.2. PRODUCTS LIST
  - 11.2.13.3. STRENGTHS & CHALLENGES
- 11.2.14. TRULIOO INFORMATION SERVICES INC
  - 11.2.14.1. COMPANY OVERVIEW
  - 11.2.14.2. PRODUCTS LIST
  - 11.2.14.3. STRENGTHS & CHALLENGES
- 11.2.15. TRUNARRATIVE
  - 11.2.15.1. COMPANY OVERVIEW
  - 11.2.15.2. PRODUCTS LIST
  - 11.2.15.3. STRENGTHS & CHALLENGES