Identity Verification Market Report: Trends, Forecast and Competitive Analysis to 2030

Identity Verification Trends and Forecast

The future of the global identity verification market looks promising with opportunities in the BFSI, government and defense, healthcare & life science, retail and ecommerce, IT & ITes, and energy & utility markets. The global identity verification market is expected to grow with a CAGR of 15.4% from 2024 to 2030. The major drivers for this market are rising incidence of cybercrime & identity-related fraud and expansion of digitalization and internet access in worldwide.

A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.

Identity Verification by Segment

The study includes a forecast for the global identity verification by type, end use, and region.

Identity Verification Market by Type [Shipment Analysis by Value from 2018 to 2030]:

• Biometrics
• Non-Biometrics

Identity Verification Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

• BFSI
• Government and Defense
• Healthcare & Life Sciences
• Retail and e-commerce
• IT & ITes
• Energy & Utilities
• Others

Identity Verification Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Identity Verification Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies identity verification companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the identity verification companies profiled in this report include-

• Acuant
• Equifax
• Experian
• GB Group
• IDEMIA
• Intellicheck
• MiTek Systems
• Nuance Communications
• Thales Group
• TransUnion

Identity Verification Market Insights

Lucintel forecasts that biometric will remain larger segment over the forecast period due to its capacity to provide increased security, lower fraud, and improve user comfort.

Within this market, BFSI will remain the largest segment over the forecast period.

North America will remain the largest region over the forecast period due to expanding demand for identity verification technology among various government programs like digital identity-based driver's licenses, smart cities, and smart infrastructure in the region.

Features of the Global Identity Verification Market

Market Size Estimates: Identity verification market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Identity verification market size by type, end use, and region in terms of value ($B).

Regional Analysis: Identity verification market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different types, end uses, and regions for the identity verification market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the identity verification market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the growth forecast for identity verification market?

Answer: The global identity verification market is expected to grow with a CAGR of 15.4% from 2024 to 2030.

Q2. What are the major drivers influencing the growth of the identity verification market?

Answer: The major drivers for this market are rising incidence of cybercrime & identity-related fraud and expansion of digitalization and internet access in worldwide.

Q3. What are the major segments for identity verification market?

Answer: The future of the identity verification market looks promising with opportunities in the BFSI, government and defense, healthcare & life science, retail and ecommerce, IT & ITes, and energy & utility markets.

Q4. Who are the key identity verification market companies?

Answer: Some of the key identity verification companies are as follows:

• Acuant
• Equifax
• Experian
• GB Group
• IDEMIA
• Intellicheck
• MiTek Systems
• Nuance Communications
• Thales Group
• TransUnion

Q5. Which identity verification market segment will be the largest in future?

Answer: Lucintel forecasts that biometric will remain larger segment over the forecast period due to its capacity to provide increased security, lower fraud, and improve user comfort.

Q6. In identity verification market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region over the forecast period due to expanding demand for identity verification technology among various government programs like digital identity-based driver's licenses, smart cities, and smart infrastructure in the region.

Q7. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the identity verification market by type (biometrics and non-biometrics), end use (BFSI, government and defense, healthcare & life sciences, retail and ecommerce, IT & ITes, energy & utilities, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?