Identity Verification Market Size, Share, Forecast, & Trends Analysis by Offering, Deployment Mode, Organization Size, Application, Sector, and Geography

Description

List of Tables

Identity Verification Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (KYC, KYB), Sector (BFSI, Retail & E-commerce, Healthcare, Government, Education), and Geography-Global Forecast to 2031

The research report titled 'Identity Verification Market by Offering (Solutions, Services), Deployment Mode, Organization Size, Application (KYC, KYB), Sector (BFSI, Retail & E-commerce, Healthcare, Government, Education), and Geography-Global Forecast to 2031' from Meticulous Research(R) provides an in-depth analysis of the identity verification market in five major geographies and focuses on the current market trends, market sizes, market shares, recent developments, and forecasts to 2031.

The identity verification market is projected to reach $30.6 billion by 2031, at a CAGR of 14.7% from 2024 to 2031.

The growth of the identity verification market is driven by the rising incidence of identity fraud and cybercrime and the increasing adoption of identity verification solutions in the BFSI sector. However, concerns regarding privacy & data breaches restrain the market's growth.

The integration of advanced technologies such as AI and ML into identity verification methods and the growing need to secure business processes and ensure regulatory compliance are expected to generate growth opportunities for market players. However, the high costs of implementing and maintaining identification verification solutions are a challenge impacting market growth. Additionally, the rising adoption of e-KYC is a prominent trend in the identity verification market.

The identity verification market is segmented by offering (solutions [ID document verification, biometric verification, liveness detection, knowledge-based authentication (KBA), one-time passcode verification, trusted identity network, database methods, and other identity verification solutions] and services), deployment mode (on-premise deployments and cloud-based deployments), organization size (large enterprises and small & medium-sized enterprises), application (Know Your Customer (KYC), Know Your Business (KYB), access control & user monitoring, fraud management & regulatory compliance, and other applications), sector (BFSI, retail & E-commerce, healthcare, government, education, IT & telecom, aerospace & defense, energy & utilities, and other sectors), and geography. The study also evaluates industry competitors and analyzes the market at the country and regional levels.

Based on offering, the identity verification market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of over 82.0% of the identity verification market. The segment's large market share is attributed to the growing adoption of identity verification solutions across organizations to minimize fraud, enhance customer experience by streamlining and securing the onboarding process, and reduce the need for manual verification and the integration of advanced technologies such as AI and ML into biometric verification methods. Furthermore, the integration of identity verification with reputable external data sources, including government databases, financial institutions, and credit bureaus, further enhances its effectiveness and reliability. The solutions segment is also projected to register a higher CAGR during the forecast period.

Based on deployment mode, the identity verification market is segmented into on-premise deployments and cloud-based deployments. In 2024, the cloud-based deployments segment is expected to account for the larger share of the identity verification market. The segment's large market share is attributed to the increasing adoption of cloud-based identity verification across businesses for high-volume identity checks, the growing preference for subscription or usage-based pricing models to mitigate upfront infrastructure costs, the rising utilization of cloud-based identity verification solutions to authenticate identities across multiple locations, the increasing reliance on APIs for seamless integration with other business systems and platforms, and the rising deployment of cloud-based identity verification solutions across businesses to ensure compliance and mitigate potential risks. The cloud-based deployments segment is also projected to register the higher CAGR of over 19.0% during the forecast period.

Based on organization size, the identity verification market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of over 67.0% of the identity verification market. This segment's large market share can be attributed to factors such as the rising adoption of identity verification solutions among large enterprises to mitigate risks associated with unauthorized access, insider threats, and data breaches, the increasing integration of identity verification with access control systems to facilitate seamless and secure access to diverse resources, and the growing utilization of identity verification solutions to enable the tracking of employee attendance, monitoring of remote work, and management of timekeeping systems within large enterprises.

However, the small & medium-sized enterprises segment is expected to register the higher CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of identity verification solutions among SMEs to enhance security by verifying the identities of customers, employees, and partners, the increasing deployment of cloud-based identity verification solutions to establish robust security measures without substantial capital investments, and the rising utilization of identity verification solutions to mitigate the risk of data breaches and avoid costly repercussions.

Based on application, the identity verification market is segmented into Know Your Customer (KYC), Know Your Business (KYB), access control & user monitoring, fraud management & regulatory compliance, and other applications. In 2024, the Know Your Customer (KYC) segment is expected to account for the largest share of the identity verification market. This segment's large market share can be attributed to the growing need to ensure compliance with KYC guidelines to protect financial institutions against fraud, corruption, money laundering, and terrorist financing and the increasing use of identity verification to streamline customer onboarding and enhance customer experience while reducing manual processes, human errors, and administrative costs.

However, the fraud management & regulatory compliance segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of identity verification solutions in the BFSI sector to ensure trust, security, and regulatory compliance, the rising utilization of identity fraud management solutions to ensure compliance with KYC and AML guidelines and increasing government regulation of organizations for consumer privacy and data protection.

Based on sector, the identity verification market is segmented into BFSI, retail & E-commerce, healthcare, government, education, IT & telecom, aerospace & defense, energy & utilities, and other sectors. In 2024, the BFSI segment is expected to account for the largest share of over 29.0% of the identity verification market. This segment's large market share is attributed to the growing adoption of identity verification solutions in the BFSI sector to enable real-time customer identification and simplify KYC processes and the increasing need to enhance customer satisfaction by reducing wait times at branches and improve efficiency by automating AML processes, customer verification, and fraud detection.

However, the retail & E-commerce segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising adoption of identity verification solutions in the retail & E-commerce sector to reduce shipping errors, ensure safer hiring practices, improve digital identity management, and prevent theft.

Based on geography, the identity verification market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 36.0% of the identity verification market. Asia-Pacific's significant market share can be attributed to the increasing digitalization of businesses driving the adoption of identity verification solutions for KYC processes, stringent regulatory frameworks in the BFSI sector to prevent fraudulent activity, and the rising adoption of identity verification in the public sector to authenticate documents such as driver's licenses, passports, and nationally issued identity documents.

Moreover, Asia-Pacific is also projected to register the highest CAGR of over 16.0% during the forecast period.

The key players operating in the identity verification market are GB Group plc (U.K.), Equifax Inc. (U.S.), LexisNexis Risk Solutions Inc. (a subsidiary of RELX Group plc) (U.S.), Experian plc (Ireland), Trans Union LLC (a subsidiary of TransUnion) (U.S.), Intellicheck, Inc. (U.S.), IDEMIA France SAS (France), Mitek Systems, Inc. (U.S.), HyperVerge Technologies Private Limited (India), AuthenticID Inc. (U.S.), Nuance Communications, Inc. (a subsidiary of Microsoft Corporation) (U.S.), iDenfy (Lithuania), Securekey Group (Mauritius), Onfido (U.K.), and PXL Vision AG (Switzerland).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of offering, deployment mode, organization size, application, and sector?
What is the historical market size for identity verification solutions and services globally?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the identity verification market?
Who are the major players in the identity verification market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the identity verification market?
What are the growth strategies adopted by major market players?
What are the key market trends, and which are the high-growth countries?
Who are the local emerging players in the identity verification market, and how do they compete with the other players?

Scope of the Report:

Identity Verification Market Assessment-by Offering

Solutions
- ID Document Verification
- Biometric Verification
- Liveness Detection
- Knowledge-based Authentication (KBA)
- One-time Passcode Verification
- Trusted Identity Network
- Database Methods
- Other Identity Verification Solutions
Services

Identity Verification Market Assessment-by Deployment Mode

On-premise Deployments
Cloud-based Deployments

Identity Verification Market Assessment-by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Identity Verification Market Assessment-by Application

Know Your Customer (KYC)
Know Your Business (KYB)
Access Control & User Monitoring
Fraud Management & Regulatory Compliance
Other Applications

Identity Verification Market Assessment-by Sector

BFSI
Retail & E-commerce
Healthcare
Government
Education
IT & Telecom
Aerospace & Defense
Energy & Utilities
Other Sectors

Identity Verification Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Netherlands
- Spain
- Sweden
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific (RoAPAC)
Latin America
- Mexico
- Brazil
- Rest of Latin America (RoLATAM)
Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of Middle East & Africa (RoMEA)

Product Code: MRICT - 1041135

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research /Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Deployment Mode
3.4. Market Analysis, by Organization Size
3.5. Market Analysis, by Application
3.6. Market Analysis, by Sector
3.7. Market Analysis, by Geography
3.8. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Rising Incidence of Identity Fraud and Cybercrime
  - 4.2.1.2. Increasing Adoption of Identity Verification Solutions in the BFSI Sector
- 4.2.2. Restraints
  - 4.2.2.1. Concerns Regarding Privacy & Data Breaches
- 4.2.3. Opportunities
  - 4.2.3.1. Integration of Advanced Technologies Such as AI and ML in Identity Verification Methods
  - 4.2.3.2. Growing Need to Secure Business Processes and Ensure Regulatory Compliance
- 4.2.4. Challenges
  - 4.2.4.1. High Costs of Implementing and Maintaining Identification Verification Solutions
4.3. Key Trends
- 4.3.1. Rising Adoption of eKYC
4.4. Case Studies
- 4.4.1. Case Study A
- 4.4.2. Case Study B
- 4.4.3. Case Study C

5. Global Identity Verification Market Assessment-by Offering

5.1. Overview
5.2. Solutions
- 5.2.1. ID Document Verification
- 5.2.2. Biometric Verification
- 5.2.3. Liveness Detection
- 5.2.4. Knowledge-based Authentication (KBA)
- 5.2.5. One-time Passcode Verification
- 5.2.6. Trusted Identity Network
- 5.2.7. Database Methods
- 5.2.8. Other Identity Verification Solutions
5.3. Services

6. Global Identity Verification Market Assessment-by Deployment Mode

6.1. Overview
6.2. On-premise Deployments
6.3. Cloud-based Deployments

7. Global Identity Verification Market Assessment-by Organization Size

7.1. Overview
7.2. Large Enterprises
7.3. Small & Medium-sized Enterprises

8. Global Identity Verification Market Assessment-by Application

8.1. Overview
8.2. Know Your Customer (KYC)
8.3. Know Your Business (KYB)
8.4. Access Control & User Monitoring
8.5. Fraud Management & Regulatory Compliance
8.6. Other Applications

9. Global Identity Verification Market Assessment-by Sector

9.1. Overview
9.2. BFSI
9.3. Retail & E-commerce
9.4. Healthcare
9.5. Government
9.6. Education
9.7. IT & Telecom
9.8. Aerospace & Defense
9.9. Energy & Utilities
9.10. Other Sectors

10. Identity Verification Market Assessment-by Geography

10.1. North America
- 10.1.1. U.S.
- 10.1.2. Canada
10.2. Europe
- 10.2.1. Germany
- 10.2.2. U.K.
- 10.2.3. France
- 10.2.4. Italy
- 10.2.5. Netherlands
- 10.2.6. Spain
- 10.2.7. Sweden
- 10.2.8. Rest of Europe
10.3. Asia-Pacific
- 10.3.1. Japan
- 10.3.2. China
- 10.3.3. India
- 10.3.4. South Korea
- 10.3.5. Singapore
- 10.3.6. Australia & New Zealand
- 10.3.7. Indonesia
- 10.3.8. Rest of Asia-Pacific
10.4. Latin America
- 10.4.1 Mexico
- 10.4.2. Brazil
- 10.4.3. Rest of Latin America
10.5. Middle East & Africa
- 10.5.1. UAE
- 10.5.2. Saudi Arabia
- 10.5.3. Israel
- 10.5.4. Rest of MEA

11. Competition Analysis

11.1. Overview
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Competitive Dashboard
- 11.4.1. Industry Leaders
- 11.4.2. Market Differentiators
- 11.4.3. Vanguards
- 11.4.4. Emerging Companies
11.5. Market Ranking, by Key Players

12. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Development, and SWOT Analysis*)

12.1. GB Group plc
12.2. Equifax Inc.
12.3. LexisNexis Risk Solutions Inc. (A Subsidiary of RELX Group plc)
12.4. Experian plc
12.5. Trans Union LLC (A Subsidiary of TransUnion)
12.6. Intellicheck, Inc.
12.7. IDEMIA France SAS
12.8. Mitek Systems, Inc.
12.9. HyperVerge Technologies Private Limited
12.10. AuthenticID Inc.
12.11. Nuance Communications, Inc. (A Subsidiary of Microsoft Corporation)
12.12. iDenfy
12.13. Securekey Group
12.14. Onfido
12.15. PXL Vision AG

(Note: SWOT Analysis Will Be Provided for the Top 5 Companies)

13. Appendix

13.1. Available Customization
13.2. Related Reports