Asia Pacific Identity Verification Market Forecast to 2030 - Regional Analysis - Component, Deployment, Organization Size, Type, and Industry Vertical

Description

List of Tables

The Asia Pacific identity verification market was valued at US$ 2,333.20 million in 2022 and is expected to reach US$ 9,087.61 million by 2030; it is estimated to grow at a CAGR of 18.5% from 2022 to 2030.

Rising Need for Digitization in Small and Medium Enterprises Boost Asia Pacific Identity Verification Market

SMEs are major contributors to economic growth as they account for the majority of businesses (~90%) worldwide. However, due to financial constraints, the growth of SMEs slows down. Thus, the government sector and organizations are constantly supporting SMEs to expand their business, which further contributes to the economic growth of any country.

For instance, World Bank Group is focused on improving SMEs' access to finances and obtaining innovative solutions to unlock various sources of capital. It also provides advisory and policy support for SME finance that helps them adopt innovative solutions. According to the Capterra India Survey, in August 2023, ~40 percent of respondents received government funding for digitalization at least once, and ~20 percent received it multiple times. In addition, Indian government initiatives such as RAMP programme, MSME Innovative Scheme, and ASPIRE scheme are focused on boosting SMEs' digitalization. Presently, most of the customers of identity verification providers are large enterprises, mainly due to large-scale operations and faster adoption of digital and technological advancements in these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Primary reasons for this include resource constraints and the lack of knowledge and awareness about the potential benefits of digital transformation. Hence, small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunities for players operating in the identity verification market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small-scale businesses. The players operating in the identity verification market are now offering various low-priced, smaller plans. The identity verification providers are also working with other business application providers who target small businesses in order to offer an embedded solution to their customers. The increasing need for digitization in small and medium enterprises to improve operational workflow and to adapt to the fast-changing marketplace is anticipated to offer massive growth opportunities for market players in both developed and emerging nations.

Asia Pacific Identity Verification Market Overview

The Asia Pacific identity verification market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Various companies operating in the identity verification market are expanding their presence in Asia to eliminate hurdles related to customer verification in commercial sectors. For instance, in July 2023, Sumsub, a verification platform with the highest conversion rate in the industry, expanded its presence across the region, shifting its headquarters to Singapore to address the growing demand for full-cycle identity verification solutions. Sumsub has immersed its operations in commercial opportunities in Asia Pacific due to the growth of threat potential in the fraud landscape. Samsung is offering its full portfolio, ranging from document checks and verification solutions, which helps to suppress bad actors burdening company and user systems by eliminating hurdles related to identity verification. Such expansion of various companies helps accelerate the adoption of identity verification technology in the region.

Asia Pacific Identity Verification Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Identity Verification Market Segmentation

The Asia Pacific identity verification market is segmented based on component, deployment, organization size, type, industry vertical, and country. Based on component, the Asia Pacific identity verification market is bifurcated into solution and services. The solution segment held a larger market share in 2022.

In terms of deployment, the Asia Pacific identity verification market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.

By organization size, the Asia Pacific identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2022.

Based on type, the Asia Pacific identity verification market is segmented into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held the largest market share in 2022.

In terms of industry vertical, the Asia Pacific identity verification market is segmented into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held the largest market share in 2022.

Based on country, the Asia Pacific identity verification market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific identity verification market share in 2022.

Trulioo, Onfido, Mitek Systems, Inc, IDology, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group are some of the leading companies operating in the Asia Pacific identity verification market.

Product Code: BMIRE00029822

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Asia Pacific Identity Verification Market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 List of Vendors in Value Chain

5. Asia Pacific Identity Verification Market - Key Industry Dynamics

5.1 Identity Verification Market - Key Industry Dynamics
5.2 Market Drivers
- 5.2.1 Increase in Cases of Identity Fraud
- 5.2.2 Rise in Demand from BFSI Sector
- 5.2.3 Increase in Adoption of Bring Your Own Device (BYOD) Concept
5.3 Market Restraints
- 5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
- 5.4.1 Rising Need for Digitization in Small and Medium Enterprises
5.5 Future Trends
- 5.5.1 Integration of Artificial Intelligence and Other Advanced Technologies
5.6 Impact of Drivers and Restraints:

6. Identity Verification Market - Asia Pacific Market Analysis

6.1 Asia Pacific Identity Verification Market Revenue (US$ Million), 2022 - 2030
6.2 Identity Verification Market Forecast and Analysis

7. Asia Pacific Identity Verification Market Analysis - Component

7.1 Solution
- 7.1.1 Overview
- 7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
- 7.2.1 Overview
- 7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)

8. Asia Pacific Identity Verification Market Analysis - Deployment

8.1 Cloud
- 8.1.1 Overview
- 8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
- 8.2.1 Overview
- 8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)

9. Asia Pacific Identity Verification Market Analysis - Organization Size

9.1 Large Enterprises
- 9.1.1 Overview
- 9.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9.2 SMEs
- 9.2.1 Overview
- 9.2.2 SMEs Market, Revenue and Forecast to 2030 (US$ Million)

10. Asia Pacific Identity Verification Market Analysis - Type

10.1 Biometric Verification
- 10.1.1 Overview
- 10.1.2 Biometric Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Online Verification
- 10.2.1 Overview
- 10.2.2 Online Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.3 Knowledge Based Authentication
- 10.3.1 Overview
- 10.3.2 Knowledge Based Authentication Market, Revenue and Forecast to 2030 (US$ Million)
10.4 Others
- 10.4.1 Overview
- 10.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)

11. Asia Pacific Identity Verification Market Analysis - Industry Vertical

11.1 BFSI
- 11.1.1 Overview
- 11.1.2 BFSI Market, Revenue and Forecast to 2030 (US$ Million)
11.2 Government and Defense
- 11.2.1 Overview
- 11.2.2 Government and Defense Market, Revenue and Forecast to 2030 (US$ Million)
11.3 Healthcare
- 11.3.1 Overview
- 11.3.2 Healthcare Market, Revenue and Forecast to 2030 (US$ Million)
11.4 IT and Telecom
- 11.4.1 Overview
- 11.4.2 IT and Telecom Market, Revenue and Forecast to 2030 (US$ Million)
11.5 Retail
- 11.5.1 Overview
- 11.5.2 Retail Market, Revenue and Forecast to 2030 (US$ Million)
11.6 Others
- 11.6.1 Overview
- 11.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)

12. Asia Pacific Identity Verification Market - by Country Analysis

12.1 Asia Pacific: Identity Verification Market
- 12.1.1 Asia Pacific: Identity Verification Market, by Key Country
  - 12.1.1.1 China: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
    - 12.1.1.1.1 China DNS Security Software Market Breakdown by Component
    - 12.1.1.1.2 China: Identity Verification Market, by Deployment
    - 12.1.1.1.3 China: Identity Verification Market, by Organization Size
    - 12.1.1.1.4 China: Identity Verification Market, by Type
    - 12.1.1.1.5 China: Identity Verification Market, by Industry Vertical
  - 12.1.1.2 Japan: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
    - 12.1.1.2.1 Japan DNS Security Software Market Breakdown by Component
    - 12.1.1.2.2 Japan: Identity Verification Market, by Deployment
    - 12.1.1.2.3 Japan: Identity Verification Market, by Organization Size
    - 12.1.1.2.4 Japan: Identity Verification Market, by Type
    - 12.1.1.2.5 Japan: Identity Verification Market, by Industry Vertical
  - 12.1.1.3 South Korea: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
    - 12.1.1.3.1 South Korea DNS Security Software Market Breakdown by Component
    - 12.1.1.3.2 South Korea: Identity Verification Market, by Deployment
    - 12.1.1.3.3 South Korea: Identity Verification Market, by Organization Size
    - 12.1.1.3.4 South Korea: Identity Verification Market, by Type
    - 12.1.1.3.5 South Korea: Identity Verification Market, by Industry Vertical
  - 12.1.1.4 India: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
    - 12.1.1.4.1 India DNS Security Software Market Breakdown by Component
    - 12.1.1.4.2 India: Identity Verification Market, by Deployment
    - 12.1.1.4.3 India: Identity Verification Market, by Organization Size
    - 12.1.1.4.4 India: Identity Verification Market, by Type
    - 12.1.1.4.5 India: Identity Verification Market, by Industry Vertical
  - 12.1.1.5 Australia: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
    - 12.1.1.5.1 Australia DNS Security Software Market Breakdown by Component
    - 12.1.1.5.2 Australia: Identity Verification Market, by Deployment
    - 12.1.1.5.3 Australia: Identity Verification Market, by Organization Size
    - 12.1.1.5.4 Australia: Identity Verification Market, by Type
    - 12.1.1.5.5 Australia: Identity Verification Market, by Industry Vertical
  - 12.1.1.6 Rest of Asia Pacific: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
    - 12.1.1.6.1 Rest of Asia Pacific DNS Security Software Market Breakdown by Component
    - 12.1.1.6.2 Rest of Asia Pacific: Identity Verification Market, by Deployment
    - 12.1.1.6.3 Rest of Asia Pacific: Identity Verification Market, by Organization Size
    - 12.1.1.6.4 Rest of Asia Pacific: Identity Verification Market, by Type
    - 12.1.1.6.5 Rest of Asia Pacific: Identity Verification Market, by Industry Vertical

13. Competitive Landscape

13.1 Heat Map Analysis by Key Players

14. Industry Landscape

14.1 Overview
14.2 Market Initiative
14.3 New Product Development
14.4 Merger and Acquisition

15. Company Profiles

15.1 Trulioo
- 15.1.1 Key Facts
- 15.1.2 Business Description
- 15.1.3 Products and Services
- 15.1.4 Financial Overview
- 15.1.5 SWOT Analysis
- 15.1.6 Key Developments
15.2 Onfido
- 15.2.1 Key Facts
- 15.2.2 Business Description
- 15.2.3 Products and Services
- 15.2.4 Financial Overview
- 15.2.5 SWOT Analysis
- 15.2.6 Key Developments
15.3 Mitek Systems, Inc
- 15.3.1 Key Facts
- 15.3.2 Business Description
- 15.3.3 Products and Services
- 15.3.4 Financial Overview
- 15.3.5 SWOT Analysis
- 15.3.6 Key Developments
15.4 IDology
- 15.4.1 Key Facts
- 15.4.2 Business Description
- 15.4.3 Products and Services
- 15.4.4 Financial Overview
- 15.4.5 SWOT Analysis
- 15.4.6 Key Developments
15.5 Experian Plc
- 15.5.1 Key Facts
- 15.5.2 Business Description
- 15.5.3 Products and Services
- 15.5.4 Financial Overview
- 15.5.5 SWOT Analysis
- 15.5.6 Key Developments
15.6 Thales SA
- 15.6.1 Key Facts
- 15.6.2 Business Description
- 15.6.3 Products and Services
- 15.6.4 Financial Overview
- 15.6.5 SWOT Analysis
- 15.6.6 Key Developments
15.7 IDEMIA
- 15.7.1 Key Facts
- 15.7.2 Business Description
- 15.7.3 Products and Services
- 15.7.4 Financial Overview
- 15.7.5 SWOT Analysis
- 15.7.6 Key Developments
15.8 Jumio Corporation
- 15.8.1 Key Facts
- 15.8.2 Business Description
- 15.8.3 Products and Services
- 15.8.4 Financial Overview
- 15.8.5 SWOT Analysis
- 15.8.6 Key Developments
15.9 LexisNexis Risk Solutions Group
- 15.9.1 Key Facts
- 15.9.2 Business Description
- 15.9.3 Products and Services
- 15.9.4 Financial Overview
- 15.9.5 SWOT Analysis
- 15.9.6 Key Developments

16. Appendix

16.1 About The Insight Partners
16.2 Word Index