Northbrook, IL 60062 -- (SBWIRE) -- 12/14/2022 -- The global market size of the identity verification market is expected to grow from 8.6 billion to 18.6 billion at a CAGR of 16.6% during the forecast period. The primary growth drivers for the identity verification market are increase in government initiatives towards digital identity space, stringent regulatory laws, and the need for identity related compliance. Identity verification is one of the central ideas of such stringent regulations.
Enterprises are more focused towards increased adoption of cloud-based identity verification solutions and to improve seamless customer verification experience among verticals such as BFSI, travel and hospitality among others.

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Non-biometrics segment type to hold the largest market size during the forecast period

The non-biometrics solutions are majorly used for remote customer onboarding, fraudulent ID detection, KYC/AML compliance, and business process automation. Solutions are used to verify documents, such as government IDs, passport, driving license, and credit or debit cards. Proliferation in AI and IoT technologies into identity verification space has helped organizations to be proactive in identity fraud detection and remediation of suspicious activities. The non-biometrics solution segment is an essential part of identity verification solutions and is expected to witness a huge growth in the coming years.

By deployment mode, cloud deployment to grow at a higher CAGR during the forecast period

Cloud-based identity verification solutions are enabling organizations to provide application access to deliver multi-factor authentication seamlessly. It manages their costs but also helping them in improving business agility. It is the fastest-growing deployment model in the identity verification market. SMEs prefer cloud-based deployment, as it is cost-effective and easy to deploy. With the cloud-based deployment of these solutions, small enterprises can assess vulnerabilities and reduce threat landscape at a much lower cost, thus improving their customer services.

North America to hold the largest market size during the forecast period

North America governments and companies as well are focusing on digitalization and the use of emerging technologies in identity verification systems, such as AI, machine learning, and automation, would present attractive prospects for identity verification suppliers. It is a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver's license, and the use of identity verification by the US police to track criminals suspected of major and minor crimes, as well as to find out missing persons, are also driving the need of identity verification across North America.

Market Players

Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US) are the key players in the global identity verification market.

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