The identity verification market was valued at US$ 6,208.5 million in 2019 and is projected to reach US$ 18,125.7 million by 2027. The Identity verification market is expected to grow at a CAGR of 14.3% during the forecast period of 2020 to 2027.



The sales of identity verification solution are primarily influenced by numerous economic and non-economic factors. The BFSI and Government sectors are expected to have a significant impact on the growth of the identity verification market. Also, for the healthcare industry, increasing adoption of digitalization is enabling a high degree of services to its customers. Potentially, the BFSI and Government sector present a larger market share as compared to other sectors during the forecast period. Global identity verification market is majorly driven by an increasing number of cyber-attacks and adoption of security solutions, increasing demand for secure transaction in the BFSI sector, and others. Key trends witnessed in the identity verification market are the integration of AI and other advanced technologies for alerting and pattern based monitoring. The rapidly changing nature of businesses requires consistent changes in technology and services. Also, the rapid digitalization among small and medium enterprises (SMEs) are expected to provide substantial growth opportunity to the key players in this market.



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Identity Verification Market – Company Profiles



Acuant, Inc.AuthenteqExperian plcGemalto N.V. (Thales Group)IDEMIAJumio CorporationLexisNexisMitek Systems, Inc.OnfidoTrulioo



The high number of COVID cases have resulted in a negative impact on country’s and region’s economy and there has been a decline in overall business activities and growth of various industries operating in the global market. However, due to COVID-19 outbreak and remote working guidelines, the online identity verification companies are experiencing an increased demand owing to the rising need for remote verification of employees, patients, and other participants.



Lucrative Regions in Identity verification Market







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Players operating in the Identity verification market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the identity verification market. A few developments by key players of the identity verification market are:



In May 2019, Experian SA acquired Compuscan and Scoresharp. The acquisition is expected to deliver a wide range of services and opportunities for clients and employees across the group



In February 2019, Kristopher James announced the partnership with Kristopher James Company, which will offer the company’s software and hardware onboarding verification solutions to financial services sector..



Identity Verification Market – by Component



SolutionServices



Identity Verification Market – by Deployment



On-PremiseCloud



Identity Verification Market – By Organisation Size



Small & Medium EnterprisesLarge Enterprises



Identity Verification Market – By End-User



Banking & Financial SectorInsurance SectorGovernment and DefenseHealthcareIT & TelecomRetailMobilityOthers



Identity Verification Market – by Geography



North AmericaUSCanadaMexicoEuropeFranceGermanyUKItalyRussiaRest of EuropeAsia Pacific (APAC)ChinaIndiaJapanAustraliaSouth KoreaRest of APACMEASaudi ArabiaUAESouth AfricaRest of MEASAMBrazilArgentinaRest of SAM



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