Identity Verification: Global Markets

·3 min read

Report Scope: The scope of the report includes the global market of commercially deployed identity verification products, solutions, and services. - Identity verification-based products that are in the pilot phase or are live for demonstration purposes have not been considered in the calculation of the overall market size.

New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Identity Verification: Global Markets" -

- The market size includes the market of both identity verification components, solutions, services, deployment types, and organization size.
- The final market estimates and forecasts from industry experts are also aligned in the report.
- The report includes both verification types and end-user industries for the calculation of overall market size.
- Identity authentication-based software, solutions and services have not been considered in the report.

Report Includes:
- 75 data tables and 19 additional tables
- An overview of the global market for identity verification
- Estimation of the market size and analyses of global market trends, with data from 2020 to 2021, estimates for 2022 and 2024 with projections of compound annual growth rates (CAGRs) through 2026
- Highlights of the market potential for identity verification market, based on component, type, deployment type, organization size, end-use industry and region
- Coverage of growing digitization activities by public and private enterprises, discussion on evolving privacy issues and insights into regulatory landscape
- Identification of market drivers, restraints and other forces impacting the global market and evaluation of current market size and forecast, and assessment of new developments in the industry
- Market share analysis of the key companies of the industry and coverage of their proprietary technologies, strategic alliances, and other key market strategies and a relevant patent analysis
- Comprehensive company profiles of the leading players, including AccuraTechnolabs, Equifax Inc., Forgerock, Intellicheck Inc., Mastercard and Thales Group

Identity verification is a wide-ranging solution intended to secure the customer enrollment process by providing a real-time seamless onboarding experience and lowering the risk of identity fraud.These processes are required in the online and offline procedures.

The utilization of an identity verification systemeliminates invasive and unauthorized permissions. It is used in end-user industries such as banking, financial services, ITsecurity operation centers, defense, military and insurance.

The increasing frequency of identity theft and cyberattacks is driving identity verification market growth.Businesses are frequently becoming dependent on computernetworks and digital data to manage their daily business operations and processes.

An increase in the numberof cybercrimes enables cybercriminals to hack highly advanced and sophisticated bank accounts and convert theminto opening interest payment accounts, online merchant accounts, and fake mobile phone accounts using stolen credentials.

During the COVID-19 pandemic, various organizations ramped up their identity verification processes in an attempt to safeguard customers fromfraud. For instance, according to Trulioo, a global identity verification provider, around 72% of online marketplaces have expanded their adoption of ID verification technology during this global pandemic.Moreover,more than half of the financial institutions and banks have adopted identity verification systems. The adoption of solutions through stringent regulations and the need for compliance are influencingmarket growth. Regulatory authorities have become stricter about knowyour customer (KYC) and anti-money laundering (AML) compliance. The identity verificationmarket is expected to growfromREDACTED in 2021 to reach REDACTED in 2026 for a compound annualgrowth rate (CAGR) of REDACTED.
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