MarketsandMarkets forecasts the global identity verification market size estimated to be USD 9.5 billion in 2022 and is projected to reach USD 18.6 billion by 2027, at a CAGR of 14.4% during the forecast period. Globally increasing identity thefts with increasing risks of fraudster access, stringent government regulations, and growing digitalization initiatives are key factors driving the market growth.
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What is Identity Verification?
Identity verification is a process of verifying the individual’s identity by using publicly or privately available databases. The solutions offered in the identity verification market help organizations verify an individual’s identity quickly and easily, thereby actively improving customer experience and complying with privacy laws, Anti Money Laundering (AML) legislation, and Know Your Customer (KYC) requirements.
By component, the services segment to grow with the highest CAGR during the forecast period
The identity verification market is segmented into solutions and services on the basis of components. The services segment has the highest CAGR because of the increase in smartphone penetration and the adoption of online services that have prompted businesses and governments to use digital identities for identity verification. Also, the ability of an online identity verification service to process and approve customers quickly and without friction is boosting the growth of the services segment. Furthermore, a number of educational institutions have begun including online identity verification services in their online curriculum. These services may be used to authenticate students remotely when they sign up for or take part in online classes. Thus, leading to growth in the services segment.
By type, the biometrics segment to hold a larger market size during the forecast period
The identity verification market is segmented into biometric and non-biometric based on the type. The biometrics market is anticipated to be driven by the rise in digitization, which is accompanied by an increase in online services and other organizational activities. Currently, the manufacturers of biometric systems are concentrating more on creating cutting-edge contactless solutions based on technologies like vein, iris, and 3D face recognition. As a result, the market for contactless biometric systems is anticipated to expand more rapidly post-pandemic. Additionally, the need for consumers for easy onboarding, compliance management, and fraud protection is driving considerable growth in the biometric segment of the market.
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The identity verification market is led by some of the globally established players, such as Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales (France), GBG (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), Acuant (US), Mitek Systems (US), IDEMIA (France), Jumio (US), and others. Partnerships, agreements, collaboration, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
Experian (Ireland) is a market leader in the world for consumer and commercial credit reporting and marketing services. The company offers products and services for managing credit risk, safeguarding clients from fraud and identity theft, and analyzing the market and consumer demand. Its four primary business segments are consumer services, marketing services, decision analytics, and credit services. It helps its clients understand and control their financial status and safeguards them against fraud and identity theft. It operates in the healthcare, retail, financial institutions, telecommunications, and automotive industries. Through collaborations and acquisitions, the firm has grown its portfolio and market presence with companies such as Prove Identity (US), Citadel API (US), Global Data Consortium (US), Microsoft (US), and many more.
Thales (France) specializes in a system that controls digital identities and safeguards “Next-Generation Digital Security” assets to secure the global shift toward digital commerce, border management, and IoT. Thales Group provides identity verification services that include features including document verification, face verification, and onboarding. Thales acquired Gemalto in 2019 and utilized Gemalto’s biometric security expertise.
Thales specializes in data encryption, tokenization, data masking, Hardware Security Module (HSM) management, key management, and digital signature. Thales Group’s identity management and data security solutions assist banks in exchanging cash, maintaining border control, and a variety of other applications.
Apart from large vendors, some other players, such as HyperVerge, AU10TIX, Innovatrics, Intellicheck, Signicat, and SecureKey Technologies are also evolving in the identity verification market. Intellicheck is dedicated to providing the finest identity verification solutions with an extremely effective approach, identifying false IDs 99.9% of the time. The company offers mobile, browser, and scanner solutions that simplify reaping the benefits of accurate and rapid identity verification. The solutions offered by the company include Preventing Fraud, Know Your Customer, Age Verification, and Intellicheck Identity Platform, amongst other things.
According to MnM’s approach to evaluating the market, the majority of businesses use inorganic growth tactics to hold onto their market share. In 2020–2021, the number of transactions rose by 50–60%. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities abruptly decreased as a result of the COVID-19 pandemic. On the other hand, organizations are anticipated to embrace organic growth strategies starting in 2021 to provide end consumers with identity verification solutions and services, which would assist businesses in boosting market revenue.
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