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.
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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 system segment of the market.
Unique Features in the Identity Verification Market
By enabling users to scan and confirm identity documents including passports, driver’s licences, and national IDs, identity verification systems help users confirm the legitimacy and authenticity of these documentation.
Advanced identity verification systems improve security and accuracy by analysing user behaviour, spotting anomalies, and preventing identity fraud in real-time through the use of machine learning and artificial intelligence (AI) algorithms.
A safe and open way to confirm people’s identities while maintaining data integrity and privacy is offered by identity verification services that use blockchain technology to generate decentralised, tamper-proof digital IDs.
Solutions for identity verification provide international coverage, enabling people to verify their identities anywhere in the globe while adhering to local laws and standards in various countries.
For improved security and fraud protection, identity verification platforms combine various authentication elements, such as biometrics, one-time passwords (OTPs), and knowledge-based authentication (KBA), into multi-factor authentication (MFA) choices.
Major Highlights of the Identity Verification Market
In order to comply with legal requirements and prevent financial crimes, identity verification solutions are becoming more and more in demand due to stringent regulatory requirements like Know Your Customer (KYC), Anti-Money Laundering (AML), and General Data Protection Regulation (GDPR).
The need for remote identity verification solutions has grown as a result of the move to remote work and digital banking. These solutions enable businesses to onboard customers and verify identities remotely without requiring physical presence or paper-based documents.
Identity verification systems are essential for preventing fraud since they authenticate people’s identities and instantly identify fraudulent behaviours such account takeovers, identity theft, and synthetic identity fraud.
By optimising verification procedures, decreasing manual intervention, and cutting down on the time and effort needed for identity verification throughout account registration and transaction procedures, identity verification systems help to create a smooth and frictionless user experience.
In order to improve their services, broaden their customer base, and comply with changing regulations and customer demands, identity verification companies are collaborating and merging with technology companies, financial institutions, trade associations, and regulatory agencies.
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Competitive Overview:
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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