Identity Verification Market Size to $18,125.7 Mn, Globally by 2027 at 14.3% CAGR: The Insight Partners

Identity Verification Market is emerging with Integration of AI and Other Advanced Technologies for Alerting and Pattern Based Monitoring by 2027

NEW YORK, UNITED STATES, March 11, 2022 /EINPresswire.com/ -- According to The Insight Partners’ new research report published by The Insight Partners, titled “Identity verification Market - Global Analysis and Forecast to 2027”, the global identity verification market is expected to reach US$ 18.12 billion in 2027, registering a CAGR of 14.3% during the forecast period 2019-2027.

Market Size Value in - US$ 6,208.5 Million in 2019
Market Size Value by - US$ 18,125.7 Million by 2027
Growth rate - CAGR of 14.3% from 2020-2027
Forecast Period - 2020-2027
Base Year - 2020
No. of Pages - 181
No. Tables - 110
No. of Charts & Figures - 81
Historical data available - Yes
Segments covered - Component ; Deployment ; Organization Size and Industry Vertical and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Presently, most of the customers of identity verification providers are large enterprises, mainly due to large scale operations and faster adoption of digital and technological advancements on these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Some of the primary reasons behind this include resource constraints and lack of knowledge & awareness about the potential benefits of digital transformation. Hence, the small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunity for players operating in the identity verification market.

Over the years, the financial regulators have intensified their focus on monitoring of fraud activities, which also includes a thrust for the financial institutes to adopt suitable security solutions. Furthermore, in the coming years, the regulators are expecting that the firms to be able to show, not only that they are capable of functioning the system appropriately, but also prove that their systems are efficient enough. This demand for sophisticated transaction monitoring system would be predominantly driven by the legislation like NYSDFS (New York States’ Department of Financial Services) part 504. In the coming years, the emergence of secure transaction platforms enabling the financial institutions to configure a range of monitoring scenarios, performing efficient data analysis and filter out the genuine suspicious activities from the other false positives, are expected to gain significant traction in the market. This, in response, is expected to bolster the demand for identity verification solutions. Therefore, increasing demand for secure transaction in the BFSI sector is driving the growth of identity verification market.

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The identity verification market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. APAC is expected to be the fastest growing region in the global identity verification market. Whereas, North America followed by Europe and APAC hold the highest market share in the identity verification market. Identity verification market is expected to experience significant growth in the coming years to meet the increasing demand for automation.

The growing sophistication of security information platforms and IT security-based tools & solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cyber security incidents has further led to an increased need for robust security solutions across enterprises. The market demand for identity verification solutions has gained significant traction in the past few years owing to the versatile capabilities of these systems such as identity verification, data identification, fraud detection, and others. The growing popularity of digitization and automation in various industry verticals that range from BFSI to healthcare is also anticipated to fuel the growth of the identity verification market during the forecast period of 2019 to 2027. Some of the prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, effective document authentication & verification, mitigate the risk of spoofing, and others. All these benefits and capabilities offered by identity verification provide long term benefits to enterprises. These versatile benefits are expected to drive the market growth of identity verification market.

Strategic Insights:

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.

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The Insight Partners
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