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.
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 major players operating in the market for identity verification market include Acuant, Inc., Authenteq, Gemalto N.V. (Thales group), IDEMIA, Mitek Systems, Inc., Experian Information Solutions, Inc., Jumio Lexisnexis, Onfido, and Trulioo among others.
The global identity verification market by component type was led by solution segment. The identity verification solution enables the various devices such as smartphones and wearable to function like the credentials in order to provide access into secured areas, is opportunistic for the growth of the market. Solution held the second largest market in 2018 and is anticipated to maintain its position in the forecast period from 2019 – 2027.