Global Identity Verification Market s

The Global Identity Verification Market size is expected to reach US$ XX Mn. by 2026 from US$ XX Mn. in 2019, at a CAGR of XX% during the forecast period.

 

The report covers the detailed analysis of the global identity verification industry with the classifications of the market on the basis of component,deployment, type, organization size,vertical and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players contribution in it.

 

Identity verification ensures that there is a real person behind a process and proves that the one is who he or she claims to be, preventing both a person from carrying out a process on our behalf without authorization, and creating false identities or commit fraud. Identity verification services were developed to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules. In present time identity verification has become a vital component for the transaction in financial institutions, e-commerce, government defense etc.

 

The report has profiled major key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in North America region. Major country’s policies about manufacturing and its impact on market demand are covered in the report.

Global Identity Verification Market Overview

 

The Covid-19 pandemic brought in major changes and workspace shift was a major change among them. Digital transformation across enterprises enabled them to provide remote working facilities to their employees. Although it is convenient and cost-effective, this scenario has its share of flaws, among which vulnerability of cyberattacks takes the first spot. Since everything is digital, it is easier for bad actors to manipulate systems as well as humans into believing wrong identities. Identity verification solutions are helpful in such kinds of scenarios.

 

The global identity verification market is expected to grow at the highest CAGR of XX% during the forecast period. Increasing cyber-attacks, identity-related frauds, and security concerns are the major driving factors for the growth of the identity verification market. However, government initiatives towards strengthening KYC/AML compliance, consumer preference towards digitalization, adoption of new technologies like AI, Machine Learning and automation in identity verification solution is expected to create positive growth for the global market. Cloud-based identity verification solutions are widely used by SMEs due to their feasible solution ease of deployment and cost-effectiveness.

Global Identity Verification Market Segment Analysis

 

Global Identity Verification Market

 

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The biometric segment is expected to grow at the highest CAGR of XX% during the forecast period. Biometric includes fingerprints, hand geometry, earlobe geometry, retina and iris patterns, voice waves, DNA, and signatures to verify an individual. Demand for seamless onboarding, compliance management, and fraud prevention are expected to grow the identity verification market across the globe. Non-biometrics is also expected to hold a significant share of the global identity verification market due to increased money laundering, fraudulent activities, and processing of the high-risk transactions. It is also used for KYC compliance and business process automation.

 

Global Identity Verification Market1

 

BFSI vertical held the largest market share of XX% in 2019 and is expected to witness the highest growth at a CAGR of XX% during the forecast period. Digitalization of banking processes such as digital onboarding, digital payment, etc. are the major boosting factors of the identity verification solutions in the BFSI sector. Identity verification is widely used in the banking sector to reduce fraud and abuse and enhance users’ experience by assuring that users are genuine, and entitled to the services they are claiming.

Global Identity Verification Market Regional Insights

 

According to the report North America is expected to hold largest market share of XX% by 2026. Technological advancement, high number of early adopters and presence of major market players are attributed for the largest market share in North America. Asia pacific is expected to witness fastest growth at CAGR of XX% during the forecast period due to increasing adoption of new technologies in the various sectors like BFSI, e-commerce, Healthcare etc. However, government regulations for strengthening eKYC for verifying identity and curb identity related frauds.

 

The objective of the report is to present a comprehensive analysis of the global identity verification market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

 

The report also helps in understanding global identity verification market dynamics, structure by analyzing the market segments and project global identity verification market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global identity verification market make the report investor’s guide.

Scope of the Global Identity Verification Market: Inquire before buying

 

Global Identity Verification Market2

Global Identity Verification Market, by Region:

 

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East Africa

Global Identity Verification Market Key Players

 

  • Finicity Corporation
  • Onfido Limited
  • Acuant Inc.
  • Intellicheck Inc.
  • Jumio Corp.
  • Trulioo Information Services Inc.
  • Mitek Systems Inc.
  • Veriff
  • Ekata Inc.
  • GBG
  • Equifax
  • Thales Group
  • LexisNexis Risk Solutions
  • IDEMIA
  • TransUnion
  • IDology
  • Innovatrics

For More Information Vist : https://www.maximizemarketresearch.com/market-report/global-identity-verification-market/91493/

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