SecurityWorldMarket

23/10/2020

US to lead identity verification market to 2025

Northbrook, Il

The latest Identity Verification market information from Marketsandmarkets shows that this sector is estimated to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025, at a CAGR of 15.6% during the forecast period.  Analysts describe the market drivers as increased digitalisation with initiatives, increased fraudulent activities and identity theft, and increased use of digital identities across various verticals.

The research finds that non-biometrics identity verification solutions are the most utilised type of product in this arena as they are used to verify documents, such as government IDs, passport, driving license, and credit or debit cards. The non-biometrics solutions are majorly used for remote customer onboarding, fraudulent ID detection, KYC/AML compliance, and business process automation. The introduction and integration of AI and ML technologies into identity verification solutions helps organisations be proactive and make highly effective detection and remediation of suspicious activities and unauthorised and invasive access requests on an enterprise network. With the rapidly growing identity-based attacks and frauds, identity verification solutions are becoming essential. The non-biometrics solution segment is an essential part of identity verification solutions and is expected to witness a huge growth in the coming years, according to Marketsandmarkets.

Cloud deployment is predicted to grow at a higher CAGR than traditional models during the forecast period. Cloud-based identity verification solutions are not only enabling organisations to manage their costs but are also helping them in improving business agility. It is the fastest-growing deployment model in the identity verification market. SMEs prefer cloud-based deployment, as it is cost-effective and easy to deploy. With the cloud-based deployment of these solutions, small enterprises can assess vulnerabilities and reduce threat landscape at a much lower cost, thus improving their customer services. The cloud-based platform offers a centralised way to verify identities. For organisations having strict budgets on security investments, cloud-based identity verification solutions offer a good fit.

As a technically active and strong player in this field, North America is expected to contribute the highest market share geographically and in terms of revenues during the forecast period. Factors such as the development of government initiatives, such as smart infrastructure, smart cities, digital identity-based driver’s license, and the use of identity verification by the US police to track criminals suspected of major and minor crimes, as well as to find missing persons, are also driving the need of identity verification across North America. Additionally, increasing demand for cloud-based identity verification services among enterprises, especially SMEs, due to advantages such as scalability and cost effectiveness are expected to fuel the growth of identity verification in the region.

Major vendors listed by the researchers as being active in the global identity verification market include Experian, Equifax, Miltek Systems, Thales, Lexisnexis, Onfido, Acuant, Idemia, Transunion, Securekey, Idenfy and Passbase, amongst others. 


Tags

Product Suppliers
Back to top