Identity Verification Market Analysis

The global identity verification market generated revenue of US$ 6.2 billion in 2020 and is expected to reach US$ 11.8 billion by 2025 with a CAGR of 13.7% in the forecast period. The identity verification market report offers a comprehensive market analysis of the different segments and regions that lets readers make crucial business-related decisions with a wealth of information enclosed in this report.  The research report offers both qualitative and quantitative information on the global identity verification market. In qualitative terms, the identity verification market report provides insights into numerous factors, such as market determinants, value chain analysis, emerging trends, growth opportunity analysis, porters five-force model analysis and macro-economic factors, segment analysis, regional analysis at a granular level. Similarly, in quantitative terms, the report provides historical and forecast market numbers of identity verification in various segments such as by component, deployment model, enterprise size & industry at global, regional, and country-level.  In addition, the report provides a detailed analysis of the market vendors and their product offerings. The report also covers details of the competitive market environment and includes information on the capabilities and competencies of market vendors.

Segment Analysis

• Solution segment accounts the dominating position in the market.  
  • Based on components, the identity verification market is segmented into solutions and services. The solution segment holds the dominating position in the market in 2020 and is expected to retain its dominance throughout the forecast period. The service segment is further segmented into professional and managed services. The professional service segment accounts the dominant position in the market in 2020 whereas the managed service segment is expected to grow with the highest CAGR in the forecast period.   
• Banking, financial services, and insurance segment account the dominating position in the market. 
  • Based on industry, the market for identity verification is segmented into, Banking, financial services, and insurance (BFSI), Government and defense, Retail, Healthcare, IT and telecom, Energy and utilities, others. Over the projection period, Banking, financial services, and insurance (BFSI) vertical is expected to lead the market with the highest share. The retail sector is expected to develop at the highest rate in the global identity verification market. 
• Cloud based deployment model is expected to grow with the highest CAGR in the forecast period.
  • Based on deployment model, the identity verification market is segmented into on-premises and cloud based. The cloud based deployment model is expected to grow with the highest CAGR during the forecast period. In addition, on-premises hold a dominant market position in 2020 and are expected to remain dominant over the forecast period. 
• Large Enterprises segment accounts the dominating position in the market. 
  • Based on enterprise size, the identity verification market is segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to grow with the highest CAGR during the forecast period. Moreover, the large enterprise segment holds the dominating position in the market in 2020 and is expected to retain its dominance throughout the forecast period.
• North America accounts the dominating position in the market. 
  • Based on the region, the identity verification market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to contribute the larger market share in 2020. The United States and Canada are the largest market-driven countries in this region. Moreover, Asia Pacific is projected to rise at the fastest CAGR in the forecast period. China, India, and Japan are some of the major market-driven countries in the world.
• Identity Verification Market Players:
  • Some of the major players of identity verification market are Acuant, Authenteq, Equifax, Experian, Gemalto, Idemia, Idenfy, Idmerit, Jumio, Mitek Systems. The study also focuses on different business or inorganic market growth strategies through technology advancement, business expansion, alliances and mergers and acquisitions to create disruptive technologies and consumer networks. 
• Key questions the report answers 
  • Which factors will contribute to a change in the demand for identity verification during the evaluation phase?
  • What are the major driving factors that accelerate the growth of the market?
  • What are the restraints which hinders the growth of the market?
  • What segment offers the most development opportunities?
  • Which region provides the key growth opportunity to the market?
  • Who are the major industry players?
  • What are the key strategies adopted by the market players?