A recent report published by Infinium Global Research on identity verification market provides an in-depth analysis of segments and sub-segments in the global as well as regional identity verification market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional identity verification market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global identity verification market. According to the report, the global identity verification market is projected to grow at a CAGR of 15.78% over the forecast period of 2019-2025.
Identity verification uses face-based biometrics, machine learning, and verification authorities to certify the person behind a transaction is present. Identity verification service is used both online and in person to verify identities. Industries that use identity verification services comprise digital businesses, financial services, telecom, and gaming and entertainment, travel and leisure, sharing economy businesses.
Strict government regulation regarding identity verification for improving safety and security is the major driving factor for the growth of the global identity verification market. As an increased number of data breach cases and data theft, growing need to verify the identity through paper documentation or digitally boost the growth of the market. Increasing demand for bringing your own device (BYOD) fuels the growth for the global identity verification market. An increasing number of fraud cases in the BFSI sector is the factor driving the growth of the global identity verification market. On the other hand, the high cost of identity verification solutions may hamper the growth of the global identity verification market. Furthermore, increasing demand for the digitalization and implementation of cloud-based solutions in various industries creates an opportunity for the growth of the global identity verification market.
Geographically, North America region dominates by the largest market share in the Identity verification market due to the growing demand Internet of things (IoT) and cloud-based solutions. Presence of large scale enterprises along with an increasing number of small scale businesses boosts the growth of the market in this region. In North America, the U.S. dominates the market followed by Canada and Mexico. Asia-Pacific region is expected to boost the growth of the Identity verification market in the forecast period. In the Asia-Pacific, China holds the largest market share followed by Japan and India. A growing number of large scale enterprises, as well as small-medium scale enterprises and increasing demand for identity verification due to fraud and theft, boost the growth of the market in the Asia-Pacific region.
The report on global identity verification market covers segments such as deployment, component, and end user. On the basis of deployment, the sub-markets include on-premise, and cloud. On the basis of component, the sub-markets include solutions, and services. On the basis of end user, the sub-markets include IT and telecommunication, healthcare, BFSI, and other end users.
The report provides profiles of the companies in the market such as Acuant, Inc., Gemalto NV, Experian Information Solutions, Inc., Trulioo, Mitek Systems, Inc., LexisNexis Risk Solutions, Equifax Inc., IDEMIA, Jumio Corp., Authenteq Ltd., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of identity verification market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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