By Infinium Global Research Aug, 2020
The Global Identity Verification Market is expected to grow at a CAGR of 15.78% between 2019 and 2025 in terms of value. As several governments seek stronger measures to prevent terrorism, money laundering, and other crimes that involve false identities, several countries are adopting identity verification solutions. In addition, 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 of 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. With the rise of digital banking and cloud-based solutions, 2016 saw a hacking high in North America with 35 breaches occurring every second. Sixty-four percent of these attacks were attempting to gain personal identity information such as social security numbers, banking information, and date of birth or even medical records. The use of identity verification enables carriers to streamline and digitize workflows, reduce manual entry and paperwork which could take several days to process while customers get a smoother and faster onboarding experience. Furthermore, creating another factor of authentication with facial biometrics offers additional assurance to validate whether or not a document is stolen, which helps mitigate the risk of spoofing. 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, the 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. The 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.