Identity Verification Market report estimates 2021 - 2029 market development trends for ICT industry. The report analyses some of the challenges that ICT industry may have to face during the growth. This finest report also gives explanation about strategic profiling of key players in the market, systematic analysis of their core competencies, and provides a competitive landscape for the market. What is more, it offers worth mentioning market data along with future forecast and thorough analysis of the market on a global and regional level. Analysis of upstream raw materials, downstream demand, and current market dynamics is also performed in the top notch Identity Verification Market report.
 
The persuasive Identity Verification Market document discusses about what technologies need to be worked on in order to incentivize future growth, the effects they will have on the market, and how they can be used. Furthermore, this market research report also provides a watchful investigation of the current state of the market which covers several market dynamics. By taking definite base year and historic year for granted, calculations in the comprehensive Identity Verification Market report have been carried out which infers the market performance by providing information about what the market definition, classifications, applications, and engagements are.
 
Global identity verification market was valued at USD 8.41 billion in 2021 and is expected to reach USD 26.34 billion by 2029, registering a CAGR of 15.34% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Market Definition:
 
Identification verification refers to the services and products used to confirm the validity of a person's physical identity or their documentation, such as a driver's licence, passport, or another identity document that is issued nationwide. Identity verification is a crucial procedure that makes sure a person's identity corresponds to what it should.
 
Recent Developments
 
  • Experian will launch its Work Report digital verification service in November 2021, giving customers the option to approve the digital sharing of their payroll data with another company. It offers connectivity to payroll data from an employer to instantly authenticate a customer's gross and net income as well as their employment status and tenure.
  • In June 2020, GBG teamed with CredoLab to use GBG's digital/AI-driven risk management to quickly and confidently evaluate the creditworthiness of any Indonesian person, including the unbanked and underbanked.
  • GBG and What3words partnered in December 2019 to improve location data for merchants and logistic organisations to more easily target niche customers.
 
Some of the major players operating in the identity verification market are
  • Experian Information Solutions, Inc. (Ireland)
  • G.B. Group plc (‘GBG’) (U.K.)
  • Equifax, Inc. (U.S.)
  • Mitek Systems, Inc. (U.S.)
  • Thales (France)
  • LexisNexis Risk Solutions Group. (U.S.)
  • Onfido (U.K.)
  • Trulioo. (Canada)
  • Acuant, Inc. (U.S.)
  • IDEMIA (France)
  • Jumio (U.S.)
  • TransUnion LLC. (U.S.)
  • AU10TIX (Israel)
  • IDology. (U.S.)
  • Innovatrics (Slovakia)
  • Applied Recognition Corp. (Canada)
  • Signicat (Norway)
  • SecureKey Technologies Inc. (Canada)
  • IDfy (India)
 
Identity Verification Market Scope
 
The identity verification market is segmented on the basis of application, component, type, deployment mode, organization size and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
 
Application:
  • Credit Card Fraud
  • Bank Fraud
  • Phone or Utility Fraud
  • Employment or Tax-related Fraud
 
Component:
  • Solutions
  • Services
 
Type:
  • Non-Biometrics
  • Biometrics
 
Deployment Type:
  • On-Premise
  • Cloud
 
Organization Size:
  • Small and Medium-Sized Enterprises
  • Large Enterprises
 
Vertical:
  • BFSI
  • Government & Defense
  • Energy & Utilities
  • Retail & Ecommerce
  • IT & Telecom
  • Healthcare
  • Gaming
  • Others
 
 
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