The Identity Verification Market report provides estimates for market development trends in the ICT industry from 2021 to 2029. It analyzes challenges that the ICT industry may encounter during its growth trajectory. This exceptional report offers insights into the strategic profiling of key players, systematically analyzing their core competencies and providing a competitive landscape. Additionally, it presents valuable market data, future forecasts, and a thorough analysis of the market at both global and regional levels. The report includes an analysis of upstream raw materials, downstream demand, and current market dynamics.
 
Furthermore, the Identity Verification Market document discusses the technologies that need attention to incentivize future growth, their effects on the market, and how they can be effectively utilized. The market research report conducts a meticulous investigation into the current state of the market, covering various market dynamics. Calculations in the report, based on a specific base year and historic year, provide insights into market performance, including information on market definition, classifications, applications, and engagements.
 
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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