The global identity verification market is anticipated to grow at a considerable CAGR of 17% during the forecast period. The Identity verification ensures that there is a real person behind a process and proves that they are who they claim to be. This prevents anyone from carrying out a process on other people’s behalf without authorization, creating false identities, or committing fraud. The companies are launching new solutions and services to prevent cybercrimes and improve customer experience. For instance, in April 2022, Early Warning Services, LLC, and seven of the largest banks in the US introduced Authentify, a new identity verification service for consumers and businesses. While on a participating business’ website or app, consumers can choose to be redirected to log into their online or mobile banking experience. The consumer can then share their bank-trusted data with that company, supporting them streamline their identity verification process. In April 2022, Nametag, the creator of the new standard for end-user identity verification, released its international government-issued ID verification capability. Nametag allows companies to authenticate users for account recovery and access, no matter where they are located.
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Several other product launches include-
- In February 2022, Smile Identity, the pan-African identity verification provider, announced the launch of Document Verification, its latest product designed to help companies, onboard users, onto their platforms.
- In February 2022, TSB launched a new digital onboarding journey with Onfido’s award-winning identity verification technology. Biometric technology from Onfido provides a secure and seamless verification process.
- In June 2021, Stripe launched Stripe Identity, an identity verification tool to increase trust online. Robust identity verification helps prevent fraud, simplify compliance, and increase trust.
- In February 2021, Ping Identity, the Intelligent Identity solution for the enterprise, launched PingOne Verify, a new cloud service that helps enterprises make it easy for customers to verify their identity for rapid account onboarding, authentication, and fraud prevention. The new PingOne Service is the latest addition to Ping Identity’s suite of cloud services for identity and access management (IAM).
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Market Coverage
- Segment Covered-
o By Deployment
o By Verification Type
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- including Equifax Inc., GB Group Plc, Intellicheck Inc., Jumio Corp., LexisNexis Risk Solutions Group, Mastercard Inc., Nuance Communications Inc., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Identity Verification Market Report Segment
By Deployment
- Cloud-Based
- On-Premises
By Verification Type
- Non-biometrics type
- Knowledge-Based Authentication
- SMS-Based Two-Factor Authentication
- Credit Bureau-Based Solutions
- Database Solutions
Biometrics Authentication
- Fingerprint
- Facial Patterns
- Voice-Based
- Others (Iris based, Palm or finger veins Patterns)
By Application
- BFSI
- Government
- Aerospace & defense
- Healthcare
- Retail and eCommerce
- IT & Telecom
- Energy and Utilities
- Others (Education, Travel, and Gaming)
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