Outlook on the Identity Verification Global Market to 2026 - by Component, Type, Enterprise Size, Deployment Type, End-user and Region

DUBLIN, Jan. 15, 2021 /PRNewswire/ -- The "Global Identity Verification Market By Component, By Type, By Enterprise Size, By Deployment Type, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.

The Global Identity Verification Market size is expected to reach $17.8 billion by 2026, rising at a market growth of 13.4% CAGR during the forecast period. Identity Verification provides security solutions in order to make sure the unique authentication and identity verification of an individual. The security solutions are comprised of real-time physical documents including voice recognition devices, artificial intelligence biometrics, and several others. The use of this system reduces unauthorized and hostile access requests. It usually finds its application in the defense, IT security operation centers, and military sectors.

The major factors driving the identity verification market include growing digitization initiatives, identity theft, an increase in fraudulent activities from the past decade, and an increase in the use of digital identities among verticals. Furthermore, governments and enterprises have also taken many initiatives to focus on digitalization and adoption of new technologies, like ML, AI, and automation in identity verification solutions and this will provide lucrative opportunities for vendors of identity verification.

Based on Component, the market is segmented into Solutions and Services. Solution segment dominated the market in 2019. The services segment is expected to showcase significant growth opportunities during the forecast period.

Based on Type, the market is segmented into Non- Biometrics and Biometrics. The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation. The integration and introduction of AI and ML technologies in identity verification solutions in turn help organizations to remain proactive and make very effective detection and remediation in response to suspicious activities and invasive and unauthorized access requests on an enterprise network.

Based on Enterprise Size, the market is segmented into Large Enterprise and Small & Medium Enterprise. For SMEs, identity verification software is a simple, low cost, hassle-free, intuitive, and secure solution in order to meet their increasing needs. SMEs are very prone to cyber fraud owing to the availability of IT personnel, limited resources, and budget restraints; and are focused to adopt identity verification software in order to save their time, money, resources, and assets. The cloud deployment mode offers a realistic solution for the implementation of technology.

Based on Deployment Type, the market is segmented into On-premises and Cloud. cloud deployment is expected to grow at a higher CAGR in the coming years. Cloud-based identity verification solutions enable organizations to accomplish their costs as well as helps them in improving business alertness.

Based on End User, the market is segmented into BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication and Others. BFSI vertical has the largest market size during the foreseeable period. The augmented digitization of banking processes including digital onboarding and digital payments intended toward improving the experience of the customer are also boosting the necessity for identity verification all across the globe.

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is anticipated to contribute to the fastest-growing region during the foreseeable period as this region is getting technologically furnished with the prompt adoption of novel technologies. Factors including initiatives are taken by the government for tackling identity-related frauds, particularly for strengthening eKYC in order to verify identities, like compliance regulations initiated by countries, growing demand for cloud-based identity verification and increase in identity-related cyber-attacks are boosting the revenue growth in this region.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Experian PLC, Thales Group S.A., and RELX PLX are the forerunners in the Identity Verification Market. Companies such as GB Group PLC, Mitek Systems, Inc., and Equifax, Inc., Acuant, Inc., Onfido Limited, TransUnion LLC, Trulioo, Inc. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Experian PLC, GB Group PLC, Equifax, Inc., Mitek Systems, Inc., Thales Group S.A., RELX PLC (LexisNexis Risk Solutions, Inc.), Onfido Limited, Trulioo, Inc., Acuant, Inc. and TransUnion LLC.

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Key Topics Covered:

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Identity Verification Market, by Component
1.4.2 Global Identity Verification Market, by Type
1.4.3 Global Identity Verification Market, by Enterprise Size
1.4.4 Global Identity Verification Market, by Deployment Type
1.4.5 Global Identity Verification Market, by End User
1.4.6 Global Identity Verification Market, by Geography
1.5 Methodology for the research

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Business Unit Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Feb - 2020, Dec) Leading Players

Chapter 4. Global Identity Verification Market by Enterprise Size
4.1 Global Identity Verification Large Enterprise Market by Region
4.2 Global Identity Verification Small & Medium Enterprise Market by Region

Chapter 5. Global Identity Verification Market by Industry Vertical
5.1 Global BFSI Identity Verification Market by Region
5.2 Global Energy & Utilities Identity Verification Market by Region
5.3 Global Healthcare Identity Verification Market by Region
5.4 Global Retail & eCommerce Identity Verification Market by Region
5.5 Global Government & Defense Identity Verification Market by Region
5.6 Global IT & Telecommunication Identity Verification Market by Region
5.7 Global Other Industry Vertical Identity Verification Market by Region

Chapter 6. Global Identity Verification Market by Component
6.1 Global Identity Verification Solutions Market by Region
6.2 Global Identity Verification Services Market by Region

Chapter 7. Global Identity Verification Market by Deployment Type
7.1 Global On-premises Identity Verification Market by Region
7.2 Global Cloud Identity Verification Market by Region

Chapter 8. Global Identity Verification Market by Type
8.1 Global Non- Biometrics Identity Verification Market by Region
8.2 Global Biometrics Identity Verification Market by Region

Chapter 9. Global Identity Verification Market by Region
9.1 North America Identity Verification Market
9.2 Europe Identity Verification Market
9.3 Asia Pacific Identity Verification Market
9.4 LAMEA Identity Verification Market

Chapter 10. Company Profiles
10.1 Experian PLC
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Regional Analysis
10.1.4 Research & Development Expense
10.1.5 Recent strategies and developments:
10.1.5.1 Partnerships, Collaborations, and Agreements:
10.1.5.2 Acquisition and Mergers:
10.1.5.3 Product Launches and Product Expansions:
10.2 GB Group PLC
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expense
10.2.1 Recent strategies and developments:
10.2.1.1 Partnerships, Collaborations, and Agreements:
10.2.1.2 Acquisition and Mergers:
10.2.1.3 Product Launches and Product Expansions:
10.3 Equifax, Inc.
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Segmental and Regional Analysis
10.3.4 Recent strategies and developments:
10.3.4.1 Partnerships, Collaborations, and Agreements:
10.3.4.2 Acquisition and Mergers:
10.3.4.3 Product Launches and Product Expansions:
10.4 Mitek Systems, Inc.
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Research & Development Expenses
10.4.4 Recent strategies and developments:
10.4.4.1 Partnerships, Collaborations, and Agreements:
10.4.4.2 Acquisition and Mergers:
10.4.4.3 Product Launches and Product Expansions:
10.5 Thales Group S.A.
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Segmental and Regional Analysis
10.5.4 Research and Development Expense
10.5.5 Recent strategies and developments:
10.5.5.1 Partnerships, Collaborations, and Agreements:
10.5.5.2 Acquisition and Mergers:
10.5.5.3 Product Launches and Product Expansions:
10.6 RELX PLC (LexisNexis Risk Solutions, Inc.)
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Segmental and Regional Analysis
10.6.4 Research & Development Expense
10.6.5 Recent strategies and developments:
10.6.5.1 Partnerships, Collaborations, and Agreements:
10.6.5.2 Acquisition and Mergers:
10.6.5.3 Product Launches and Product Expansions:
10.7 Onfido Limited
10.7.1 Company Overview
10.7.2 Recent strategies and developments:
10.7.2.1 Partnerships, Collaborations, and Agreements:
10.8 Trulioo, Inc.
10.8.1 Company Overview
10.8.2 Recent strategies and developments:
10.8.2.1 Partnerships, Collaborations, and Agreements:
10.8.2.2 Product Launches and Product Expansions:
10.9 Acuant, Inc.
10.9.1 Company Overview
10.9.2 Recent strategies and developments:
10.9.2.1 Partnerships, Collaborations, and Agreements:
10.9.2.2 Product Launches and Product Expansions:
10.9.2.3 Acquisition and Mergers:
10.10. TransUnion LLC
10.10.1 Company Overview
10.10.2 Recent strategies and developments:
10.10.2.1 Product Launches and Product Expansions:
10.10.2.2 Acquisition and Mergers:
10.10.2.3 Business Unit Expansions:

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