The global Identity verification market size is projected to grow from USD 8.6 billion in 2021 to USD 18.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period. The major factors driving the market include increasing digitization initiatives, increase in fraudulent activities and identity theft during the last decade and Increasing use cases of digital identities among verticals. However, price disparity in identity verification solutions and services may restrain the market growth.
The global market size of the identity verification market is expected to grow from 8.6 billion to 18.6 billion at a CAGR of 16.6% during the forecast period. Increasing digitalization with initiatives, increase in fraudulent activities and identity theft, and increasing use cases of digital identities are major growth factors for the market. Initiatives by governments and enterprises with focus on digitalization and increased adoption of cloud-based identity verification and the increasing need to improve customer expectations among verticals such as BFSI would provide lucrative opportunities for vendors in the identity verification market.
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In the type segment, non-biometrics segment to hold the largest market size during the forecast period
Non-biometrics identity verification solutions are used to verify documents, such as government IDs, passport, driving license, and credit or debit cards. The non-biometrics solutions are majorly used for remote customer onboarding, fraudulent ID detection, KYC/AML compliance, and business process automation. The introduction and integration of AI and ML technologies into identity verification solutions help organizations be proactive and make highly effective detection and remediation of suspicious activities and unauthorized and invasive access requests on an enterprise network. With the rapidly growing identity-based attacks and frauds, identity verification solutions are becoming essential. The non-biometrics solution segment is an essential part of identity verification solutions and is expected to witness a huge growth in the coming years.
Key and innovative vendors in the identity verification market include Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany).
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the identity verification market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
Experian is a global leader in consumer and business credit reporting and marketing services. Experian provides solutions and services to manage credit risks, protect customers from fraudulent activities and identity thefts, and understand the market and customer demand. For identity verification, the company offers identity management and identity proofing solutions, such as identity management, identity proofing, CIP, CrossCore, Authenticate, and ProveID, to verify the customers’ identity and comply with digital identity guidelines. Authenticate manages identity frauds to help the companies meet KYC and AML requirements, whereas ProveID checks identity verification to adhere to AML requirements. With 17,800 employees, Experian has a presence in 39 countries across North America; Europe, Middle East, and Africa (EMEA); APAC; and Latin America. Experian caters to various verticals, such as healthcare, retail, financial institutions, telecommunications, and automotive.
Mitek Systems develops, markets, and sells mobile capture and identity verification software solutions for enterprise customers. The company’s solutions are integrated into the native mobile apps and mobile-optimized websites to enhance mobile user’s experiences, fraud detection and reduction, and compliant transactions. Mitek Systems has leadership in identity verification with various latest technologies, including facial biometrics, image capture technology, and ID card verification that enable customers to onboard users without any hassle, verify identities within seconds and strengthen overall security against cybercrimes. The company’s products include Mobile Verify, Mobile Fill, Mobile Docs, Mobile Deposit, and Commercial Mobile Deposit Capture. For identity verification, it offers Mobile Verify and instant mobile verification. Mobile Verify is a next-generation digital identity verification service designed for the world’s leading marketplace and sharing platforms, and financial services organizations. With the major offices in North America and Europe, the company has customers from various industry verticals, including BFSI, cryptocurrency, digital marketplace, and travel.
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