Identity Verification Market Share, Growth, Trends & Forecast to 2027

 Overview

The global Identity Verification Market is expected to expand at an 37.29% CAGR during the forecast period, to reach USD 21.9 Billion by 2026. The geographic analysis of the market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The global identity verification market has been segmented based on component, deployment mode, organization size, and verticals.

Based on the component, the identity verification market has been segmented into solutions and services. The solutions segment held the larger market share of the global identity verification market and is also expected to witness a higher CAGR during the forecast period. The solution segment enables various devices to provide access to secure areas.  

Based on the type, the identity verification market has been segmented into Biometrics, Non- Biometrics. The biometrics segment held the largest market share of the global identity verification market.  Biometric identity verification solutions verify or recognize the identity of a person based on physiological characteristics such as fingerprint or face pattern.

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Based on deployment mode, the identity verification market has been segmented into on-premises and cloud. The cloud segment is expected to have a larger market share in the identity verification market during the forecast period. This is mainly due to the cost benefits of cloud deployment; it is largely adopted by various small and medium enterprises.

Based on organization size, the identity verification market has been segmented into SMEs and large enterprises. The SMEs segment is likely to register the higher CAGR in the global identity verification market owing to the increasing adoption of identity verification solutions and vulnerability to cyber threats.  The large enterprises segment accounted for the larger market size in 2019.

Based on verticals, the identity verification market has been segmented into BFSI, government and defense, healthcare & life sciences, retail and eCommerce, IT & ITeS, energy and utilities, and others. The other segment is further sub-segmented into education, travel, and gaming. The BFSI segment held the largest market share of the global identity verification market and is also expected to witness the highest CAGR during the forecast period. The rising digitization of banking processes, such as digital onboarding and payments, is anticipated to propel the market growth.

Competitive Analysis

The key players of the global identity verification market are 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).

Regional Analysis

The regional analysis for the global identity verification has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America accounted for the largest market share in 2019, and it is expected to register strong growth during the forecast period. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period, primarily due to the growing need to resolve cyber threat issues quickly.

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