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Global Identity Verification Market Report 2022: An $8 Billion Market in 2021 - Data from 2020 to 2021, Estimates for 2022 and 2024 with Projections of CAGRs Through 2026

[June 29, 2022]

Global Identity Verification Market Report 2022: An $8 Billion Market in 2021 - Data from 2020 to 2021, Estimates for 2022 and 2024 with Projections of CAGRs Through 2026

DUBLIN, June 29, 2022 /PRNewswire/ -- The "Identity Verification: Global Markets 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The identity verification market is expected to grow from $8 Billion in 2021 to reach $17.7 Billion in 2026 for a compound annual growth rate (CAGR) of 17.1%.

Identity verification is a wide-ranging solution intended to secure the customer enrollment process by providing a real-time seamless onboarding experience and lowering the risk of identity fraud. These processes are required in the online and offline procedures. The utilization of an identity verification system eliminates invasive and unauthorized permissions. It is used in end-user industries such as banking, financial services, security operation centers, defense, military and insurance.

The increasing frequency of identity theft and cyberattacks is driving identity verification market growth. Businesses are frequently becoming dependent on computer networks and digital data to manage their daily business operations and processes. An increase in the number of cybercrimes enables cybercriminals to hack highly advanced and sophisticated bank accounts and convert them into opening interest payment accounts, online merchant accounts, and fake mobile phone accounts using stolen credentials.

During the COVID-19 pandemic, various organizations ramped up their identity verification processes in an attempt to safeguard customers from fraud. For instance, according to Trulioo, a global identity verification provider, around 72% of online marketplaces have expanded their adoption of ID verification technology during this global pandemic.

Moreover, more than half of the financial institutions and banks have adopted identity verification systems. The adoption of solutions through stringent regulations and the need for compliance are influencing the market growth. Regulatory authorities have become stricter about know your customer (KYC) and anti-money laundering (AML) compliance.

Report Scope

Identity verification-based products that are in the pilot phase or are live for demonstration purposes have not been considered in the calculation of the overall market size.
The market size includes the market of both identity verification components, olutions, services, deployment types, and organization size.
The final market estimates and forecasts from industry experts are also aligned in the report.
The report includes both verification types and end-user industries for the calculation of overall market size.
Identity authentication-based software, solutions and services have not been considered in the report.

Report Includes

Estimation of the market size and analyses of global market trends, with data from 2020 to 2021, estimates for 2022 and 2024 with projections of compound annual growth rates (CAGRs) through 2026
Highlights of the market potential for identity verification market, based on component, type, deployment type, organization size, end-use industry and region
Coverage of growing digitization activities by public and private enterprises, discussion on evolving privacy issues and insights into the regulatory landscape
Identification of market drivers, restraints and other forces impacting the global market and evaluation of current market size and forecast, and assessment of new developments in the industry
Market share analysis of the key companies of the industry and coverage of their proprietary technologies, strategic alliances, and other key market strategies and a relevant patent analysis
Comprehensive company profiles of the leading players, including AccuraTechnolabs, Equifax Inc., Forgerock, Intellicheck Inc., Mastercard and Thales Group

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Executive Summary and Highlights

Chapter 3 Industry Outlook

Identity Verification Industry Value Chain Analysis
Market Drivers
Rising Number of Identity Thefts and Fraudulent Activities
Growing Digitization Activities by Public and Private Enterprises
Market Restraints
Price Disparity in Identity Verification Solutions and Services Provided by Vendors
Evolving Privacy and Regulatory Landscape
Market Opportunities
Rising Trend of Bring Your Own Device (BYOD)
Implementation of New Technologies
Global Market for Identity Verification-PESTEL Analysis
Impact of COVID-19

Chapter 4 Global Market for Identity Verification by Component