Identity Verification Market Size to Grow by USD 10.23 billion| Increase in Digitalization with Electronic ID cards and Smart Infrastructure Initiatives to boost market growth| Technavio

NEW YORK, April 12, 2022 /PRNewswire/ -- According to the research report, Identity Verification Market will witness a YOY growth of 23.59% in 2022 at a CAGR of 16.86% during the forecast period. The report is segmented by component (solution and services) and geography (North America, APAC, Europe, South America, and Middle East and Africa). One of the primary forces driving the identity verification market growth is the increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives.

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Vendor Insights 

The identity verification market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.   

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

•  Applied Recognition Corp.
• Authenteq Tarbena GmbH
• Equifax Inc.
• Experian Plc
• GB Group plc
• ICTS International NV
• ID Merit
• Intellicheck Inc.
• Jumio Corp.
• Khosla Labs Pvt. Ltd.
• Mastercard Inc.
• Onfido
• PXL Vision AG
• RELX Plc
• SecureKey Technologies Inc.
• Shufti Pro Ltd.
• Thales Group
• TransUnion
• UAB Identifikaciniai Projektai
• WebID Solutions GmbH
• Mitek Systems Inc.

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Geographical Market Analysis 

North America will account for 30% of the market's growth. In North America, the primary markets for identity verification are the United States and Canada. The market in this region will grow at a slower rate than the market in other regions.

The availability of suitable IT and business infrastructure will aid the expansion of the identity verification market in North America. Furthermore, countries such as the US, Canada, India, UK, and Germany are expected to emerge as prominent markets for Identity Verification Market during the forecast period. 

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Key Segment Analysis

The solution segment's share of the identity verification market will expand significantly. Businesses employ identity verification systems to ensure that users or customers supply information that is linked to a real person's identity. It verifies that a process is being run by a real person and that they are who they say they are. This stops persons from acting on behalf of others without their permission, creating false identities, or committing fraud.

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Key Market Drivers & Challenges: 

One of the primary forces driving the identity verification market growth is the increase in digitalization with electronic ID cards (eID) and smart infrastructure initiatives. Bring your own device (BYOD) use is increasing among businesses, which is contributing to market growth. However, worries about data privacy and security are some of the factors impeding the growth of the identity verification industry.

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between2021 and 2026

• 4.2 Bargaining power of buyers
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Component

• 5.1 Market segments
• Exhibit 24: Chart on Component - Market share 2021-2026 (%)
• Exhibit 25: Data Table on Component - Market share 2021-2026 (%)

• 5.2 Comparison by Component
• Exhibit 26: Chart on Comparison by Component
• Exhibit 27: Data Table on Comparison by Component

• 5.3 Solutions - Market size and forecast 2021-2026
• Exhibit 28: Chart on Solutions - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Solutions - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Solutions - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Solutions - Year-over-year growth 2021-2026 (%)

• 5.4 Services - Market size and forecast 2021-2026
• Exhibit 32: Chart on Services - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Services - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Services - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Services - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Component
• Exhibit 36: Market opportunity by Component ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 North America - Market size and forecast 2021-2026
• Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.4 APAC - Market size and forecast 2021-2026
• Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.5 Europe - Market size and forecast 2021-2026
• Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026
• Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026
• Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 US - Market size and forecast 2021-2026
• Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.9 India - Market size and forecast 2021-2026
• Exhibit 66: Chart on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on India - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on India - Year-over-year growth 2021-2026 (%)

• 7.10 UK - Market size and forecast 2021-2026
• Exhibit 70: Chart on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on UK - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on UK - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on UK - Year-over-year growth 2021-2026 (%)

• 7.11 Canada - Market size and forecast 2021-2026
• Exhibit 74: Chart on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on Canada - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on Canada - Year-over-year growth 2021-2026 (%)

• 7.12 Germany - Market size and forecast 2021-2026
• Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography
• Exhibit 82: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 88: Matrix on vendor position and classification

• 10.3 Equifax Inc.
• Exhibit 89: Equifax Inc. - Overview
• Exhibit 90: Equifax Inc. - Business segments
• Exhibit 91: Equifax Inc. - Key news
• Exhibit 92: Equifax Inc. - Key offerings
• Exhibit 93: Equifax Inc. - Segment focus

• 10.4 Experian Plc
• Exhibit 94: Experian Plc - Overview
• Exhibit 95: Experian Plc - Business segments
• Exhibit 96: Experian Plc - Key offerings
• Exhibit 97: Experian Plc - Segment focus

• 10.5 GB Group plc
• Exhibit 98: GB Group plc - Overview
• Exhibit 99: GB Group plc - Business segments
• Exhibit 100: GB Group plc - Key news
• Exhibit 101: GB Group plc - Key offerings
• Exhibit 102: GB Group plc - Segment focus

• 10.6 Intellicheck Inc.
• Exhibit 103: Intellicheck Inc. - Overview
• Exhibit 104: Intellicheck Inc. - Product / Service
• Exhibit 105: Intellicheck Inc. - Key news
• Exhibit 106: Intellicheck Inc. - Key offerings

• 10.7 Jumio Corp.
• Exhibit 107: Jumio Corp. - Overview
• Exhibit 108: Jumio Corp. - Product / Service
• Exhibit 109: Jumio Corp. - Key news
• Exhibit 110: Jumio Corp. - Key offerings

• 10.8 Mastercard Inc.
• Exhibit 111: Mastercard Inc. - Overview
• Exhibit 112: Mastercard Inc. - Product / Service
• Exhibit 113: Mastercard Inc. - Key news
• Exhibit 114: Mastercard Inc. - Key offerings

• 10.9 Mitek Systems Inc.
• Exhibit 115: Mitek Systems Inc. - Overview
• Exhibit 116: Mitek Systems Inc. - Product / Service
• Exhibit 117: Mitek Systems Inc. - Key news
• Exhibit 118: Mitek Systems Inc. - Key offerings

• 10.10 Onfido
• Exhibit 119: Onfido - Overview
• Exhibit 120: Onfido - Product / Service
• Exhibit 121: Onfido - Key offerings

• 10.11 RELX Plc
• Exhibit 122: RELX Plc - Overview
• Exhibit 123: RELX Plc - Business segments
• Exhibit 124: RELX Plc - Key offerings
• Exhibit 125: RELX Plc - Segment focus

• 10.12 Thales Group
• Exhibit 126: Thales Group - Overview
• Exhibit 127: Thales Group - Business segments
• Exhibit 128: Thales Group - Key offerings
• Exhibit 129: Thales Group - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist
• Exhibit 130: Inclusions checklist
• Exhibit 131: Exclusions checklist

• 11.3 Currency conversion rates for US$
• Exhibit 132: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 133: Research methodology
• Exhibit 134: Validation techniques employed for market sizing
• Exhibit 135: Information sources

• 11.5 List of abbreviations
• Exhibit 136: List of abbreviations

About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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