Summary

KEY FINDINGS
The global identity verification market is predicted to record a CAGR of 15.57% during the forecast period, 2023-2032. The market growth is propelled by rising internet penetration and digital literacy, increasing digitalization initiatives, and growing occurrences of identity thefts.
MARKET INSIGHTS
Identity verification facilitates the validation of the user’s identity and the accuracy of the information provided by them. From a digital perspective, identity verification is done online using machine learning, artificial intelligence, and other advanced technologies.
Further, there is an increasing need for identity verification products and services. The rise in instances of identity theft and the heightened risk of fraudulent access to business networks, applications, and services worldwide are significant factors expected to drive the growth of the global identity verification market in the projected period. Identity theft poses a substantial concern for individuals globally, with its occurrence experiencing a substantial surge in recent years.
To illustrate, in 2022, the Federal Trade Commission reported 5.7 million allegations of fraud and identity theft, with 1.4 million cases involving identity theft specifically. Among the various categories of identity theft, fraud ranked highest, with 395,948 documented cases. Victims of fraud typically incur losses averaging $500, resulting in estimated total losses of $10.2 billion.
On the other hand, the global identity verification market growth restraints include the lack of technical expertise and price variations.
REGIONAL INSIGHTS
The global identity verification market growth evaluation includes the geographical analysis of North America, Europe, Asia-Pacific, and Rest of World. North America is the dominating region in the global market, accredited to favorable government support and surging applications.
COMPETITIVE INSIGHTS
The presence of well-established market players adds to the high competitive rivalry in the market. Some of the leading companies in the market are TransUnion LLC, Intellicheck Inc, Trulioo Information Services Inc, Nuance Communications Inc, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments

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Table of Contents

TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & ESTIMATES
2.2. MARKET OVERVIEW
2.3. SCOPE OF STUDY
2.4. CRISIS SCENARIO ANALYSIS
2.4.1. IMPACT OF COVID-19 ON IDENTITY VERIFICATION MARKET
2.5. MAJOR MARKET FINDINGS
2.5.1. STRINGENT GOVERNMENT REGULATIONS AND MANDATES CONCERNING PRIVACY
2.5.2. ADOPTION OF DIGITAL IDs
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. OCCURRENCES OF IDENTITY THEFTS
3.1.2. RISING DIGITALIZATION INITIATIVES
3.1.3. INCREASING INTERNET PENETRATION AND DIGITAL LITERACY
3.2. KEY RESTRAINTS
3.2.1. PRICE VARIATIONS IN IDENTITY VERIFICATION PRODUCTS
3.2.2. LACK OF TECHNICAL EXPERTISE AND NEED FOR SECURITY AWARENESS & TRAINING
4. KEY ANALYTICS
4.1. KEY TECHNOLOGY TRENDS
4.2. PORTER’S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTION
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING
4.3.1. GROWTH PROSPECT MAPPING FOR UNITED STATES
4.3.2. GROWTH PROSPECT MAPPING FOR GERMANY
4.3.3. GROWTH PROSPECT MAPPING FOR INDIA
4.3.4. GROWTH PROSPECT MAPPING FOR MEXICO
4.4. MARKET MATURITY ANALYSIS
4.5. MARKET CONCENTRATION ANALYSIS
4.6. VALUE CHAIN ANALYSIS
4.6.1. COMPONENTS
4.6.2. IDENTITY VERIFICATIONS
4.6.3. DEPLOYMENT
4.6.4. END-USE INDUSTRY
4.7. KEY BUYING CRITERIA
4.7.1. CAPACITY AND COVERAGE
4.7.2. FRAUD CAPABILITIES
4.7.3. DATA STORAGE AND SECURITY
4.7.4. VERIFICATION TYPES
5. MARKET BY COMPONENT
5.1. SOLUTION
5.2. SERVICE
6. MARKET BY DEPLOYMENT TYPE
6.1. ON-PREMISES
6.2. CLOUD
7. MARKET BY TYPE
7.1. BIOMETRICS
7.2. NON-BIOMETRICS
8. MARKET BY ORGANIZATION SIZE
8.1. SMES
8.2. LARGE ENTERPRISES
9. MARKET BY VERTICAL
9.1. BFSI
9.2. GOVERNMENT AND DEFENSE
9.3. HEALTHCARE & LIFE SCIENCES
9.4. RETAIL AND E-COMMERCE
9.5. IT & ITES
9.6. ENERGY AND UTILITIES
9.7. OTHER VERTICALS
10. GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1. MARKET SIZE & ESTIMATES
10.1.2. NORTH AMERICA IDENTITY VERIFICATION MARKET DRIVERS
10.1.3. NORTH AMERICA IDENTITY VERIFICATION MARKET CHALLENGES
10.1.4. NORTH AMERICA IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
10.1.5. KEY PLAYERS IN NORTH AMERICA IDENTITY VERIFICATION MARKET
10.1.6. COUNTRY ANALYSIS
10.1.6.1. UNITED STATES
10.1.6.1.1. UNITED STATES IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.1.6.2. CANADA
10.1.6.2.1. CANADA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2. EUROPE
10.2.1. MARKET SIZE & ESTIMATES
10.2.2. EUROPE IDENTITY VERIFICATION MARKET DRIVERS
10.2.3. EUROPE IDENTITY VERIFICATION MARKET CHALLENGES
10.2.4. EUROPE IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
10.2.5. KEY PLAYERS IN EUROPE IDENTITY VERIFICATION MARKET
10.2.6. COUNTRY ANALYSIS
10.2.6.1. UNITED KINGDOM
10.2.6.1.1. UNITED KINGDOM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.2. GERMANY
10.2.6.2.1. GERMANY IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.3. FRANCE
10.2.6.3.1. FRANCE IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.4. ITALY
10.2.6.4.1. ITALY IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.5. SPAIN
10.2.6.5.1. SPAIN IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.6. BELGIUM
10.2.6.6.1. BELGIUM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.7. POLAND
10.2.6.7.1. POLAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.2.6.8. REST OF EUROPE
10.2.6.8.1. REST OF EUROPE IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3. ASIA-PACIFIC
10.3.1. MARKET SIZE & ESTIMATES
10.3.2. ASIA-PACIFIC IDENTITY VERIFICATION MARKET DRIVERS
10.3.3. ASIA-PACIFIC IDENTITY VERIFICATION MARKET CHALLENGES
10.3.4. ASIA-PACIFIC IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
10.3.5. KEY PLAYERS IN ASIA-PACIFIC IDENTITY VERIFICATION MARKET
10.3.6. COUNTRY ANALYSIS
10.3.6.1. CHINA
10.3.6.1.1. CHINA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.2. JAPAN
10.3.6.2.1. JAPAN IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.3. INDIA
10.3.6.3.1. INDIA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.4. SOUTH KOREA
10.3.6.4.1. SOUTH KOREA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.5. INDONESIA
10.3.6.5.1. INDONESIA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.6. THAILAND
10.3.6.6.1. THAILAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.7. VIETNAM
10.3.6.7.1. VIETNAM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.8. AUSTRALIA & NEW ZEALAND
10.3.6.8.1. AUSTRALIA & NEW ZEALAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.3.6.9. REST OF ASIA-PACIFIC
10.3.6.9.1. REST OF ASIA-PACIFIC IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.4. REST OF WORLD
10.4.1. MARKET SIZE & ESTIMATES
10.4.2. REST OF WORLD IDENTITY VERIFICATION MARKET DRIVERS
10.4.3. REST OF WORLD IDENTITY VERIFICATION MARKET CHALLENGES
10.4.4. REST OF WORLD IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
10.4.5. KEY PLAYERS IN REST OF WORLD IDENTITY VERIFICATION MARKET
10.4.6. REGIONAL ANALYSIS
10.4.6.1. LATIN AMERICA
10.4.6.1.1. LATIN AMERICA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
10.4.6.2. MIDDLE EAST & AFRICA
10.4.6.2.1. MIDDLE EAST & AFRICA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
11. COMPETITIVE LANDSCAPE
11.1. KEY STRATEGIC DEVELOPMENTS
11.1.1. ACQUISITIONS
11.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
11.1.3. PARTNERSHIPS & AGREEMENTS
11.1.4. BUSINESS EXPANSIONS
11.2. COMPANY PROFILES
11.2.1. AUTHENTICID
11.2.1.1. COMPANY OVERVIEW
11.2.1.2. PRODUCTS LIST
11.2.1.3. STRENGTHS & CHALLENGES
11.2.2. EQUIFAX INC
11.2.2.1. COMPANY OVERVIEW
11.2.2.2. PRODUCTS LIST
11.2.3. EXPERIAN PLC
11.2.3.1. COMPANY OVERVIEW
11.2.3.2. PRODUCTS LIST
11.2.3.3. STRENGTHS & CHALLENGES
11.2.4. GB GROUP PLC
11.2.4.1. COMPANY OVERVIEW
11.2.4.2. PRODUCTS LIST
11.2.4.3. STRENGTHS & CHALLENGES
11.2.5. IDEMIA
11.2.5.1. COMPANY OVERVIEW
11.2.5.2. PRODUCTS LIST
11.2.6. INTELLICHECK INC
11.2.6.1. COMPANY OVERVIEW
11.2.6.2. PRODUCTS LIST
11.2.6.3. STRENGTHS & CHALLENGES
11.2.7. JUMIO CORPORATION
11.2.7.1. COMPANY OVERVIEW
11.2.7.2. PRODUCTS LIST
11.2.7.3. STRENGTHS & CHALLENGES
11.2.8. MASTERCARD INC
11.2.8.1. COMPANY OVERVIEW
11.2.8.2. PRODUCTS LIST
11.2.8.3. STRENGTHS & CHALLENGES
11.2.9. MITEK SYSTEMS INC
11.2.9.1. COMPANY OVERVIEW
11.2.9.2. PRODUCTS LIST
11.2.9.3. STRENGTHS & CHALLENGES
11.2.10. NUANCE COMMUNICATIONS INC
11.2.10.1. COMPANY OVERVIEW
11.2.10.2. PRODUCTS LIST
11.2.10.3. STRENGTHS & CHALLENGES
11.2.11. ONFIDO LIMITED
11.2.11.1. COMPANY OVERVIEW
11.2.11.2. PRODUCTS LIST
11.2.11.3. STRENGTHS & CHALLENGES
11.2.12. THALES GROUP SA
11.2.12.1. COMPANY OVERVIEW
11.2.12.2. PRODUCTS LIST
11.2.12.3. STRENGTHS & CHALLENGES
11.2.13. TRANSUNION LLC
11.2.13.1. COMPANY OVERVIEW
11.2.13.2. PRODUCTS LIST
11.2.13.3. STRENGTHS & CHALLENGES
11.2.14. TRULIOO INFORMATION SERVICES INC
11.2.14.1. COMPANY OVERVIEW
11.2.14.2. PRODUCTS LIST
11.2.14.3. STRENGTHS & CHALLENGES
11.2.15. TRUNARRATIVE
11.2.15.1. COMPANY OVERVIEW
11.2.15.2. PRODUCTS LIST
11.2.15.3. STRENGTHS & CHALLENGES