The Latin America, Middle East and Africa Identity Verification Market would witness market growth of 16.8% CAGR during the forecast period (2020-2026). The Identity Verification Market is having substantial growth due to the increasing number of frauds related to identity threats, and the occurrence of data breaches is one of the major factors that is contributing to the market growth. In addition to it, the growing trend of bring your own device (BYOD) and agility in the enterprise are among other factors driving the market growth. Moreover, the necessity for compliance and execution of stringent regulations is having a positive impact on market growth. Though, the high cost associated with identity verification solutions is anticipated to hinder the market growth.
The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation. The integration and introduction of AI and ML technologies in identity verification solutions in turn help organizations to remain proactive and make very effective detection and remediation in response to suspicious activities and invasive and unauthorized access requests on an enterprise network. The identity verification solutions have become very essential, due to the swiftly increasing identity-based attacks and frauds. The non-biometrics solution segment is an indispensable part of identity verification solutions and is likely to show huge growth in the upcoming years.
Based on Component, the market is segmented into Solutions and Services. Based on Type, the market is segmented into Non- Biometrics and Biometrics. Based on Enterprise Size, the market is segmented into Large Enterprise and Small & Medium Enterprise. Based on Deployment Type, the market is segmented into On-premises and Cloud. Based on End User, the market is segmented into BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Identity Verification Market in LAMEA is expected to register a CAGR of 16.8% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Experian PLC, GB Group PLC, Equifax, Inc., Mitek Systems, Inc., Thales Group S.A., RELX PLC (LexisNexis Risk Solutions, Inc.), Onfido Limited, Trulioo, Inc., Acuant, Inc. and TransUnion LLC.
By Component
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By Enterprise Size
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Companies Profiled
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