According to a new report Global Identity Verification Market, published by KBV research, The Global Identity Verification Market size is expected to reach $17.8 billion by 2026, rising at a market growth of 13.4% CAGR during the forecast period.
On the basis of the type segment, the non-biometrics segment has the largest market size in the forecasted period. Non-biometrics identity verification solutions are useful in verifying documents, like government IDs, driving licenses, passports, and credit or debit cards. The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation.
SMEs segment will grow at a higher CAGR in the coming year. SMEs are mainly adopting identity verification solutions and services in order to compliance duties and threats related to fraud. The manual process of verification is time-consuming. The cloud deployment mode offers a realistic solution for the implementation of technology. It is expected that in the coming few years the low cost of identity verification solutions will be helpful for SMEs across the globe to deploy the solution.
North America has the highest market share in terms of revenues in the coming years. This region is technological with a higher number of early adopters and the existence of major market players. Factors like the development of government initiatives including smart infrastructure, digital identity-based driver’s license, smart cities, and increasing integration of various technologies like AI, ML, and blockchain, for safeguarding digital identities are likely to boost the demand of the identity verification market.
Structural Insights: https://www.kbvresearch.com/identity-verification-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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