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The North America Identity Verification Market would witness market growth of 11.8% CAGR during the forecast period (2020-2026). The increasing number of financial frauds in businesses is promoting the growth of identity verification solutions for businesses. As per a survey done by American Express in the year 2019, more than 27% of the sales terminated by fraudulent transactions, prompting merchant decisions to adopt frictionless checkout systems. Furthermore, about 69% of the merchants, only in the United States have expended a substantial amount of money and time to deal with payment fraud.
Digital identity verification is a segment of the market that has coordinating products, and distinct wherein large vendors in this market have portfolios of recognized products, and small vendors are continuously innovating in order to get better market shares. The market is showing a consumer shift from manual identity verification systems to an electronic credentialing system. This system allows personal identity devices to interrelate. Each of the interacting devices has a pre-installed identity engine, which holds, acquires, issues, and also uses electronic credentials (e-credentials). These electronic credentials can be also installed on other personal identity devices, such as laptops, embedded systems, smartphones, tablets, and/or personal computers.
The implementation of bringing your own devices (BYOD)’ trend in various industries is fueling the identity verification market. The BYOD concept has gained more attraction after the COVID-19 outbreak, following which the organizations were compelled to operate remotely. Due to this shift in events, the large-scale and medium enterprises are struggling hard to address the evolving security challenges also they are enjoying employee satisfaction as well as cost-cutting opportunities.
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 U.S., Mexico, Canada, and Rest of North America.
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 Enterprise Size
By Deployment Type
By End User
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