Identity Verification Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

MarketsandMarkets forecasts the global post-COVID-19 identity verification market size to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during 2020–2025. The major growth drivers for the market include increasing digitization initiatives, increasing fraudulent activities and identity theft during the last decade, and Increasing use cases of digital identities among verticals. However, price disparity in identity verification solutions and services may restrain market growth.

By type, biometrics to grow at the highest rate during the forecast period
Biometric solutions follow lock and capture mechanisms to verify the individuals and further help in enabling access to a specific set of services. The biometric solutions are more secure and gain traction than conventional non-biometrics solutions. The biometric solutions segment is growing at a significant rate due to the increasing inherent demand from customers’ end for seamless onboarding, compliance management, and fraud prevention.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Identity Verification Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

Large enterprises segment to hold a larger market size during the forecast period
Amplifying internet penetration and increasing eCommerce activities are expected to increase the adoption of identity verification technology across large enterprises. Large organizations have adopted the identity verification solutions due to increased money laundering, fraudulent activity, identity theft, processing of high-risk transactions, compliant to different regulations, and cost-cutting on manual processes. Additionally, as large enterprises do not have budget constraints, it enables them to adopt the on-premises-based identity verification solution.

Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The government takes initiatives toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, is mainly driving the need for robust and stronger identity verification practices in APAC. Other factors driving the adoption of identity verification solutions are the increasing BYOD trend across enterprises of all sizes and the increased use of smartphones for online transactions and online shopping.

This, in turn, has led to an expansion of customer base and internet users, eventually leading to the urgent need to deploy identity verification solutions.
 By Company: Tier I: 20%, Tier II: 57%, and Tier III: 33%
 By Designation: C-Level: 40%, Manager and Other Level: 60%
 By Region: North America: 20%, Europe: 35%, APAC: 45%

Research coverage
The report segments the global identity verification market by component, type, deployment mode, organization size, vertical, and region. The type segment comprises biometrics and non-biometrics. The deployment mode segment comprises cloud and on-premises. The organization size segment comprises SMEs and large enterprises. The identity verification market by vertical includes BFSI, government and defense, healthcare and life sciences, retail and eCOmmerce, IT and ITeS, energy and utilities and others (education, travel and gaming). The report covers the identity verification market with respect to 5 major regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA) and Latin America.

The report would help the market leaders and new entrants in the global identity verification market in the following ways:
1. The report segments the market into various subsegments. Hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are split further across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

1 INTRODUCTION 28
1.1 INTRODUCTION TO COVID-19 28
1.2 COVID-19 HEALTH ASSESSMENT 28
FIGURE 1 COVID-19: THE GLOBAL PROPAGATION 28
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 29
1.3 COVID-19 ECONOMIC ASSESSMENT 30
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 30
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT 31
FIGURE 4 CRITERIA IMPACTING THE GLOBAL ECONOMY 31
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY 32
1.4 OBJECTIVES OF THE STUDY 33
1.5 MARKET DEFINITION 33
1.5.1 INCLUSIONS AND EXCLUSIONS 34
1.6 MARKET SCOPE 34
1.6.1 MARKET SEGMENTATION 34
1.6.2 REGIONS COVERED 35
1.6.3 YEARS CONSIDERED FOR THE STUDY 35
1.7 CURRENCY CONSIDERED 36
TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2014–2019 36
1.8 STAKEHOLDERS 36

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