Latest News- Identity Verification Market: Solutions is expected to lead the Component segment during 2024-2028

The Identity Verification Market is being driven by Increase in digitalization with electronic ID (eID) cards and smart infrastructure initiatives

The Identity Verification Market is expected to grow at a CAGR of 20.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 16922.8 million. In today's business landscape, the Bring Your Own Device (BYOD) trend is gaining traction among enterprises, leading to a mobile-first, web next scenario. In this setup, employees are permitted to access their privileged accounts through mobile devices, enhancing productivity and employee morale. Privileged users, also referred to as admin users, possess the authority to manage backend functions of a system. Their responsibilities include setting up, modifying, and deleting accounts, altering user roles, adjusting system settings, and accessing sensitive data. This transition to mobile access for privileged users is a significant shift towards enhancing business agility and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component

  • Solutions
  • Services

• Type

  • Large enterprises
  • SMEs
  • Biometric
  • Non-biometric

• Application

  • KYC, KYB, and onboarding
  • Access control and user monitoring
  • Identity fraud compliance and forensics

• Deployment Mode

  • Cloud
  • On-premises

• Geography

  • North America

    • Canada
    • US

  • APAC

  • Europe

    • Germany
    • UK

  • South America

  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in digitalization with electronic ID (eID) cards and smart infrastructure initiatives
• Surging data thefts across the world
• Need to comply with regulatory requirements for data protection

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns of data transferred through IoT
• Low adoption of identity verification in developing regions
• Price disparity in identity verification solutions and services provided by vendors

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Market Scope in Identity Verification Market Research Report

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Research Analysis Overview

The Identity Verification industry is experiencing significant growth due to heightened security risks associated with online transactions and the increasing importance of digital identities. Verification techniques, including artificial intelligence (AI) and biometric technologies, are being adopted by businesses in finance and healthcare sectors to ensure secure financial transactions and protect sensitive data. Emerging markets, particularly in the finance and digital payment methods sectors, are driving demand for identity verification solutions due to AML requirements and internet penetration. However, concerns over data privacy, data breaches, and cyberattacks persist, necessitating robust cybersecurity measures. Regulations are also playing a role in shaping the industry, with blockchain-based identity verification and biometric checks becoming increasingly popular. Lower-income countries are also adopting on-premise solutions to address identity verification needs, while cybersecurity needs remain a top priority.

Market Research Overview

In the rapidly evolving digital landscape, businesses face increasing risks related to security and identity verification. Online transactions and the proliferation of digital identities necessitate advanced verification techniques to mitigate fraud and ensure compliance. Artificial intelligence (AI) and biometric technologies are key tools in this regard, enabling intelligent border control, facial recognition, and video analytics. Finance and healthcare industries, in particular, require robust identity verification processes to safeguard sensitive information. Emerging markets present unique challenges, necessitating customized security measures. Businesses must evaluate various data sources, including financial, transportation, and equipment suppliers, to establish reliable and secure supply chains. Identity-related theft incidents pose significant risks, underscoring the need for continuous innovation and improvement in verification techniques. Border controls and digital services also benefit from advanced identity verification solutions to ensure seamless and secure transactions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/