Identity Verification Market is expected to generate a revenue of USD 20,213.68 Million by 2028, Globally, at 15.35% CAGR: Verified Market Research®

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Feb 02, 2023, 09:00 ET

The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Identity Verification Market.

JERSEY CITY, N.J., Feb. 2, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Identity Verification Market" By Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom), By Component (Solutions and Services), and By Geography.

As per the deep research carried out by Verified Market Research®, the Identity Verification Market size was valued at USD 6,552.47 Million in 2020 and is projected to reach USD 20,213.68 Million by 2028, growing at a CAGR of 15.35%from 2021 to 2028.

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Browse in-depth TOC on "Identity Verification Market"

202 - Pages

126 – Tables

37 – Figures

Global Identity Verification Market Overview

Different organizations employ identity verification solutions and services to ensure that the data supplied by users or customers is linked to the identity of a genuine person. With specific client features including nationality & immigration status, personal credentials, identification document verification, and job & business registration, identity verification solutions ensure a high level of assurance.

Identity verification offers a real-time, seamless onboarding experience while lowering the risk of identity fraud, making it a comprehensive solution to safeguard the customer enrollment process. Both online and offline procedures must include these processes as a prerequisite. Identity verification makes sure that verified identity is necessary for things like border controls and access to digital services. The use of this technology reduces permission for intrusive and unlawful access. It has a wide range of applications in the military, banking, financial services, insurance, and IT security operation centers.

The Identity Verification Market is expanding as a result of the rise in identity theft. Computer networks and digital data are commonly used by businesses to handle daily operations and commercial processes. Online transfers and storage of personal and financial data are expanding. Cybercriminals are becoming more skilled and going beyond the standard bank account hacking to open phony mobile phone accounts, online merchant accounts, and internet payment accounts using credentials they have obtained.

The market for identity verification worldwide is growing as a result of these causes. Additionally, the industry is being driven forward by the growing build-your-own-device (BYOD) trend and enterprise mobility. Additionally, it has been positively projected that the need for compliance and the adoption of strict rules will fuel the growth of the worldwide identity verification market.

Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Identity Verification Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Key Players

The "Global Identity Verification Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Experian PLC, Relx, Equifax Inc, Mitek Systems and Gemalto among others.

Based on the research, Verified Market Research® has segmented the global Identity Verification Market into Vertical, Component, And Geography.

Identity Verification Market, by Vertical

Retail
IT And Telecom
Healthcare
Government and Defense

Identity Verification Market, by Component

Solutions
Services

Identity Verification Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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