Identity Verification Market Share, Size to Set Phenomenal Growth Top Companies, Demand, Opportunity, Business Strategies Forecast by 2027
Nov 19, 2019
MarketStudyReport.com Adds New Report Identity Verification Market 2019 – 2027 research report providing information and data by Component, Organization Size, Industry Vertical, Regional Outlook, Growth Potential, Competitive Market Share & Forecast spreading across 182 Pages with table and figures in it.
Delaware, Selbyville - November 19, 2019 /MarketersMedia/ —
Presently, most of the customers of identity verification providers are large enterprises, mainly due to large scale operations and faster adoption of digital and technological advancements on these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Some of the primary reasons behind this include resource constraints and lack of knowledge & awareness about the potential benefits of digital transformation. Hence, the small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunity for players operating in the identity verification market.
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Over the years, the financial regulators have intensified their focus on monitoring of fraud activities, which also includes a thrust for the financial institutes to adopt suitable security solutions. Furthermore, in the coming years, the regulators are expecting that the firms to be able to show, not only that they are capable of functioning the system appropriately, but also prove that their systems are efficient enough. This demand for sophisticated transaction monitoring system would be predominantly driven by the legislation like NYSDFS (New York States? Department of Financial Services) part 504. In the coming years, the emergence of secure transaction platforms enabling the financial institutions to configure a range of monitoring scenarios, performing efficient data analysis and filter out the genuine suspicious activities from the other false positives, are expected to gain significant traction in the market. This, in response, is expected to bolster the demand for identity verification solutions. Therefore, increasing demand for secure transaction in the BFSI sector is driving the growth of identity verification market.
The global identity verification market accounted for US$ 5.52 Bn in 2018 and is expected to grow at a CAGR of 14.3% over the forecast period 2019-2027, to account for US$ 18.12 Bn by 2027. Growth in recent years in the identity verification market is primarily driven by the growing number of cyber-attacks. North America region is observed to garner the highest market share in the identity verification market.
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The overall identity verification market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the identity verification market. It also provides the overview and forecast for the global identity verification market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the identity verification industry. Some of the players present in the identity verification market are Acuant, Inc., Authenteq, Gemalto N.V. (Thales group), IDEMIA, Mitek Systems, Inc., Experian Information Solutions, Inc., Jumio Lexisnexis, Onfido, and Trulioo among others.
Table of content:
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Identity Verification Market ? By Component
1.3.2 Identity Verification Market ? By Deployment
1.3.3 Identity Verification Market ? By Organisation Size
1.3.4 Identity Verification Market ? By End-User
1.3.5 Identity Verification Market ? By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Identity Verification Market landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
4.3.1 Identity Verification Market ? North America PEST Analysis
4.3.2 Identity Verification Market ? Europe PEST Analysis
4.3.3 Identity Verification Market ? Asia-Pacific PEST Analysis
4.3.4 Identity Verification Market ? Middle East & Africa PEST Analysis
4.3.5 Identity Verification Market ? South America PEST Analysis
5. Identity Verification Market ? key industry dynamics
5.1 DRIVERS
5.1.1 Increasing number of cyber-attacks and adoption of security solutions are having a significant positive impact on the Market growth
5.1.2 Increasing demand for secure transaction in BFSI sector
5.2 Restraints
5.2.1 Data privacy and security concerns
5.3 Opportunity
5.3.1 Small and Medium Enterprises offer future growth opportunity
5.4 Future Trends
5.4.1 Integration of AI and other advanced technologies for alerting and pattern based monitoring
5.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. Identity Verification ? Global Market Analysis
6.1 Global Identity Verification Market Overview
6.2 Global Identity Verification Market Forecast and Analysis
6.3 Market Positioning/ Market Share
7. Identity Verification Market Revenue and Forecasts to 2027? Component
7.1 Overview
7.2 Global Identity Verification Market Breakdown, By Component, 2018 & 2027
7.3 Solutions Market
7.3.1 Overview
7.3.2 Solutions Market Forecast and Analysis
7.4 Services Market
7.4.1 Overview
7.4.2 Services Market Forecast and Analysis
More Details on this Report At: https://www.marketstudyreport.com/reports/identity-verification-market-to-2027-global-analysis-and
Related Report:
Europe Identity Verification Market to 2027 - Regional Analysis and Forecasts By Component (Solution and Service), Deployment (On-premise and Cloud), Organization Size (Small & Medium Enterprises and Large Enterprises), End-user (BFSI, Government, Healthcare, IT & Telecom, Retail, and Others)
Europe identity verification market is expected to grow from US$ 1.46 Bn in 2018 to US$ 4.40 Bn by the year 2027. This represents a CAGR of 13.3% from the year 2018 to 2027. The growing sophistication of security information platforms and IT security-based tools & solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cybersecurity incidents has further led to an increased need for robust security solutions across enterprises. The market demand for identity verification solutions has gained significant traction in the past few years owing to the versatile capabilities of these systems such as identity verification, data identification, fraud detection, and others.
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