GCC Identity Verification Market – Industry Trends and Forecast to 2029

GCC Identity Verification Market Analysis and Size

The growth of the GCC identity verification market has been highly boosted by the increasing adoption of digital payments by customers. Growing technological innovations in industries are boosting the market growth. Identity verification requires high initial capital for installation, maintenance, and other technical expertise costs, which act as a major restraint factor for the market.

Data Bridge Market Research analyzes that the GCC identity verification market is expected to reach a value of USD 996,843.09 thousand by 2029, at a CAGR of 11.9% during the forecast period. Solutions in identity verification account for the most prominent modules mode segment. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.

Market Definition

Identity verification refers to the services and solutions used to verify the authenticity of a person's physical identity or their documents, such as a driver's license, passport, or a nationally issued identity document and others. Identity verification is an important process that ensures a person's identity matches the one it is supposed to be. Identity verification solutions and services ensure that a real person is operating behind a process and proving the one they claim to be, preventing false identities or fraud. Identity verification is an essential requirement in many business processes and procedures.

GCC Identity Verification Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:

Drivers

• Increasing demand for near-field communication (NFC) technologies

Near field communication (NFC) is a contactless communication technology based on a radio frequency (RF) with a working frequency of 13.56 MHz. NFC technology is designed to exchange data between two electronic devices through a simple touch. In recent times NFC technology has gained immense popularity owing to factors such as COVID cries across the globe and the contactless services offered by these devices during these cries.

• Heighten dependency on cloud identity and access management solutions

Identity and access management (IAM) solutions are a set of security disciplines that enables the right individuals to access the right content for the right intention. Identity and Access Management solutions ensure the user's identity before the content's usage. Identity and access management (IAM) solutions have existed for quite some time. Initially, companies and enterprises deployed on-premises identity and access management (IAM) software to manage identity and access strategies. But in recent times, technological advancement has led to the growth of cloud-based identity and access management (IAM) solutions or cloud-based Identity-as-a-Service (IDaaS). Cloud technologies aided with artificial intelligence (AI), machine learning (ML), and deep learning have the upper hand on on-premises technologies.

• Growing adoption of identity verification solutions

Identity verification refers to the services and solutions used to verify and authenticate a person's physical identity or documents such as a driver's license, passport, or nationally-issued identity document. Identity verification is an important process that ensures a person's identity matches the one it is supposed to be.

Restraints/Challenges

• Surge in fraudulent activities

Identity verification solutions and services ensure that there is a real person operating behind a process and prove that the one is who he or she claims to be, preventing false identities from committing fraud. Identity verification and authentication is an essential requirement in various businesses.

• Lack of awareness regarding identity verification solutions

There is a huge demand for digitization and technological advancement across industries in various countries. Identity verification and authentication solutions allow organizations to quickly verify the digital identities of new and existing customers.

• High initial cost

Identity verification involves software, solution, and services that ensure that a real person is operating behind a process. Verification and authentication of a person's identity is a crucial and important process for a business and incurs high cost.

Post-COVID-19 Impact on GCC Identity Verification Market

COVID-19 significantly impacted the GCC identity verification market as almost every country opted to shut down every production facility except those dealing in producing essential goods. The government took some strict actions, such as shutting down the production and sale of non-essential goods, blocking international trade, and many more to prevent the spread of COVID-19. The only business operating during this pandemic was the essential services allowed to open and run the processes.

The market growth is rising due to government policies to boost international trade post-COVID-19. Also, the benefits offered by industrial hoses for optimizing costs and routes are raising the demand for the market. However, some nations' congestion associated with trade routes and trade restrictions is restraining the market growth. The shutdown of production facilities during the pandemic significantly impacted the market.

Manufacturers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple R&D activities to improve the technology involved in the industrial hoses. The companies will bring advanced and accurate solutions to the market. In addition, government initiatives to boost international trade have led to market growth.

Recent Developments

• In September 2022, Elm participated in a global AI summit in Riyadh. The participation has helped the company to look for future aspects of artificial intelligence and solve complex problems. This will help to improve the brand image of the company.
• In September 2019, Refinitiv announced the launch of 'QUAL-ID,' integrating digital identity technology with KYC due diligence. The solution has been launched to avoid fraudulent activities and protect data. The company will be able to enter a new cover market and attract more customers.

GCC Identity Verification Market Scope

The GCC identity verification market is segmented into five notable segments based on component, type, deployment mode, organization size, and vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Component

• Solutions
• Services

On the basis of component, the GCC identity verification market has been segmented into solutions and services.

 By Type

• Non-Biometrics
• Biometrics

On the basis of type, the GCC identity verification market has been segmented into biometrics and non-biometrics.

By Deployment Mode

• On-Premise
• Cloud

On the basis of deployment mode, the GCC identity verification market has been segmented into cloud and on-premise.

By Organization Size

• Large Enterprises
• SMEs

On the basis of organization size, the GCC identity verification market has been segmented into large enterprises and SMEs.

By Vertical

• BFSI
• Government & Defence
• Energy & Utilities
• Retail & Ecommerce
• It & Telecom
• Healthcare
• Gaming
• Others

On the basis of vertical, the GCC identity verification market has been segmented into BFSI, government & defense, energy & utilities, retail & ecommerce, IT & telecom, healthcare, gaming, and others.

GCC Identity Verification Market Regional Analysis/Insights

The GCC identity verification market is analyzed, and market size insights and trends are provided by the country, component, type, deployment mode, organization size, and vertical, as referenced above.

Some countries covered in the GCC identity verification market are U.A.E, Kingdom of Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain, among others.

U.A.E is expected to grow in the market as it is a technologically advanced region with a wide presence of major market players, which subsequently increases the adoption of identity verification.

The country section of the report also provides individual market-impacting factors and market regulation changes that impact the market's current and future trends. Data points like downstream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of GCC brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and GCC Identity Verification Market Share Analysis

The GCC identity verification market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the GCC identity verification market.

Some of the major players operating in the GCC identity verification market are Experian Information Solutions, Inc. (A Subsidiary of Experian plc), LexisNexis Risk Solutions Group., Onfido, GB Group plc ('GBG'), Acuant, Inc., IDEMIA, Thales Group, Shufti Pro, Uqudo, Western Union Holdings, Inc., Plaid Inc., IDMERIT., AccuraTechnolabs, Ping Identity, IDnow., AML UAE., Stripe, Elm Company, Refinitiv, Trulioo., QlikTech International AB, among others.

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