A crucial requirement in many business procedures and processes is identity verification. Biometric identity, Identity, and Access Management (IAM) solutions, Security Assertion Mark-up Language authentication (SAML) solutions, and biometric authentication solutions are all components of numerous identity verification and authentication processes. Depending on the verification and the channel, there are numerous ways to go about the identity verification process. Multiple industries use identity verification and authentication services to provide complete security and prevent financial crimes, fraud, and identity theft. Deploying anti-money laundering solutions is one way to get around this while increasing customer satisfaction and avoiding costly fines and other benefits.
According to Data Bridge Market Research, the North America Identity Verification and Authentication Market is expected to reach USD 36546.91 million by 2030, which is USD 9855.72 million in 2022, at a CAGR of 17.80% during the forecast period.
" Product launches that are increasing fuel market expansion"
The rising number of product launches and other innovations by significant market participants will present numerous growth opportunities in the target market. For instance, the launch of LexisNexis Fraud Intelligence in November 2020 was announced by the LexisNexis Risk Solutions Group. A tool called LexisNexis Fraud Intelligence assists companies in lowering the risk of account opening fraud. Combining consumer identity events and application activity to create a robust and thorough score that delivers a complete picture of identity proof, this solution aids businesses in reducing the risk of new account fraud.
What restraints the growth of the North America Identity Verification and Authentication Market?
" High Cost and investment will Limit the Market Growth Rate."
The technology's high maintenance and deployment costs will slow the market's expansion. Additionally, expanding overhead expenses will result in a smaller market. Most businesses offer pricing per verification, per year, and per-month basis, including a finite number of identity verification checks. In some circumstances, some wholesalers also offer flexible estimating per verification. The problem is the additional cost for ID verification that the wholesalers charge. Once again, the government's lack of standards and regulations will impede the market growth.
Segmentation: North America Identity Verification and Authentication Market
The North America Identity verification and authentication market is segmented on the basis of component, type, development mode, organization size, and vertical.
- On the basis of component, the identity verification and authentication market is segmented into solution, and services.
- On the basis of type, the identity verification and authentication market is segmented into non-biometrics, and biometrics.
- On the basis of deployment mode, the identity verification and authentication market is segmented into on-premise, and cloud.
- On the basis of organization size, the identity verification and authentication market is segmented into large enterprises, smes.
- On the basis of vertical, the identity verification and authentication market is segmented into BFSI, government and defense, energy and utilities, retail and e-commerce, it and telecom, healthcare, gaming, and others.
Regional Insights: U.S. is expected to dominate the North America Identity Verification and Authentication Market
The U.S. dominated owing to various industries' widespread adoption of authentication and verification solutions, including manufacturing companies, financial organizations, and others. Dominates the identity verification and authentication market in terms of revenue and market share. Additionally, it has compelled manufacturers to develop a wide range of consumer-facing authentication and verification solutions.
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Recent Developments in North America Identity Verification and Authentication Market
- In 2021, LexisNexis Risk Solutions Group introduced Financial Crime Compliance Solution. This solution's key feature was its capacity for digital identity intelligence. This will help the businesses fight fraud. This will improve businesses' capacity for identity verification.
- In 2020, Identity Verification Suite was introduced by Thales Group. This solution's secure biometric capabilities were its key distinguishing feature. Additionally, this fully automated solution used artificial intelligence and provided high security, privacy, and deployment flexibility. The company was able to strengthen its product portfolio thanks to this solution.
The Prominent Key Players Operating in the North America Identity Verification and Authentication Market Include:
- Authenteq (U.S.)
- Ping Identity (U.S.)
- Okta (U.S.)
- ZignSec (Sweden)
- PENNEO A/S (Denmark)
- Finansiell ID-Teknik BID AB (Sweden)
- Precise Biometrics (Sweden)
- IDkollen, (Sweden)
- Experian Information Solutions, Inc. (Ireland)
- G.B. Group plc (‘GBG’) (U.K.)
- Equifax, Inc. (U.S.)
- Mitek Systems, Inc. (U.S.)
- Thales (France)
- LexisNexis Risk Solutions Group. (U.S.)
- Onfido (U.K.)
- Trulioo. (Canada)
- Acuant, Inc. (U.S.)
- IDEMIA (France)
- Jumio (U.S.)
- TransUnion LLC. (U.S.)
- AU10TIX (Israel)
- IDology. (U.S.)
- Innovatrics (Slovakia)
- Applied Recognition Corp. (Canada)
- Signicat (Norway)
- SecureKey Technologies Inc. (Canada)
- IDfy (India)
Above are the key players covered in the report, to know about more and exhaustive list of North America identity verification and authentication market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Identity Verification and Authentication Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
