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Elm Company, Refinitiv, and Thales Group dominated the GCC Identity Verification Market in 2021.

The GCC Identity Verification Market is expected to grow with a CAGR of 11.9% in the forecast period of 2022 to 2029. The years considered for the study are as mentioned below.

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The GCC identity verification market is a highly consolidated market, which includes a specific number of key players. The market has witnessed increased strategic developments owing to a favorable market scenario.

The major players in the GCC identity verification market are introducing a strong range of product providers, launching new products, and adopting strategic initiatives such as acquisition, agreement, business expansion, awards, and recognition. This helped companies to maximize sales with an enhanced product portfolio.

For instance,  

  • In October 2020, Thales Group launched an identity verification suite solution. The key feature of this solution launch was its secure biometric capabilities. Moreover, this solution was 100% automated using artificial intelligence and provided privacy, high-level security, and deployment flexibility. This solution helped the company to strengthen its product portfolio.

Elm Company is the dominating player in the GCC identity verification market. Some of the other players in the 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, Refinitiv, Trulioo., QlikTech International AB, among others.

Elm Company

Elm Company was founded in 1986 and is headquartered in Riyadh, Kingdom of Saudi Arabia. It has public ownership. The company focuses on providing of innovative digital solutions to its customers. The company operates in various business segments, such as digital business, business process outsourcing, and professional services, out of which digital business is the market-focused segment. The company has several product categories, including professional services, digital business, and business outsourcing, out of which digital business is the market-focused category.

For instance,

  • In September 2022, Elm participated in a GCC identity verification market 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.

The company has a wide presence across the Middle East and Africa. Some of the subsidiaries of the company are Emdad Al Khebrat Company (KSA), Elm Technical Investment Company (KSA), Future Resources Company (KSA), Umrah Premium Services Company (KSA), and Asdam Digital Company (U.A.E.), among others.

Refinitiv

Refinitiv is headquartered in London, U.K. It has private ownership. The company focuses on providing a solution for data verification for its customers. The company has several product categories, including asset management, investment banking, risk and compliance, trading, and wealth management, out of which risk and compliance is the market-focused category.

For instance,

  • 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.

The company has a presence in the Americas, Europe, Asia-Pacific, the Middle East and Africa.

GCC Identity Verification Market

Thales Group

Thales Group was founded in 2000 and is headquartered in Paris, France. It has public ownership. The company focuses on designing and manufacturing aerospace, transport and digital identity, and consumer security solutions. The company has several solution categories, including defense and security, digital identity and security, aerospace, space, and transport, out of which digital identity and security is the market-focused category.

For instance,

  • In October 2021, Thales Group launched a voice biometric authentication solution. The key feature of this solution was improved fraud identity and knowledge-based authentication capabilities. This solution was designed for mobile id verifications for call center operators. This solution helped the company to expand its market and improve its solution portfolio.

The company has a presence across North America, South America, Europe, the Middle East and Africa, and Asia-Pacific. Some of the subsidiaries of the company are Gemalto (Netherlands), Thales Australia (Australia), Thales Alenia Space (France), SafeNet (U.S.), and Thales Air Defence (U.K), among others.