Asia-Pacific Identity Verification and Authentication Market, By Component (Solution, Services), Type (Non-Biometrics, Biometrics), Deployment Mode (On-Premise, Cloud), Organization Size (Large Enterprises, SME’s), Vertical (BFSI, Government and Defence, Energy and Utilities, Retail and E-commerce, IT and Telecom, Healthcare, Gaming, and Others), Country (China, Japan, South Korea, Australia, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, and Rest Of Asia-Pacific), Market Trends and Forecast to 2028.
Market Analysis and Insights: Asia-Pacific Identity Verification and Authentication Market
The Asia-Pacific identity verification and authentication market is expected to grow in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 16.6% in the forecast period of 2021 to 2028 and is expected to reach USD 16,005.54 million by 2028. The growing adoption of NFC technologies and NFC-enabled devices can act as a major factor in the market’s growth.
Identity verification and authentication refers to the services and solutions used to verify the authenticity of a person's physical identity or documents such as a driver’s license, passport, or nationally issued identity document. Identity verification and authentication is an important process that ensures a person’s identity matches the one that is supposed to be. Identity verification and authentication solutions and services ensure that a real person is operating behind a process and proves the one they claim to be, preventing false identities or committing fraud. Identity verification is an essential requirement in many business processes and procedures. Various methods for identity verification and authentication services include biometric identity, identity and access management (IAM) solutions, security assertion mark-up language authentication (SAML) solutions, and biometric authentication solutions. The verification of identity process can be carried out in many different ways depending on the channel and the verification. Identity verification and authentication services are used in many industries to provide complete security, to avoid fraud, financial crimes, and identity theft. One such way to avoid this can be deploying anti-money laundering solutions to improve customer experience and avoid costly fines and other benefits.
Some of the factors driving the market are the growing digitalized initiatives and growing fraudulent cases across the globe, especially in Asian pacific regions. But the high initial cost can be a restraining factor. The Asia-Pacific identity verification and authentication market is expanding due to the rise in demand for identity verification and authentication solutions, which can be an opportunity for the market. Accurate identification issues can be a major challenge for the market growth in these regions.
This identity verification and authentication market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Identity Verification and Authentication Market Scope and Market Size
Asia-Pacific identity verification and authentication market is segmented on the basis of component, type, deployment mode, organization size, and vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the Asia-Pacific identity verification and authentication market is segmented into solution and services. In 2021, the solution segment held a larger share in the identity verification and authentication market due to factors such as the shift towards digital transformation by various industries, increasing need to fight against data breach and fraud, requisite to fulfill KYC compliance.
- On the basis of type, the Asia-Pacific identity verification and authentication market has been segmented into non-biometrics and biometrics. In 2021, the biometrics segment held a larger share in the identity verification and authentication market due to factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, increasing demand for NFC technologies.
- On the basis of deployment mode, the Asia-Pacific identity verification and authentication market has been segmented into on-premise and cloud. In 2021, the cloud segment held a larger share in the identity verification and authentication market. Cloud-based identity verification and authentication solutions is gaining popularity among government and defense agencies.
- On the basis of organization size, the Asia-Pacific identity verification and authentication market has been segmented into large enterprises and SME’s. In 2021, the large enterprises segment held a larger share in the identity verification and authentication market due to factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high-risk transactions, among others.
- On the basis of vertical, the Asia-Pacific identity verification and authentication market has been segmented into BFSI, government and defense, energy and utilities, retail and e-commerce, IT and telecom, healthcare, gaming, and others. In 2021, the BFSI segment held the largest share in the identity verification and authentication market due to factors such as the strong need to minimize cyber threats and the adoption of a risk-based fraud defense strategy.
Asia-Pacific Identity Verification and Authentication Market Country Level Analysis
Asia-Pacific identity verification and authentication market is segmented on the basis of component, type, deployment mode, organization size, and vertical.
The countries covered in the identity verification and authentication market report are China, Japan, South Korea, Australia, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, and the Rest of Asia-Pacific in Asia-Pacific.
China dominates the identity verification and authentication market due to growing digital initiatives across the world, and the growing adoption of NFC technologies and NFC-enabled devices can act as a major factor for the market's growth.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand for Identity Verification and Authentication Market
Asia-Pacific identity verification and authentication market also provides a detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in identity verification and authentication, and changes in regulatory scenarios with their support for the identity verification and authentication market. The data is available for the historical period 2010 to 2019.
Competitive Landscape of Identity Verification and Authentication Market Share Analysis
Asia-Pacific identity verification and authentication market competitive landscape provide details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points are only related to the companies’ focus on the Asia-Pacific identity verification and authentication market.
The major players covered in the Asia-Pacific identity verification and authentication report are LexisNexis Risk Solutions Group, TransUnion LLC, Experian Information Solutions, Inc., Equifax, Inc., IDEMIA, Thales Group, AccuraTechnolabs, GB Group plc, Jumio, Okta, Onfido, Ping Identity, Precise Biometrics AB, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately. Many product developments are also initiated by companies worldwide, which also accelerates the growth of the identity verification and authentication market.
For instance,
- In June 2021, LexisNexis Risk Solutions Group launched Financial Crime Compliance Solution. The key feature of this solution was its digital identity intelligence capabilities. This solution will help the companies to fight against fraud. This solution strengthens the companies identity verification capabilities
- In October 2021, Thales Group launched a voice biometric authentication solution. The key feature of this solution was improved fraud identity capabilities 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
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also benefits the organization to improve its identity verification and authentication market offering through an expanded range of sizes.
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