Middle East and Africa 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 (South Africa, Egypt, Saudi Arabia, U.A.E, Israel, Rest of the Middle East and Africa), Market Trends and Forecast to 2028.
Market Analysis and Insights: Middle East and Africa Identity Verification and Authentication Market
Middle East and Africa 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 16.2% in the forecast period of 2021 to 2028 and is expected to reach USD 8,865.73 million by 2028. Growing adoption of identity verification and authentication solutions and surge in fraudulent activities can be major factors for market 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 solution 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 way 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 the customer experience and avoid costly fines and other benefits.
Some of the factors driving the market are the rapid growth in digitalization across the business in the Middle East and Africa regions. But high initial costs and hurdles in determining accurate identity verification can be a restraining factor. The Middle East and Africa identity verification and authentication market is rising due to the wide adoption of authentication solutions across financial sectors such as banks and insurance companies. The heightened adoption of razor-sharp biometrics identity verification solutions can be an opportunity for the market. Strict regulations imposed by the government on information collection 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.
Middle East and Africa Identity Verification and Authentication Market Scope and Market Size
Middle East and Africa 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 Middle East and Africa 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 owing to factors such as the shift toward digital transformation by various industries mostly financial sectors, increasing need to fight against data breaches and fraudulent activities.
- On the basis of type, the Middle East and Africa 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 increasing smartphone penetration in merging countries and developed countries.
- On the basis of deployment mode, the Middle East and Africa 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, and it is gaining popularity among government and defense agencies.
- On the basis of organization size, the Middle East and Africa 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 protection against increased cases of money laundering, data breach, identity theft, secured processing of high-risk transactions.
- On the basis of vertical, the Middle East and Africa 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 the strong need to minimize cyber threats and the adoption of a risk-based fraud defense strategy.
Middle East and Africa Identity Verification and Authentication Market Country Level Analysis
Middle East and Africa identity verification and authentication market is analyzed, and market size information is provided by component, type, deployment mode, organization size, and vertical.
The countries covered in the Middle East and Africa identity verification and authentication Market report are Saudi Arabia, Israel, U.A.E., South Africa, Egypt, the Rest of the Middle East, and Africa.
Saudi Arabia dominates the identity verification and authentication market due to the growing adoption of identity verification and authentication solutions. The surge in fraudulent activities can also act as a major factor for the growth of the market.
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 the Middle East and Africa 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 of Identity Verification and Authentication Market
Middle East and Africa identity verification and authentication market also provide a detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development 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 and Identity Verification and Authentication Market Share Analysis
Middle East and Africa 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, Middle East and Africa 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 Middle East and Africa identity verification and authentication market.
The major players covered in the Middle East and Africa identity verification and authentication report are LexisNexis Risk Solutions Group, Experian Information Solutions, Inc., IDEMIA, TransUnion LLC, Equifax, Inc., AccuraTechnolabs, Acuant, Inc., Onfido, Ping Identity, 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 October 2020, TransUnion LLC launched a document verification and facial recognition solution in the U.K. to help businesses combat identity fraud. This new solution enables real-time, online verification through the customer’s device and also helps to strengthen fraud controls and improve operational efficiencies. This has helped the company to enhance its offerings, and better meet consumers demand in the market
- In May 2021, Acuant, Inc. entered into a partnership with Airside, and the key feature was to strengthen its verified digital identity capability. Through this partnership, the company can better innovate its products and offer quality services to its customer
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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