North America Identity Verification Market, By Component (Solution and Services), Type (Non-Biometrics and Biometrics), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and SME’S), Vertical (BFSI, Government & Defense, Energy & Utilities, Retail & Ecommerce, It & Telecom, Healthcare, Gaming and Others), Country (U.S., Canada and Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Identity Verification Market
The Identity verification market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 13.3% in the forecast period of 2021 to 2028 and is expected to reach USD 9,328.02 million by 2028. Growing demand for research and development activities is acting as major factor for the growth of the market.
Identity verification refers to the services and solutions which are used to verify the authenticity of physical identity of a person or their documents such as a driver’s license, passport or a nationally issued identity document and others. Identity verification is an important process which ensures a person’s identity matches the one that is supposed to be.
The rising fraudulent activities and identity theft, creates a need to adopt identity verification solutions and acts as a major driving factor for the growth of the identity verification market. Identity verification service requires high implementation cost due to which small and medium enterprises hardly afford for their business lines which is restraining the identity verification market growth. Increasing usage of BYOD ultimately increases the adoption of identity verification solutions and acts as an opportunity for identity verification market growth. Identity verification deals with numerous varieties of ID documents and it became so difficult to maintain these numerous documents and hence acts as a major challenge for the growth of identity verification market
This identity verification market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised 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.
North America Identity Verification Market Scope and Market Size
The identity verification market is segmented on the basis of component, type, deployment mode, organization size and vertical. The growth among segments helps you analyse 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 identity verification market is segmented into solution and services. In 2021, solution segment held larger share in the identity verification market owing to factors such as shift toward digital transformation by various industries, increasing need to fight against data breach and fraud, surging government support toward data protection laws and regulations, requisite to fulfil KYC and AML compliance and easy on boarding of customers as well as employees.
- On the basis of type, the identity verification market has been segmented into non-biometrics and biometrics. In 2021, biometrics segment held larger share in the identity verification market due to factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, improved authentication security to combat new threats, surging dependency on digital technologies, enhanced customer satisfaction and rising trend for contactless biometric solutions.
- On the basis of deployment mode, the identity verification market has been segmented into on-premise and cloud. In 2021, on-premise segment held larger share in the identity verification market as government and defense sector along various financial institutions prefer to use on-premise identity solutions, due to security policy restrictions, data sharing and availability of budget to invest in infrastructure.
- On the basis of organization size, the identity verification market has been segmented into large enterprises and SME’s. In 2021, large enterprises segment held larger share in the identity verification market due to factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high risk transactions, mandatory compliant to different regulations and protected digital payments.
- On the basis of vertical, the identity verification market has been segmented into BFSI, government & defense, energy & utilities, retail & ecommerce, IT & telecom, healthcare, gaming and others. In 2021, government & defense segment held the largest share in the identity verification market owing to factors such as strong need to minimize cyber threats, adoption of risk-based fraud defense strategy, reducing the spread of fake information through stolen identities, ease of convenience in government agency onboarding process and ensuring the safety of citizens.
Identity Verification Market Country Level Analysis
The identity verification market is analysed and market size information is provided by the country, component, type, deployment mode, organization size and vertical as referenced above.
The countries covered in North America identity verification market report are the U.S., Canada, and Mexico.
The U.S. is dominating in the North America identity verification market owing due to the huge presence of identity verification providers in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts 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, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Identity verification
The identity verification market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in identity verification and changes in regulatory scenarios with their support for the market. The data is available for historic period 2011 to 2019.
Competitive Landscape and Identity Verification Market Share Analysis
The identity verification market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global 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 provided are only related to the companies’ focus related to North America identity verification market.
The major players covered in the report are Experian Information Solutions, Inc. (a subsidiary of Experian plc), LexisNexis Risk Solutions Group, Thales Group, ZIGNSEC AB, GB Group plc ('GBG'), Precise Biometrics AB, IDEMIA, Equifax, Inc., Mitek Systems, Inc., Jumio, Acuant, Inc., TransUnion LLC, Onfido, ForgeRock, Okta, Stripe and Ping Identity among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of identity verification market.
- In November 2020, LexisNexis Risk Solutions Group introduced new solution in the company’s suite of fraud and identity products named as LexisNexis Fraud Intelligence. This LexisNexis Fraud Intelligence solution helps organizations to mitigate new account fraud risk by bringing together identity events and consumer application activity. This will help the company to enhance their offering and to grow in the market.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for identity verification through expanded range of size.