Identity (ID) Verification Market | Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast,

The identity (ID) verification market size is estimated to grow at a CAGR of 16.18% between 2022 and 2027. The market size is forecast to increase by USD 10,813.97 million. The growth of the market depends on several factors, including an increase in digitalization with electronic ID cards

Originally published on Technavio:Global Identity Verification Market Forecast and Analysis 2023-2027

Introduction:
The Identity Verification Market Analysis Report for 2023-2027 projects a robust growth, estimating a CAGR of 16.18% and a forecasted increase of USD 10,813.97 million between 2022 and 2027. The market's expansion is attributed to factors such as the rise in digitalization with electronic ID cards (eID), increased data theft, and regulatory compliance requirements for data protection. The report comprehensively covers market segmentation by component, type, and geography, offering detailed insights into drivers, trends, and challenges. It also includes historical market data from 2017 to 2021.

Market Size and Growth Analysis:
The Identity Verification Market is anticipated to witness substantial growth during the forecast period, driven by the surge in digitalization initiatives, smart infrastructure endeavors, and the pressing need for stringent data protection measures. The estimated CAGR and projected increase in market size reflect the significant momentum in identity verification solutions.

Market Overview:
The primary driver is the increasing digitalization with initiatives like electronic ID cards (eID) and smart infrastructure. The push for digital identities authenticated through digital channels facilitates access to various services. The report emphasizes how secure identity verification has become integral, especially in online security, with initiatives like eID and smart border control using facial recognition. Such efforts by governments globally are expected to fuel the market growth.

Trends
The adoption of Bring Your Own Device (BYOD) among enterprises emerges as a key trend. As businesses shift towards mobile and web-centric scenarios, identity verification solutions become crucial to protecting privileged accounts from intruders. The trend underscores the importance of securing access requests for on-premises and cloud-based applications, especially in large enterprises with complex IT environments.

Challenges
Low adoption in developing regions poses a challenge due to limited regulatory requirements. Regions with lax regulatory standards witness lower adoption of identity verification solutions, hindering the market's growth. Compliance requirements play a pivotal role, and the report notes the disparity between regions like South Africa and Vietnam, where regulatory demands are less stringent compared to the US and EU.

Market Segmentation:
By Component
The solutions segment is expected to witness significant growth during the forecast period. Identity verification solutions play a crucial role in ensuring that user-provided information is authenticating a real person, preventing identity fraud and unauthorized access. The segment's growth is highlighted by its increased market share from USD 4,531.64 million in 2017, showing a steady upward trajectory.

By Type
Large enterprises are projected to drive the adoption of identity verification solutions due to their scalability, security features, and efficient management of shared information. The complex IT environments in large enterprises necessitate robust identity verification solutions to manage access requests for both on-premises and cloud-based applications.

Regional Overview:
North America is estimated to contribute significantly, with a 33% share in global market growth during the forecast period. Factors such as robust IT infrastructure, compliance regulations, and widespread adoption of cloud-based IT security solutions contribute to the region's identity verification adoption. The report highlights the impact of the COVID-19 outbreak, which led to increased demand for identity verification products in 2020, driven by the need for secure environments during large-scale vaccination drives and the resumption of operations.

To Learn deeper into this report View Sample PDF
The report showcases a fragmented market with key players such as Equifax Inc., Experian Plc, GB Group plc, and others. Competitive landscape analysis includes detailed information about 20 market companies, providing insights into their roles and strategies shaping the industry.

The Identity Verification Market report offers revenue forecasts at global, regional, and country levels, presenting a thorough analysis of trends and growth opportunities from 2017 to 2027.

For more information please contact.

Technavio Research

Jesse Maida

Media Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/


Anveshana

256 Blog posts

Comments