Global Identity Verification Market By Component (Solutions and Services), By Type (Non- Biometrics and Biometrics), By Enterprise Size (Large Enterprise and Small & Medium Enterprise), By Deployment Type (On-premises and Cloud), By End User (BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication and Others), By Region, Industry Analysis and Forecast, 2020 - 2026
The Global Identity Verification Market size is expected to reach $17.8 billion by 2026, rising at a market growth of 13.4% CAGR during the forecast period. Identity Verification provides security solutions in order to make sure the unique authentication and identity verification of an individual. The security solutions are comprised of real-time physical documents including voice recognition devices, artificial intelligence biometrics, and several others. The use of this system reduces unauthorized and hostile access requests. It usually finds its application in the defense, IT security operation centers, and military sectors.
The major factors driving the identity verification market include growing digitization initiatives, identity theft, an increase in fraudulent activities from the past decade, and an increase in the use of digital identities among verticals. Furthermore, governments and enterprises have also taken many initiatives to focus on digitalization and adoption of new technologies, like ML, AI, and automation in identity verification solutions and this will provide lucrative opportunities for vendors of identity verification.
Based on Component, the market is segmented into Solutions and Services. Solution segment dominated the market in 2019. The services segment would showcase significant growth opportunities during the forecast period.
Based on Type, the market is segmented into Non- Biometrics and Biometrics. The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation. The integration and introduction of AI and ML technologies in identity verification solutions in turn help organizations to remain proactive and make very effective detection and remediation in response to suspicious activities and invasive and unauthorized access requests on an enterprise network.
By Enterprise Size
Based on Enterprise Size, the market is segmented into Large Enterprise and Small & Medium Enterprise. For SMEs, identity verification software is a simple, low cost, hassle-free, intuitive, and secure solution in order to meet their increasing needs. SMEs are very prone to cyber fraud owing to the availability of IT personnel, limited resources, and budget restraints; and are focused to adopt identity verification software in order to save their time, money, resources, and assets. The cloud deployment mode offers a realistic solution for the implementation of technology.
By Deployment Type
Based on Deployment Type, the market is segmented into On-premises and Cloud. cloud deployment is expected to grow at a higher CAGR in the coming years. Cloud-based identity verification solutions enable organizations to accomplish their costs as well as helps them in improving business alertness.
By End User
Based on End User, the market is segmented into BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication and Others. BFSI vertical has the largest market size during the foreseeable period. The augmented digitization of banking processes including digital onboarding and digital payments intended toward improving the experience of the customer are also boosting the necessity for identity verification all across the globe.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is anticipated to contribute to the fastest-growing region during the foreseeable period as this region is getting technologically furnished with the prompt adoption of novel technologies. Factors including initiatives are taken by the government for tackling identity-related frauds, particularly for strengthening eKYC in order to verify identities, like compliance regulations initiated by countries, growing demand for cloud-based identity verification and increase in identity-related cyber-attacks are boosting the revenue growth in this region.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Experian PLC, Thales Group S.A., and RELX PLX are the forerunners in the Identity Verification Market. Companies such as GB Group PLC, Mitek Systems, Inc., and Equifax, Inc., Acuant, Inc., Onfido Limited, TransUnion LLC, Trulioo, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Experian PLC, GB Group PLC, Equifax, Inc., Mitek Systems, Inc., Thales Group S.A., RELX PLC (LexisNexis Risk Solutions, Inc.), Onfido Limited, Trulioo, Inc., Acuant, Inc. and TransUnion LLC.
Recent strategies deployed in Identity Verification Market
Partnerships, Collaborations, and Agreements:
Dec-2020: GBG partnered with NAGA. The partnership aimed to safely and securely verify client identities for its online trading and investment platform. GBG’s IDscan and ID3global solutions empowered NAGA to verify applicants’ identities remotely within minutes that reduce the need for a lengthy manual verification process.
Dec-2020: Onfido collaborated with Salesforce AppExchange, a leading enterprise cloud marketplace. The collaboration aimed to launch a new version of Onfido's identity verification and authentication service on Salesforce AppExchange.
Dec-2020: Trulioo entered into a partnership with Credit Sesame, a Digital banking service provider. This partnership allowed Credit Sesame to improve privacy for its customers through Trulioo’s GlobalGateway biometric identification platform.
Dec-2020: Trulioo signed a partnership agreement with True Medical, a UK-based digital healthcare provider. This partnership aimed to offer patients’ easily accessible quality healthcare integrated with outstanding customer service and ongoing support, to provide real-time identity verification during customer onboarding as well as meet regulatory requirements in the UK.
Nov-2020: Experian came into partnership with Unemployment Insurance (UI) Integrity Center. Under this partnership, Experian provided its identity and fraud verification to the Unemployment Insurance (UI) Integrity Center’s centralized Identity Verification (IDV) capability. This capability is available to state agencies at zero cost through UI Integrity Center, operated by the National Association of State Workforce Agencies (NASWA) partnered with and funded by the U.S. Department of Labor.
Nov-2020: LexisNexis Risk Solutions partnered with Nuggets, e-commerce payments, and ID platform. This partnership aimed to allow the implementation of self-sovereign digital identity (SSI) solutions and helped to validate the advantages and strengths of the self-sovereign identity model.
Nov-2020: Onfido entered into a partnership with Banco Sabadell, a Spanish multinational financial services company. The partnership focused on integrating artificial intelligence technology for remote customer identification and onboarding.
Oct-2020: Onfido signed a partnership agreement with Deliveroo, a leading online food delivery company. The partnership expanded the roll-out of Onfido’s AI-powered identity verification technology to support the food delivery giant’s global expansion. It also made it easier and quicker for Deliveroo riders to onboard securely.
Aug-2020: Thales came into partnership with Thirdstream, Canada's leading provider of onboarding software. In this partnership, Thirdstream delivers the Thales IdCloud KYC and AML solutions, serving over forty Canadian credit unions, banks, and trust companies. Thirdstream’s partnership with Thales combines its world-renowned digital identity verification services.
Aug-2020: Acuant collaborated with iProov, the leading provider of biometric authentication technology. This collaboration integrated iProov into Acuant's platform to provide robust online face authentication services that provide identity verification services to all industries.
Aug-2020: Acuant collaborated with Bluebird Auto Rental Systems. Under this collaboration, Bluebird gets access to Acuant's leading identity verification solutions to prevent fraud and manage risk, car rental locations able to deliver a superior customer experience securely.
Jul-2020: Experian signed a partnership agreement with Global Data Consortium (GDC), a Data as a Service (DaaS) company. This partnership allowed Experian's clients to onboard customers rapidly and strengthened anti-fraud measures and fulfilling Know Your Customer (KYC) and Anti Money Laundering (AML) compliance requirements.
Jul-2020: Thales collaborated with Nedap, a Dutch multinational technology company. Under this agreement, Thales's Facial Recognition Platform (FRP) integrated with Nedap physical access control platform (AEOS) to facilitate the widespread uptake of biometric authentication. Thales FRP interfaces with Nedap’s access control panel to offer face matching results upon each authentication request, along with the back-end to synchronize the list of authorized people.
Jul-2020: Onfido partnered with Neeyamo, a leading platform-based global HRO service provider. In this partnership, Neeyamo remotely verifies a candidate's identities with substantially reduced turnaround time and frictionless user experience with the help of Onfido's identity verification and authentication technology.
Jun-2020: Onfido came into partnership with Scrive, an eSignature and document management company. The partnership aimed to provide customers virtually global coverage for performing secure online identity checks.
May-2020: Equifax partnered with HooYu, a global customer onboarding platform. Under this partnership, HooYu provides a seamless extension to the existing Equifax database identity check Solutions. Equifax deployed the HooYu user interface (UI) and user experience (UX) tools in their website or app to help guide customers through the process.
Apr-2020: Acuant came into collaboration with Trustopia, the All-in-One Intelligent People Screening Platform. This collaboration aimed to offer seamless onboarding and authentication in its people screening ecosystem. With Acuant, Trustopia customers can quickly and accurately verify identities on any channel.
Feb-2020: Onfido formed a partnership with Mode, the UK’s new mobile banking app. This partnership helped to empower Mode’s mobile application to seamlessly verify and connect the UK and European citizens to a thriving Bitcoin market, by using Onfido's technology.
Acquisition and Mergers:
Nov-2020: Experian took over Tapad, a leading provider in digital identity resolution for marketers. The acquisition improved Experian’s digital offerings for advertisers, publishers, and agencies, and particularly for Advanced Television, which placed Experian to take advantage of the expansion in the market for digital-data advertising.
May-2020: TransUnion acquired Iovation, one of the most advanced providers of device-based information. The acquisition created an unmatched network of offline and online identities that helped make transactions faster and more secure while providing a frictionless experience for consumers.
Mar-2020: Acuant completed the acquisition of IdentityMind, the creator of Trusted Digital Identities. Under this acquisition, Acuant integrated its Trusted Identity Platform for identity proofing and verification with IdentityMind's Digital Identity Platform for identity creation, risk scoring, transaction monitoring, and regulatory compliance (KYC and AML). This integration created a best-in-class Identity Platform for building, proofing, verifying, and maintaining digital identities.
Feb-2020: LexisNexis Risk Solutions took over ID Analytics, the San Diego-based provider of fraud and credit risk solutions. This acquisition helped LexisNexis to expand its innovation and expertise in verifying and authenticating consumer identities.
Apr-2019: Thales acquired Gemalto, an international digital security company. This acquisition helped Thales to create a giant in digital identity and security with the capabilities to compete in the big leagues worldwide.
Feb-2019: GBG acquired IDology, a US-based provider of identity verification and fraud prevention services. This acquisition strengthened GBG's broader portfolio and improved the business' product capability and customer reach.
Oct-2018: GBG took over the VIX Verify Global (VVG), an Australian provider of identity verification and location intelligence software. This acquisition brought additional scale to GBG’s identity verification and location intelligence solutions in Australia and New Zealand, two markets where GBG offered fraud detection solutions to customers.
Jul-2018: Equifax took over DataX, a leading specialty finance credit reporting agency. This acquisition helped Equifax to provide lenders to expand credit access and widen the financial inclusion for more consumers, specifically in underbanked populations.
May-2018: Mitek took over A2iA, SAS, a global leader in artificial intelligence (AI), and image analysis. The acquisition aimed to unite two market leaders in image recognition and processing, to make a powerful force with deep expertise in image analytics.
Product Launches and Product Expansions:
Nov-2020: LexisNexis launched LexisNexis Fraud Intelligence, the newest addition to the company's suite of fraud and identity products. This tool helps organizations mitigate new account fraud risk by combining identity events and consumer application activity to arrive at a comprehensive, powerful score that provides a complete view of identity.
Nov-2020: Acuant introduced a suite of no-code solutions for easy biometric identity verification. The latest Acuant GO offers customers the capabilities of Acuant’s Trusted Identity Platform with the fastest go-to-market method possible.
Oct-2020: Mitek Systems enhanced its identity verification software. They added near-field communication (NFC) technology to its software for increasing the speed and security of transactions, into its identity verification workflow.
Oct-2020: Thales unveiled its Identity Verification Suite. This solution offers a secure and 100%-AI identity verification service. The solution addresses the Covid-19 environment with touchless interactions, enabling service providers to reach end-users through their mobile handsets or the web.
Oct-2020: TransUnion launched a new Document Verification and Facial Recognition solution. The solution helped businesses in the United Kingdom (UK) fight against identity fraud the state-of-the-art technology avail customers with ID authentication and identity verification services at a time when fraud is running high in the world of business.
Jul-2020: Trulioo released facial recognition and document validation technology. The technology enabled small and medium-sized businesses (SMBs) in providing the same level of online protection to their customers as global conglomerates.
May-2020: Experian introduced Sure Profile, an offering to combat synthetic identity fraud. This solution helped Experian to share fraud losses with the lender if the losses occur on assured profiles. Sure Profile verifies consumer identities, recognizes profiles that increased risk for synthetic identity fraud, and helps in covering losses resulting from synthetic identity fraud for assured profiles.
Mar-2020: LexisNexis introduced LexisNexis Behavioral Biometrics to its portfolio of fraud and identity solutions. Behavioral Biometrics integrated with existing digital identity intelligence allows organizations to create more reliable fraud and risk decisions.
Feb-2020: Mitek announced innovation in its Liveness Detection feature. Through this, Mitek extended its technology to provide virtually spoof-proof facial comparison across all digital channels through one simple selfie.
Jan-2020: GBG unveiled four fraud solutions that include flagship Instinct Hub as a platform solution. It enabled businesses to onboard quality customers more swiftly while protecting their organizations and their customers against losses from fraud and financial crimes in the digital landscape.
Scope of the Study
Market Segments covered in the Report:
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