Market Research Future Insights 

According to MRFR analysis, the global Identity Verification market size is expected to register a CAGR of 14.30% from 2022 to 2030 and hold a value of over USD 35.2 Billion by 2030.

The Identity Verification Market refers to the use of technology and processes to verify the identity of individuals in order to prevent fraud and ensure secure access to various services and resources. It includes various solutions such as biometric verification, document verification, facial recognition, and others. COVID-19 has had a significant impact on the Identity Verification Market. The pandemic has led to a rapid increase in the adoption of digital services and remote working, resulting in an increased demand for identity verification solutions. The market has seen a significant rise in the use of biometric verification and facial recognition solutions to enable remote onboarding and authentication of customers and employees.

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The identity verification market is a rapidly growing industry that aims to provide secure and reliable methods for verifying the identities of individuals in various applications. The growth of the market is being driven by factors like increasing need to combat identity fraud, growing demand for digital identity solutions, and strict regulations regarding KYC and AML compliance in various industries. The market is also being propelled by the continuous advancements in AI, machine learning, biometrics and other innovative technologies that are being used to enhance the accuracy, speed and convenience of identity verification solutions

Key players

Some of the key market players are 

·       IDEMIA (France)

·       Jumio (US)

·       Experian (Ireland)

·       GBG (UK)

·       Equifax (US)

·       Mitek Systems (US)

·       Thales Group (France)

·       LexisNexis Risk Solutions (US)

·       Onfido (UK)

·       Trulioo (Canada) and

·       Acuant (US) (US)

Market Segmentation

The Global Identity Verification market has been segmented into based on component, type, deployment, organization size and vertical.

Based on the Component: Solutions and services

Based on Type: non-biometrics and biometrics

Based on Deployment Mode: on-premises and cloud

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Regional Analysis

Regionally, North America holds the largest market share in the Identity Verification Market due to the presence of major vendors in the region, along with the high adoption rate of digital solutions. The Asia-Pacific region is expected to witness the highest growth rate due to the increasing adoption of digital services and rising internet penetration in the region.

Based on Organization Size: SMEs and large corporations

Based on Verticals: Verticals include BFSI, government and defence, healthcare and life sciences, retail, and eCommerce, Energy and utilities in IT and ITeS

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