DUBLIN--(BUSINESS WIRE)--The "Identity Verification Market by Component (Solutions and Services), Deployment Mode, Organization Size, Industry Vertical, and Region (North America, Europe, APAC, Middle East and Africa, Latin America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The identity verification market size is expected to grow from USD 6.0 billion in 2019 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period.
The rising number of identity-related frauds and data breaches are expected to drive the identity verification market
The factors expected to drive the identity verification market are the rising number of identity-related frauds and data breaches, stringent regulations, and need for compliance to drive the adoption of identity verification solutions, enterprise mobility, and Bring Your Own Device (BYOD) trends. However, aggregating critical enterprise data distributed across multiple locations within a business is still a point of concern for organizations.
The services segment is expected to grow at a higher CAGR during the forecast period
The identity verification market by service includes consulting, training and education, and support and maintenance services. These services help clients understand their identity verification solutions and related processes. The solutions segment is expected to hold a larger market size during the forecast period. The identity verification solutions are being deployed by a large number of Small and Medium-sized Enterprises (SMEs) due to an increasing need to secure the business-sensitive applications from unauthorized accesses.
Increasing deployment of cloud-based identity verification solutions in SMEs is expected to drive the growth of the SMEs segment during the forecast period
The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the cloud-based identity verification solutions by them to secure their web applications, mobile applications, mobile devices, infrastructure, and Application Programming Interfaces (APIs) from unauthorized access, vulnerabilities, and attacks. SMEs are small in terms of their size but cater to a large number of customers globally. Weak cybersecurity and low budget make the SMEs more susceptible to data breaches and identity thefts as most of the organizations lack proper security protocols to their organizations' applications, platforms, and infrastructure.
However, the rising level of cyber-attacks, and the increasing need to protect their infrastructure and confidential data from unauthorized access, and identity impersonification will drive the demand for identity verification solutions among SMEs. These solutions not only enhance the security portfolio of SMEs but also enable them to comply with regulations by ensuring customer data protection as well as organization data protection from identity theft.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
APAC includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are rapidly deploying the identity verification solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC identity verification market is gaining traction, as this region is showing the highest growth of the Internet of Things (IoT), BYOD, and web applications adoption for their business functions and this, in turn, increases the need to secure these solutions against cyber threats, identity-based threats, and attacks. SMEs as well as large organizations in the APAC region have become more aware of identity verification services and have started adopting them to combat identity-based threats and data thefts to their infrastructures, endpoints, and cloud-based applications.
Furthermore, North America is expected to have the largest market size in 2019 owing to the presence of a large number of vendors and initial adoption of identity verification solutions owing to the rising sophistication level of cyber-attacks and heavy financial losses in the advent of any identity attack.
- Rising Number of Identity Related Frauds and Data Breaches
- Stringent Regulations and Need for Compliance to Drive the Adoption of Identity Verification Solutions
- Enterprise Mobility and BYOD Trends
- Budgetary Limitations Inhibiting the Adoption of Identity Verification Solutions
- Integration of AI and ML Technologies to Enhance Identity Verification Solutions
- Proliferation of Cloud-Based Identity Verification Solutions and Services
- Aggregating Critical Enterprise Data Distributed Across Multiple Locations Within A Business
- Payment Services Directive
- Electronic Identification, Authentication, and Trust Services
- Know Your Customer
- Anti-Money Laundering
- General Data Protection Regulation
- Payment Card Industry Data Security Standard
- Health Insurance Portability and Accountability Act
- Federal Information Processing Standards
- Adoption of Identity Verification Solution By A Financial Organization in Canada
- Reliance on Identity Verification Solution By A Brokerage Firm in the US
- Adoption of Identity Verification Solution By A Credit Union in the US
- LexisNexis Risk Solutions
- Mitek Systems
- Shufti Pro
For more information about this report visit https://www.researchandmarkets.com/r/vs3dm6