$15.8 Billion Identity Verification (Non-Biometric and Biometric) Market - Global Forecast to 2025 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Identity Verification Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The Global Post-COVID-19 Identity Verification Market Size is Forecasted to Grow from USD 7.6 Billion in 2020 to USD 15.8 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during 2020-2025.

The major growth drivers for the market include increasing digitization initiatives, increasing fraudulent activities and identity theft during the last decade, and Increasing use cases of digital identities among verticals. However, price disparity in identity verification solutions and services may restrain market growth.

By type, biometrics to grow at the highest rate during the forecast period

Biometric solutions follow lock and capture mechanisms to verify the individuals and further help in enabling access to a specific set of services. The biometric solutions are more secure and gain traction than conventional non-biometrics solutions. The biometric solutions segment is growing at a significant rate due to the increasing inherent demand from customers' end for seamless onboarding, compliance management, and fraud prevention.

Large enterprises segment to hold a larger market size during the forecast period

Amplifying internet penetration and increasing eCommerce activities are expected to increase the adoption of identity verification technology across large enterprises. Large organizations have adopted the identity verification solutions due to increased money laundering, fraudulent activity, identity theft, processing of high-risk transactions, compliant to different regulations, and cost-cutting on manual processes. Additionally, as large enterprises do not have budget constraints, it enables them to adopt the on-premises-based identity verification solution.

Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

The government takes initiatives toward tackling identity-related frauds, especially for strengthening eKYC to verify identities, such as compliance regulations initiated by countries, is mainly driving the need for robust and stronger identity verification practices in APAC.

Other factors driving the adoption of identity verification solutions are the increasing BYOD trend across enterprises of all sizes and the increased use of smartphones for online transactions and online shopping. This, in turn, has led to an expansion of customer base and internet users, eventually leading to the urgent need to deploy identity verification solutions.

Companies Mentioned

• Acuant
• Applied Recognition
• Au10Tix
• Authenteq
• Equifax
• Experian
• GB Group plc (GBG)
• Idemia
• Idenfy
• Idfy
• IDmerit
• Idology (GBG plc)
• Innovatrics
• Jumio
• Lexisnexis Risk Solutions
• Mitek Systems
• Onfido
• PXL Vision Ag
• Securekey Technologies Inc.
• Shufti Pro
• Signicat
• Thales Group
• Transunion
• Trulioo
• Veri5Digital
• WebID Solutions

For more information about this report visit https://www.researchandmarkets.com/r/j9ti50