Identity Verification Market Key Players, SWOT Analysis, Key Indicators and Forecast to 2033

The global identity verification market is predicted to register a CAGR of 13.2% over the forecast period, as per FMI’s analysis. The industry’s market valuation is anticipated to increase from US$ 11.1 billion in 2023 to US$ 38.5 billion by 2033 end.

The identity verification industry is being positively favored by the heightened regulations and the compulsion to oblige with the industry standards across all sectors. The financial sector, especially, is likely to provide lucrative expansion opportunities to market players. In addition to this, the emerging trend of Bring Your Own Devices (BYOD) and enterprise mobility are the factors expected to propel market development further.

The adoption of upscaled identity verification systems, which include extremely powerful mobile devices with sophisticated cameras, GPS capabilities, and microphones, has boosted self-service identity verification to offer multi-factor authentication in different forms. The incorporation of biometrics in digital identification offers enhanced attribution to a person owing to its distinctive features. As a result, it is less susceptible to impersonation, given the means of acquisition are sternly regulated.

Request for a Sample of this Research Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-14454

Key companies are developing mobile applications and Software Development Kits (SDKs) to capitalize on this flourishing sector. Document verification tests, like nodding and blinking, enable the recognition and verification of driving licenses and passports. Additionally, key participants in the identity verification industry are constantly investing in research and development initiatives and introducing new products to combat security and cyber-attacks.

Key Highlights of the Identity Verification Industry:         

The United States is projected to be a significant identity verification market over the projected period as well. The market is estimated to attain US$ 12.4 billion by 2033, expanding at a CAGR of 13% over the coming years.

Within Asia Pacific, China is expected to be a dominant market. The China market is assessed to reach US$ 3.1 billion by 2033, registering a CAGR of 12.6%. Rising governmental efforts to avoid identity fraud and invigoration of e-KYC are pushing market expansion.

In the Europe region, Germany is projected to drive significant market growth. Germany's identity verification industry is projected to attain US$ 2.7 billion by 2033. The market is expected to exhibit a CAGR of 11.7% in the next 10 years. The demand for identity verification services is projected to surge due to the establishment of smart infrastructure, smart cities, and digital driver’s licenses in the region.

Based on organization size, large enterprises are projected to dominate the marketplace over the forecast period. The segment is expected to display a 12.6% CAGR in the forecast period, rising from the 9.8% CAGR observed in the historical period.

Latest Market Developments in the Market:

In November 2020, LexisNexis Risk Solutions introduced LexisNexis Fraud Intelligence. This tool assists businesses to mitigate the risk associated with account opening. This solution helps enterprises in reducing the new account fraud risk by clubbing identity events and consumer application activity to develop a robust and comprehensive score that delivers a broad picture of identity proof.

Financial Action Task Force (FATA) increased the scope of reporting entities in 2021, and motivated member countries to compel virtual asset dealers, legal professionals, and art dealers to perform anti-money laundering screening on their clients.

In November 2021, Experian Information Solutions, Inc. introduced Work Report, which is an automated verification solution that permits users to consent to reveal their payment details to another organization digitally. The solution links to an employer’s payroll information in a matter of seconds to check a consumer’s gross and net income, status, and job tenure.

Comments

Post a Comment

Popular posts from this blog

Set-Top Box Market Share, Global Industry Size, Growth, Competitor Landscape, Regional Outlook 2022 to 2032

The global  set-top box market  is expected to reach a market valuation of US$ 33.4 Billion by the year 2022, accelerating with a moderate CAGR of 5.6% by 2022-2032. Set-top box market size is anticipated to be valued at about US$ 57.7 Billion by 2032 end. The expansion of the set-top box market is anticipated to be aided by the increasing availability of high-definition channels and on-demand video content over the next few years. Technology advancements in the set-top box market, such as 4K and 8K support, and the incorporation of smart home services in STBs, are favorably impacting TV viewership trends. New UHD and OTT boxes from established companies will also help the market grow. Set-top box market growth will be substantial as a result of government attempts to hasten the digitalization of TV services, especially in Latin America Asia and the Pacific. Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-4594 The growin...
Read more

Enterprise VSAT Systems Market Recent Trends, Demand, Dynamic Innovation in Technology & Insights 2033

Image
The global enterprise VSAT systems market reached a value of US$ 4.9 billion in 2023. Over the next decade, from 2023 to 2033, it is anticipated to grow steadily at a rate of 4.5%. By 2033, this market is expected to reach a value of US$ 7.4 billion . Increased adoption of VSAT systems in the maritime industry is a key factor that is anticipated to accelerate market growth during the forecast period. Other factors such as demand for a broadband data connection from business and government sectors are expected to augment the market size of the enterprise VSAT systems in the future. Enterprise VSAT Systems are commonly installed on ships to provide fast broadband connectivity for both personal contact and business operations, which is a factor that is driving the market growth.  VSAT is used in video conferencing and ERP in industry-related activities and it is used in streaming, video messaging, and email in personal communications, which is another factor the drives the market gro...
Read more

NVMe over Fiber Channel Market Expected to Reach US$ 388,623.5 Million by 2033

According to Future Market Insights, the NVMe over fiber channel market is projected to hit a value of US$ 45,461.6 million by 2023. It's expected to show significant growth, with a Compound Annual Growth Rate (CAGR) of 23.9% between 2023 and 2033. This growth is attributed to increased demand from enterprises worldwide for NVMe over fiber channel technology. By the end of the forecast period, the market is anticipated to reach a valuation of US$ 388,623.5 million. In the fast-paced world of data storage, innovation is key to staying ahead of the curve. One such innovation that has been making waves in recent years is NVMe (Non-Volatile Memory Express) Over Fiber Channel. This groundbreaking technology is transforming the storage landscape, offering unprecedented speed, efficiency, and scalability for enterprise storage solutions. Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-12979 1. Introduction to NVMe Over Fiber Channe...
Read more