Global Identity Verification Software Market Overview:
The global Identity Verification Software market is expected to witness high demand in the forecasted period due to the COVID-19 pandemic. In the COVID-19 pandemic, many industries swapping staff to remote working which leads to a chronicled upsurge in demand for video conferencing and other tools such as Zoom, which in turn is enhancing the demand for identity verification software. Identity Verification Software is used by any organization that helps to secure and protect user and customer information, as well as ensure its accuracy. it has a machine learning algorithm that is capable of automatic detection and identity. Additionally, growing adoption of identity verification software by the governments of developed and developing economies to identify the customer information for government-issued ID cards, passports and driving licenses is anticipated to propel the identity verification software market
As per latest study released by AMA Research, the Global Identity Verification Software market is expected to see growth rate of 20.3%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Stringent Regulations and Need for Compliance and Huge Demand for Cloud-Based Identity Verification Solutions
Market Growth Drivers:
Increasing Number of Identity Related Frauds and Data Breaches and High Demand due to Enterprise Mobility as well as BYOD Trends
Challenges:
Aggregating Critical Enterprise Data Distributed Across Multiple Locations Within A Business
Restraints:
Budgetary Limitations Inhibiting the Adoption of Identity Verification Solutions
Opportunities:
Technology Enhancement with Integration of Integration of AI and Ml Technologies
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Jumio (United States), LexisNexis (United States), AnyVision (Israel), BlocWatch Inc. (New York), Bluink (Canada), Entify (United Kingdom), Acuant Inc. (United States), Authenteq (United States), Equifax Inc. (United States) and Experian Plc. (Ireland). Additionally, following companies can also be profiled that are part of our coverage like IDEMIA (France), IDMERIT (United States), Mitek Systems, Inc. (United States), Onfido (United Kingdom), Shufti Pro Limited (United Kingdom), Trulioo (Canada) and Thales Group (Gemalto) (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Identity Verification Software market by 2030. Considering Market by Enterprise Size , the sub-segment i.e. Large Enterprise will boost the Identity Verification Software market. Considering Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Identity Verification Software market. Considering Market by Deployment, the sub-segment i.e. On-premise will boost the Identity Verification Software market. Considering Market by Component, the sub-segment i.e. Solution [Intelligent Data (ID) Software, Identity Document Authentication, Facial Recognition Software, Vein Recognition Software, Iris Recognition Software will boost the Identity Verification Software market.
Latest Market Insights:
In January 2020, LexisNexis® Risk Solutions, a global data and advanced analytics leader and part of RELX, announced today that it has closed the acquisition of ID Analytics®, the San Diego-based provider of fraud and credit risk solutions.
In December 2021, Jumio, the leading provider of AI-powered end-to-end identity orchestration, eKYC and AML solutions, announced that the company is acquiring current strategic partner 4Stop, the leading data marketplace and orchestration hub for KYB, KYC, compliance and fraud prevention. The addition of 4Stop's data sources to the Jumio KYX Platform realizes Jumio's strategic vision of redefining the end-to-end identity industry.
What Can be Explored with the Identity Verification Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Identity Verification Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Identity Verification Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Identity Verification Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Identity Verification Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Identity Verification Software Providers, Government Regulatory Bodies, Government Research Organizations, Private Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.