What is Id Verification Market Scope?
As companies improve their online appearance and more transactions take place virtually, it becomes especially important to ensure the legitimacy of online customers. ID verification allows an individual’s claimed identity to be authenticated by digital means it is important to Know Your Customer (KYC) processes in order to maintain due diligence, deter fraudsters and be in compliance with anti-money laundering laws. The ability of an identity verification service is to process and approve customers quickly and without friction is the major facts. As indicated by the research, 44% of American consumers positioned ID theft and banking extortion as their top worry on FICO's most recent consumer finance trend. With ID theft costing banks 16.8 billion dollars each year, also boundless measures of customer goodwill, preventing it is positively a top worry for associations too. Identity verification has become a fundamental part of large numbers of the present organizations, particularly monetary establishments and e-commerce business organizations. Know Your Customer and Anti-Money Laundering rules are encouraging the development of identity verification techniques across the globe.
The Id Verification market study is being classified by Type (Non-Biometric and Biometric) and major geographies with country level break-up.
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. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Id Verification market throughout the predicted period.
Experian (Ireland), GBG (United Kingdom), Equifax (United States), Mitek Systems (United States), Thales Group (France), LexisNexis Risk Solutions (United States), Onfido (United Kingdom), Trulioo (Canada), Acuant (United States) and IDEMIA (France) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Jumio (United States), TransUnion (United States), AU10TIX (Israel) and IDology (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Id Verification market by Type, Application and Region.
On the basis of geography, the market of Id Verification has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
In November 2020 Taiwan based company Toppan a leading provider of printing and security globally announces the acquisition with the iDGate the specialist of the identity verification company it helps the company to strengthen its offering in Digital ID Solutions across the globe.
In July 2020 Trulioo, the Canadian company leading provider of identity verification Launches Facial Recognition, Document Verification Product. It will enable small and medium-sized businesses (SMBs) to provide the same level of online protection to their customers as global conglomerates.
“Federal Fair Credit Reporting Act (FCRA) 15 U.S.C. sec. 1681 et seq.”, “15 U.S.C. 1681c-1 - Identity theft prevention; fraud alerts and active duty alerts” and “If a consumer contacts any consumer reporting agency that is not described in section 1681a(p) of this title to communicate a suspicion that the consumer has been or is about to become a victim of fraud or related crime including identity theft the agency shall provide information to the consumer on how to contact the Bureau and the consumer reporting agencies described in section 1681a(p) of this title to obtain more detailed information and request alerts under this section.”
Influencing Market Trend
- The trend of the identity verification process by using advanced technologies AI and biometric technologies
Market Drivers
- Demand for more sophisticated ID verification measures is required to prevent fraud and satisfy regulatory requirements. The technology is becoming more and more prevalent across industries its adoption on the consumer side has been arguably spearheaded by the innovative tech
Opportunities
- The growing number of financial frauds in businesses is influencing the rise of identity verification solutions for businesses
- Initiatives by governments and enterprises with a focus on digitalization and implementation of new technologies such as AI ML and automation in identity verification solutions would provide lucrative opportunities for identity verification vendors
Restraints
- Cost variation in identity verification solutions and services provided by vendors
Challenges
- The major challenge is successfully launching consumer-facing ID theft tech is convincing users to adopt the technologies
Analyst View
As both consumers and companies become more security conscious, more effective identity-verification tools are being created to meet the market’s needs. The peak of the aforementioned trends is evidence that while ID security threats may be on the growth now, new technology is on its heels. The broad implementation of these trends will ultimately compare to more secure in-person and online interactions which will result in convinced benefits for businesses and consumers alike.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Id Verification Solution providers, Government Regulatory and Research Organizations and End-Use Industry
Customization available in this Study:
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