Identity Verification Market In-Depth Analysis, Growth Strategies and Comprehensive Forecast to 2032
The global identity verification market is projected to advance at a
CAGR of 14.8% through the forecast period. The verification
market valuation
is likely to reach US$ 40 Bn by 2032 from US$ 10 Bn in 2022.
Increased
digitization ambitions, a surge in fraudulent activities and identity theft
over the previous decade, and rising use cases of digital identities among
verticals are all driving the identity verification market.
Furthermore,
initiatives by governments and businesses focusing on digitalization and the
use of new technologies in identity verification systems, such as AI, machine learning, and
automation, would present lucrative prospects for identity
verification suppliers.
Growing
digitization initiatives, identity theft, an increase in fraudulent activities
over the last decade, and an increase in the adoption of digital IDs among
verticals are all pushing the global identity verification industry.
Moreover,
governments and businesses have taken a number of steps to focus on
digitalization and the adoption of new technologies such as machine learning,
artificial intelligence, and automation in identity
verification solutions,
which are projected to provide lucrative opportunities for identity
verification vendors and lead the identity
verification market adoption trends.
As
per the market study by Future Market Insights, the major hurdle impeding the
growth of the identity verification
market are
financial constraints during the deployment of identity
verification systems.
According to Jumio Corporation, the total cost of ownership for
online identity verification is roughly USD 853,750 per year, based on specific
estimates. Identity verification solutions are easier to obtain for large
businesses. However, for SMEs, it becomes a problem owing to a lack of
budgetary resources.
The
high initial expenditures and ongoing upkeep of identity verification make it
difficult for startups to get off the ground. SMBs usually have limited access
to bank-grade technology and security solutions due to budget constraints,
making them an easy target for cybercriminals and thus also hindering the
growth of the global market.
Price
per verification, languages, data storage, and technical support are all
elements that go into determining the cost of identity
verification solutions
and services. The majority of organizations charge per verification, as well as
per month and year, with a limited number of ID verification checks provided.
In some circumstances of a yearly package, some providers additionally offer
variable pricing per verification. The issue is the disparity in prices charged
by ID verification suppliers.
Key Takeaways
·
The US identity verification market is expected
to advance at a CAGR of 14.2% during the forecast period.
·
The market is divided into BFSI, Energy & Utilities,
Healthcare, Retail & eCommerce, Government & Defense, IT &
Telecommunication, and Others, based on the end user. During the forecasted
period, the BFSI sector is anticipated to have the greatest identity verification market size. As it
becomes technologically prepared through the early adoption of new
technologies, Asia Pacific is predicted to contribute to the fastest-growing
region with the greatest CAGR during the forecast period.
·
The China identity verification market size is
projected to reach a valuation of US$ 2.9 Bn by 2032.
·
Due to the increasing intrinsic demand from consumers for
seamless onboarding, compliance management, and fraud prevention, the biometric
solutions industry is expected to expand rapidly.
·
The application of identity verification technologies
in major organizations is likely to expand as internet penetration, and
eCommerce operations grow.
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More Info: https://www.futuremarketinsights.com/reports/identity-verification-market
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