Identity verification is a core division of the identity and access management solution used by organizations to ensure whether the information provided by users or customers associated with their identity is real or fake, in real time. The solution uses biometrics, Artificial Intelligence (AI) and Machine Learning (ML) technologies to quickly verify digital identities. Its features include digital identity verification, identity authentication, ID verification, fraud prevention, and compliance management. MarketsandMarkets forecasts the global Identity Verification Market to grow from USD 6.0 billion in 2018 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during 2019–2024.
Identity verification solutions enable organizations to verify the digital identities of new and existing clients quickly. The solutions use the power of the latest technologies, such as machine learning, face-based biometrics, and AI, to ensure whether an individual is who they claim to be. Identity verification solutions are the next-generation of identity authentication solutions that deliver a significantly higher level of assurance and establish trusted identities. With the growing digitalization, exponentially rising computational power of processors, and increasing number of connected devices, the instances of cyber-attacks have increased considerably in recent times. Account takeover has resulted in financial losses in billions of dollars. Increased instances of data breaches and account takeovers have boosted the adoption of identity verification solutions and services.
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The identity verification market in the retail industry vertical is expected to grow at the highest CAGR during the forecast period. The retail vertical is rapidly implementing identity verification solutions, which support business stability and improve the level of competitiveness. The retail vertical is one of the top cost-conscious verticals and the most targeted one for cyber-attacks, due to potential payouts and a huge number of monetary transactions by Visa, credit card, and Mastercard. Various tasks, such as maintaining user directory, accounts, password, and access to multiple IT directories, and assigning of role-based access privileges, are some of the issues specific to the retail vertical. Hence, cybercriminals are attracted to the retail vertical to gain access to such information.
In terms of geographic coverage, the identity verification market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. The identity verification market in APAC is expected to witness substantial growth, as SMEs and large enterprises in the region are rapidly adopting identity verification solutions to ensure the security of organizational data and customers’ sensitive data. This region is expected to invest more in deploying identity verification solutions, due to the increasing threat of identity and access breaches. However, factors, such as increasing Bring Your Own Device (BYOD) trend, compliance regulation, and mobile use, are driving the adoption of identity verification solutions. This has led to an expansion of customer base and internet users, eventually leading to the urgent need to deploy identity verification solutions.
Organizations across all industry verticals are constantly under risk of cyber-attacks on their critical applications and infrastructure. These attacks can lead to operational shutdowns, data leakage, and revenue loss. These threats could be external or from within the organization, such as employees going rogue. Revenue losses are causing a huge financial blow for organizations, and the reputation of those organizations are constantly at stake.
The looming threat of cyber-attacks has put identity management at the forefront of IT operations in an organization. Identity verification solutions, if deployed across organizations, can help mitigate such frauds and eventually the occurring revenue losses.
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Major identity verification vendors include Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Mitek Systems (US), Gemalto (Netherlands), Onfido (England), Trulioo (Canada), Acuant (US), IDEMIA (France), Jumio (US), Authenteq (Iceland), Shufti Pro (UK), IDMERIT (US), iDenfy (Europe), and TransUnion (US). These players have adopted various growth strategies, such as new product launches and partnerships, agreements, and collaborations, to enhance their presence in the global identity verification market. Partnerships, acquisitions, and new product launches have been the most widely adopted strategies by major players from 2016 to 2019 and helped them innovate on their offerings and broaden their customer base.
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