Global Identify Verification Market - 2019-2026
|身元確認の世界市場：2019年-2026年 Global Identify Verification Market - 2019-2026|
|出版日: 2020年07月18日||ページ情報: 英文||
Identify verification is the process of ensuring the information of individual with the help of physical identity documents. The verification documents include passport, driver's license, nationally issued identity document, passport, and many others documents verified by the government. Identity verification service is present in both online and offline in person form to verify identities. These services are most commonly used in the e-commerce platforms, digital businesses, travel & leisure financial service industry, social networking sites, internet forums, and retail, telecom, banking, healthcare industry. The service has substantially used to avoid the illegal activities like Identity frauds, harassment, and money laundering by ensuring the privacy of the information. The global Identify Verification market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand for know your customer (KYC), anti-money laundering procedures, fraud protection, compliance with labor licensing laws and many others due to surge in digitalization of businesses, banking sector and government institutes. According to the World Bank Organization in 2019, India had been processed around 27 billion identify verification authentication requests along with approximately 1.2 billion Aadhaar numbers as unique identification number and has processed around 100 million queries per day. This has created huge demand for the identify verification market for securing the information using electronics devices.
There is a rise in the digital advanced technology like blockchain identity solutions adoption from banking, finance, Government and Defense, Healthcare, BFSI, Retail, IT & Telecom, Energy and Utilities. For instance in March 2019, Visa Company in collaboration with IBM had been launched Blockchain-Based Digital Identity System for simplifying cross-border payments. Furthermore on 29th May 2019, Microsoft Launches Blockchain-Based Decentralized Identity System. This had been helped to secure privacy of any organization's data of individuals by controlling identifiers and PKI entries through decentralized identity ecosystem.
The global identify verification market is segmented based on components, deployment mode, organization size, end user, and region.
In terms of components the global identify verification market is bifurcated into services and solutions. Among these, solutions segment has the highest market share in 2019 owing to increasing launching of advanced technology AI and IoT based solutions by the leading players for decentralized identity. For instance on 26th Nov 2019, Nucleus Vision Company had been launched Global Identity and Consent (GIDC) Blockchain Network solution to ensure privacy and security. This technological solution have been built with the help of Internet of Things and Artificial Intelligence technologies to provide knowledge of consumer shopping behavior and preferences in real-time for retailers.
Similarly, services segments are also growing at faster pace owing to rising the government funding and support for the services including unemployment insurance, (UI) integrity center identity verification and Identity Proofing. For instance in September 2019, the Centralized Identity Verification Service had been received funding from US Department of Labor (USDOL) for providing the a centralized identity verification (IDV) service to address and leverage the Center's Integrity Data Hub (IDH) infrastructure and processes in the United States.
Depending on the deployment mode, global identify verification market is divided into cloud-based, and on premise-based. Among this, cloud-based segment has the highest share in 2019. This is primarily due to rising adoption of digital technology with surge in the cloud based service providers around the globe to secure the data of consumers.
Similarly, on premise-based segments are also growing at faster pace owing to rising international travel & tourism which requires the identity documents for verification around the globe. According to the International Air Transport Association (IATA) in 2019 the global passenger numbers has been increased by 4% to around 4.54 billion. This propels the segmental growth for the Identify Verification market.
Depending on the organization size, global identify verification market is divided into small enterprises, medium sized enterprises and large enterprises. Among this, large enterprises segment has the highest share in 2019. This is primarily due to rising adoption of digital technology in the corporate sector to avoid the fraudulent cases. In 2019, the number of identity fraudulent cases was reduced by 5.6% in the retail consumer sector with the proper utilization of advanced technology for identity verification in the large corporations.
Similarly, small enterprises, medium sized enterprises are also growing at faster pace due to increase in the infrastructure development and rising digitalization.
Similarly, on premise-based segments are also growing at faster pace owing to rising international passenger around the globe. According to the International Air Transport Association (IATA) in 2019 the global passenger numbers has been increased by 4% to around 4.54 billion. This propels the segmental growth for the Identify Verification market.
Depending on the end-user, global identify verification market is divided into Government and Defense, Healthcare, BFSI, Retail, IT and Telecom, Energy and Utilities and others. Among this, Government and Defense segment has the highest share in 2019. This is primarily due to rising government support and initiative to curb the fraud identity cases with the help of digital technology with surge in requirement to secure the data of consumers. For instance 18th May 2018, the Defense Department in the United States has planned to grow and to modernize the Defense Department's ID cards. For this defense department had been provided funding to the private company DISA for common access cards, called CAC cards for Troops and civilian Pentagon employees.
Similarly, on Healthcare, BFSI, Retail, IT and Telecom, Energy and Utilities segments are also growing at faster pace owing to adoption of digital technologies around the globe. This propels the segmental growth for the Identify Verification market.
By region, the global identify verification market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America is the dominated region for the global identify verification market and expected to grow at the highest CAGR during the forecasted period due to raising the identity fraudulent cases followed by Europe region. According to Federated Authentication Services report in 2012, the identity fraud and theft victims was around 12.6 million Americans reported which has loose around nearly USD 21 billion cost for the Americans. As per the Insurance Information Institute organization in 2019, there were around 3.2 million identity theft and fraud cases were reported in the United States.
Asia Pacific is the also growing at faster pace for the identify verification market, owing to government programs for avoiding the identity theft and surge in adoption of digital technology with growing population people in this region. For instance in India, government agencies, such as the Reserve Bank of India (RBI), had been approached to private companies to secure and protect consumer information and to ensure that digital transactions be protected.
The global Identify Verification market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. BAE Systems, IDEMIA, Gemalto, Authenteq Ltd, Experian, Acuant, Onfido , Mitek Systems, Inc., Acuant, Thales group, LexisNexis , Equifax , and Trulioo are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 4th Feb 2019, Thales Group had been acquired Gemalto for Euro 4.8 Billion. This acquisition had created global leader to the Group in digital identity and security services on large scale for companies, organizations, and governments.