New York, 01 Feb. 2022 (GLOBE NEWSWIRE) — According to statistics from the Federal Trade Commission’s (FTC) Consumer Sentinel Network, the total number of identity thefts reported to the organization increased from 650,572 numbers in 2019 to 1,387,615 numbers in 2020. Additionally, in 2020, fraud to government documents or benefits recorded 406,375 cases and ranked first among all types of identity theft.
Research Nester recently published a report on “Global Identity Verification Marketwhich includes a detailed study of market drivers, along with the latest market trends and key opportunities that are expected to drive the market growth in the coming years. Additionally, the report uses various statistical tools, such as PESTEL and SWOT analysis, to assess market growth, and also covers the impact of COVID-19 on market growth in the coming years.
Dependence on the internet and internet services is increasing at lightning speed all over the world. The International Telecommunication Union (ITU), in one of its statistics, estimated that almost 51% of the world’s population used the Internet at the end of 2019. With the increase in the number of Internet users, the concern for the The growing prevalence of online fraudulent activities, such as identity theft, money laundering, government document or benefits fraud, and credit card fraud, among others, is also growing rapidly. As a result, there is a growing demand among ISPs to adopt identity verification systems to protect their customers’ data, which is expected to act as one of the major factors to drive the growth of verification. of global identity. Marlet. The market recorded a revenue of USD 7632.60 million in 2020 and is further expected to reach USD 33189.19 million by the end of 2030, growing with a CAGR of 16.32% during the period forecast, i.e. 2021-2030.
The market is also expected to grow owing to the increase in the number of financial institutions across the world and the growing number of services provided by these institutions through the internet. According to World Bank statistics, the number of commercial bank branches globally increased from 10.98 (per 100,000 adults) in 2020 to 14,145 in 2020. Additionally, the number of automated teller machines (ATMs) per 100,000 adults, increased from 29.76 in 2010 to 51.66 in 2020. Apart from this, the increasing attention of the government of nations to shift to digital governance, as well as the development of strict standards for cybersecurity and adoption of advanced security solutions, such as know-your-customer (KYC), anti-money laundering (AML) and others, are some of the additional factors expected to drive the market growth in coming years.
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The global identity verification market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Among the market in these regions, the North America market generated the largest revenue of USD 2855.35 million in 2020 and is further expected to touch USD 12661.67 million by the end of 2030. The region’s market is further segmented by country into the United States and Canada. Among these, the market in the United States is expected to attain the highest market revenue by the end of 2030, while the market in Canada is expected to grow with the highest CAGR of 17.24% during the forecast period.
On the other hand, the Asia-Pacific market is estimated to generate the second highest market revenue of USD 10006.54 million by the end of 2030, from a revenue of 2089 .81 million USD in 2020 and also growing with the highest CAGR of 17.44% during the forecast period. The region’s market is further segmented by country into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Among the market of these countries, the Chinese market registered the largest revenue of USD 677.93 million in 2020 and is further expected to reach USD 3550.32 million by the end of 2030. Apparently, the Indian market is expected to grow with the highest CAGR of 19.57% during the forecast period, and further reach the second highest revenue of USD 1,837.20 million by the end of 2030.
The study further incorporates YOY growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
“The final report will cover the impact analysis of COVID-19 on this industry.”
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The global identity verification market is segmented by verification type into knowledge-based authentication, SMS-based two-factor authentication, IC chip-based authentication, database solutions, AL/ML-based authentication, authentication biometric, etc Of all these segments, biometric authentication segment generated the largest revenue of USD 2634.46 million in 2020 and is expected to grow further with a CAGR of 16.57% during the forecast period and reach a turnover of 11702.06 million USD by the end. of 2030. In North America, the segment is expected to hit the highest revenue of USD 4479.70 million by the end of 2030, compared to revenue of USD 988.24 million in 2020. On the other hand, in Asia-Pacific, the segment reached the highest revenue of USD 719.52 million in 2020 and is expected to grow further with a CAGR of 17.69% during the forecast period. Moreover, by the end of 2030, the segment of the region is predicted to touch the biggest turnover of 3519.30 million dollars.
The global identity verification market is further segmented by end-user industry into BFSI, government & defense, retail, healthcare, IT & telecommunications, entertainment & gaming, transportation, logistics & mobility, energy and utilities, hospitality and others. Among these segments, BFSI segment achieved the largest revenue of USD 2180.38 million in 2020 and is further expected to reach USD 9852.40 million by the end of 2030. In North America, the segment is expected to grow with the third highest CAGR. by 17.02% during the forecast period, and further achieve the highest revenue of USD 3754.19 million by the end of 2030, up from revenue of USD 813.20 million USD in 2020. On the other hand, in Europe, the segment is expected to generate the highest revenue of 2019.81 million USD by the end of 2030.
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The global identity verification market is also segmented by component type, deployment type, and organization size.
Global Identity Verification Market, Segmentation by Component Type
- Document verification
- Identity authentication
- Digital identity verification
- AML screening and surveillance
- Business Verification
- Professional services
- Managed Services
Global Identity Verification Market Segmentation by Type of Deployment
Global Identity Verification Market, Segmentation by Organization Size
- Small and medium enterprises
- Large companies
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Some of the major industry leaders in the global identity verification market that are included in our report are Experian plc, Mastercard International Incorporated, Equifax, Inc., Mitek Systems, Inc., LexisNexis Risk Solutions Group, Acuant, Inc., Onfido, Liquid Inc., Intellicheck, Inc., IDEMIA and others.
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