HYDERABAD, TELANGANA, INDIA, February 7, 2022 /EINPresswire.com/ – Identity Verification Market Forecast to 2028 – Global Analysis by Component (Software, Hardware), Type (Biometrics, Non-Biometrics), Market Size organization (SME, large), End user and By geographical area
The Global Identity Verification Market is worth $7,558.27 Million in 2021 and is projected to reach $23,163.51 Million by 2028, growing at a CAGR of 17.4% during the forecast period . The identity verification solution provides a high level of assurance with detailed customer characteristics such as nationality and immigration status, personal identification information, verification of identity documents and registration of employment and business. Identity verification solutions and services are used by different companies to ensure that information provided by users or customers is associated with the identity of a real individual. SMBs overwhelmingly adopt identity verification solutions and services to address compliance obligations and fraud-related risks. SMBs find identity verification software a simple, intuitive, inexpensive, hassle-free and secure solution to meet their growing needs. Asia-Pacific is expected to hold the largest market share as Asia-Pacific is getting technologically equipped with the early adoption of new technologies, increasing demand for cloud-based identity verification and the rise in identity-related cyberattacks. North America is expected to have the highest CAGR, owing to the high number of early adopters, the presence of major market players, and the increasing integration of various technologies, such as AI, ML and blockchain to secure digital identities.
Some of the key players profiled in the identity verification market include Thales Group, LexisNexis Risk Solutions, Mitek Systems, Equifax, Jumio, Innovatrics, Experian PLC, LoginID Inc., Ipsidy Inc., Acuant, TransUnion LLC and GB Group plc .
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