Product Overview

Identity Verification is the method of delivering security solutions to guarantee an individual's unique identity verification and authentication. Security solutions provide physical documents in real-time, such as biometrics for artificial intelligence, voice recognition systems, and many others. The use of this device refuses unauthorized and invasive demands for entry. In the IT security operations centers, defense, and military industries, it is commonly used. D authentication is a robust solution to ensure a safe process for customer registration by offering a smooth onboarding experience in real-time and minimizing the possibility of identity fraud. In most systems and procedures, both online and off-line, ID verification processes are an integral requirement. Verification of identity is an important necessity in cases where confirmed identity is essential, such as border controls or access to digital services. The increasing incidence of fraud and data breaches related to identity will drive the growth of the ID verification market.

Market Highlights

Identity Verification Market is expected to project a notable CAGR of 15.7% in 2030.

Identity Verification Market to surpass USD 17.63 billion by 2030 from USD 7.2 billion in 2018 at a CAGR of 15.7% throughout the forecast period, i.e., 2019-30. Due to the increasing number of identity threats related to fraud, the Identity Verification Market is experiencing significant growth, and the rise of data breaches is the key factor contributing to market growth. Besides, digitalization initiatives by governments and companies to incorporate emerging technologies such as AI, ML, and automation in identity verification solutions will create lucrative opportunities for vendors of identity verification. Besides, other factors driving the market growth are the rising trend of building your own device (BYOD) and mobility in the enterprise. Besides, a positive impact factor on business growth is the need for enforcement and implementation of strict regulations.

Identity Verification Market: Segments

SMEs segment to grow with the highest CAGR during 2019-30

Identity Verification Market is segmented by Organization Size as SMEs and large enterprises. The solutions segment is further bifurcated into consulting and training. The greater market share in 2018 was accounted for by the large enterprises segment. Due to the presence of a large number of access points due to numerous divisions and massive organizational scale, large organizations are vulnerable to cyber-attacks of their subsidiaries/departments may often have their own IT security operation centers to track and handle cyber threats and security warnings across large organizations. In particular, SMEs are implementing identity authentication technologies and services that resolve enforcement responsibilities and fraud-related risks. The manual and conventional verification processes are time-consuming. To meet their increasing needs, SMEs find identity verification software a simple intuitive, low-cost, hassle-free, and reliable solution. Because of limited resources, availability of IT workers, and budget constraints, SMEs are more vulnerable to cyber fraud; and look forward to implementing identity verification software to save their money, time, resources, and properties.

Government and defense to grow with the highest CAGR during 2019-30

Identity Verification Market is segmented by vertical into BFSI, Retail and eCommerce, IT & ITeS, Energy, and Utilities, healthcare, government and defense, and others. During the forthcoming years, the BFSI segment is projected to hold the largest market share. The need for identity authentication around the world is also motivated by the increased digitalization of banking processes, such as digital onboarding and digital payments aimed at enhancing the customer experience. The vertical is exposed to several vulnerabilities with high technology adoption, which hackers may use to access sensitive information such as personal information, bank accounts, and credit card data. Financial institutions are actively developing security strategies to mitigate such vulnerabilities, which will boost the identity verification market in the future. Also, the presence of stringent legislation, such as the Bank Secrecy Act, GDPR, and PSD2, is fueling the demand for identity verification across the globe.

Identity Verification Market: Market Dynamics

Drivers

Rising cyber-attacks and growing security concerns

It is expected that the rising complexity of security information platforms and IT security-based tools & solutions will have a profound effect on the overall management of an enterprise's security ecosystem. Furthermore, the alarming rise in the number of cybersecurity incidents has contributed to an increased need for comprehensive security solutions across organizations. Due to the flexible capabilities of these systems, such as identity authentication, data recognition, fraud detection, and others the market demand for identity verification solutions has gained considerable traction in the past few years. In the forecast period, the increasing popularity of digitization and automation in various vertical sectors ranging from BFSI to healthcare is also expected to drive the growth of the identity verification market.

Increasing initiatives for digitalization, such as E-ID and smart infrastructure

The world's digitalization has brought to light so many identity-related frauds and urged corporations to take stringent steps to protect them. Identity verification has become a critical component in which checked identity is mandatory, such as border controls and access to digital services, with growing digitalization across governments and private sectors worldwide. With initiatives across countries, such as electronic ID cards (eID), smart border control that uses facial recognition for identity verification and authentication, and smart cities and smart airports where video analytics and liveness detection is used for ID verification, secure identity verification has become a crucial part of online security of these areas.

Restrain

High Cost During the Adoption of Identity Verification Solutions

The pricing of identity verification solutions and services is determined based on a few variables, such as verification costs, linguistics, storage of data, and technical support. Maximum firms offer pricing per verification on a monthly and annual basis that includes a limited number of ID verification tests. In certain instances of an annual package, some vendors often have adjustable pricing through check. The problem lies in the various prices paid by ID verification vendors. Due to this price difference, consumers get a little confused about which specific solution or service should be chosen.

Identity Verification Market: Key Players

Acuant Inc

Company Overview

Business Strategy

Key Product Offerings

Financial Performance

Key Performance Indicators

Risk Analysis

Recent Development

Regional Presence

SWOT Analysis

Authenteq

Equifax Inc.

Experian Plc.

IDEMIA

iDenfy

IDMERIT

Jumio

LexisNexis

Mitek Systems, Inc.

Onfido

Shufti Pro Limited

TransUnion LLC.

Trulioo

Thales Group (Gemalto)

Identity Verification Market: Regions

Identity Verification Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Identity Verification Market in North America held the largest market share of XX.X% in the year 2018 and as it is a technologically advanced region with a high number of early adopters and the involvement of major market players, it is expected to continue its market dominance in the future. The demand for identity authentication markets is expected to be driven by factors such as the growth of government initiatives such as smart infrastructure, smart cities, digital identity-based driver's licenses, and increasing integration of various technologies such as AI, ML, and blockchain, to protect digital identities. During the forecast era, Asia Pacific is expected to contribute to the fastest growing area with the highest CAGR, as it becomes technologically prepared with the early adoption of new technologies. Factors such as government measures to tackle identity-related fraud, in particular, to improve eKYC for identity verification, such as country-initiated enforcement legislation, growing demand for cloud-based identity verification, increasing identity, etc.

Competitive Landscape:

The Identity Verification market, which is highly competitive, consists of several major players such as GBG, Thales Group, Mitek Systems, IDEMIA, Jumio, Trulioo, and LexisNexis hold a substantial market share in the Identity Verification market. Other players analyzed in this report are IDEMIA (France), Jumio (US), TransUnion (US), AU10TIX (Israel), IDology (US), Innovatrics (Slovakia), Applied Recognition (Canada), Signicat (Norway), SecureKey (Canada), IDfy (India), Authenteq (Iceland), Veri5Digital (India), PXL Vision (Switzerland), IDMERIT(US), Shufti Pro (UK), Identify (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany) among others.

The market competition has been stepped up by the availability of many players offering Identity Verification. For Instance, In June 2020, GBG partnered with CredoLab to easily and confidently assess the creditworthiness of any Indonesian individual, including the unbanked and underbanked for CredoLab by using GBG’s digital/AI-driven risk management.

Identity Verification Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Identity Verification Market report also contains analysis on:

Identity Verification Market Segments:

By Component:

Solutions

Services

By Type:

Biometrics

Non- Biometrics

By Deployment Model:

On-premises

Cloud

By Organization Size:

Large Enterprises

Small and Medium-sized Enterprises (SMEs)

By Vertical:

BFSI

Government and defense

Healthcare & Life Sciences

Retail and eCommerce

IT & ITeS

Energy and Utilities

Others

Identity Verification Market Dynamics

Identity Verification Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Contents

1. Executive Summary

2. Cloud-based Contact Center Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Cloud-based Contact Center Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Cloud-based Contact Center Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Cloud-based Contact Center: Market Segmentation

12.1. By Regions

12.1.1. North America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Europe:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Asia-Pacific:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. MEA:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Latin America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Component: Market Share (2020-2030F)

12.2.1. Solutions, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Services, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Organization Size: Market Share (2020-2030F)

12.3.1. Large Enterprises, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. SMEs, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4 By Deployment Model: Market Share (2020-2030F)

12.4.1. Public Cloud, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.2. Private Cloud, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5 By Vertical: Market Share (2020-2030F)

12.5.1. BFSI, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.2. Government and defense, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.3. Healthcare, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.4. Government and Public Sector, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.5. Retail and eCommerce, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.5.6. IT & ITeS, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.7. Energy and Utilities, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.4.8. Others, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. Finicity Corporation

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. Onfido Limited

13.3. Acuant Inc.

13.4. Intellicheck Inc.

13.5. Trulioo Information Services Inc.

13.6. Mitek Systems Inc

13.7. Veriff

13.8. Ekata Inc.

13.9. IBM Corporation

13.10. Jumio Corp.

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)