Identity Verification Market by Component (Solutions and Services), Deployment Mode, Organization Size, Industry Vertical, and Region (North America, Europe, APAC, Middle East and Africa, Latin America) - Global Forecast to 2024
[145 Pages Report] The identity verification market is expected to grow from USD 6.0 billion in 2019 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period. The major factors driving the growth of the market are the increasing emphasis on compliance management and rising number of identity-related frauds and data breaches.
The digital identity verification segment to constitute the largest market size during the forecast period
Digital identity verification is the process of establishing ones identity digitally. It is used to authorize the uniqueness and validity of an individuals identity to ease the provision of entitlement or service and rely upon different factors, such as AI biometric information, biographic information, and the knowledge of personally relevant information or events. The digital identity verification is utilized to initiate, capture, verify, and record user identities as well as provide employees permissible accesses to various enterprise resources. The introduction and integration of AI and machine learning technologies with identity verification solutions help detect and remediate suspicious activities, and unauthorized and invasive access requests on an enterprise network. With the rapidly growing identity-based attacks and frauds, digital identity verification is becoming essential.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period
The SMEs segment is expected to grow at a higher CAGR during the forecast period, owing to the increasing incidence of cyber-attacks on SMEs. The SMEs are small in terms of their size but cater to a large number of customers globally. Robust and comprehensive security solutions are not implemented in SMEs, due to financial constraints. However, the large enterprises segment is estimated to hold a higher market share in 2019.
Identity verification solutions and services have been deployed across industry verticals, such as Banking, Financial Services, and Insurance (BFSI); government and defense; retail; healthcare; IT and telecom; energy and utilities; and manufacturing. The retail industry vertical is expected to grow at the highest CAGR during the forecast period, while the healthcare industry vertical is estimated to hold the largest market size in 2019.
North America to account for the largest market size during the forecast period
The global identity verification market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America, followed by Europe, is estimated to become the largest revenue-generating region for identity verification solution and service vendors in 2019. The increasing Internet of Things (IoT), cloud adoption, and Bring Your Own Device (BYOD) trend and growing internal and external threats are some of the key factors expected to fuel the growth of the market in North America. The APAC identity verification market is gaining traction, as the number of smart devices and BYOD trend are increasing in the developed and developing nations in APAC. The SMEs as well as large enterprises in APAC have become aware of the increasing identity thefts and frauds, and started adopting identity verification solutions and services to combat them.
Key Identity Verification Market Players
Major vendors that offer identity verification services across the globe are Experian (Ireland), LexisNexis (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 (Lithuania), and TransUnion (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and acquisitions, to expand their offerings in the identity verification market.
Experian is acknowledged as one of the leading vendors in the market. To achieve success, the company focuses on understanding the fast-changing needs of its clients, and has adopted effective growth strategies to enhance its offerings and increase its market reach. For increasing its footprint, Experian has partnered with companies that would help the company strengthen its position in the market and broaden its customer base. The company has implemented various strategies to deliver cutting-edge identity verification to global organizations. Various organic and inorganic growth strategies are helping identity verification vendors to stay ahead in the global market.
Scope of the report
|
Report Metric |
Details |
|
Market size available for years |
20172024 |
|
Base year considered |
2018 |
|
Forecast period |
20192024 |
|
Forecast units |
Million (USD) |
|
Segments covered |
Component, Organization Size, Deployment Type, Verticals, and Regions |
|
Regions covered |
North America, APAC, Europe, MEA, and Latin America |
|
Companies covered |
Experian (Ireland), LexisNexis (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 (Lithuania), and TransUnion (US) |
This research report categorizes the identity verification market based on component, organization size, deployment type, verticals, and regions.
Based on component, the identity verification market has been segmented as follows:
- Solutions
- Digital identity verification
- Identity authentication
- ID verification
- Services
- Consulting
- Support and maintenance
- Training and education
Based on organization size, the identity verification market has been segmented as follows
- SMEs
- Large enterprises
Based on deployment type, the identity verification market has been segmented as follows
- Cloud
- On-premises
Based on vertical, the Identity verification market has been segmented as follows:
- Banking, financial services, and insurance
- Government and defense
- Retail
- Healthcare
- IT and telecom
- Energy and utilities
- Others (travel and hospitality, education, and media and entertainment)
Based on region, the identity verification market has been segmented as follows:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- APAC
- China
- Australia and New Zealand (ANZ)
- Japan
- Rest of APAC
- MEA
- Middle East
- Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent developments:
- In January 2019, Experian formed a partnership with Change Healthcare to work on a new identity verification technology that would be capable of accurately identifying patients across the healthcare sector.
- In February 2019, Jumio launched a new solution named Jumio Authentication. Jumio Authentication makes biometrics for identity proofing and authentication.
Key questions addressed by the report:
- Define, describe, and forecast the Identity verification market based on components (solutions and services), deployment types, organization sizes, verticals, and regions
- Detailed analysis of the markets subsegments with respect to individual growth trends, prospects, and contributors to the total market
- Revenue forecast of the markets segments with respect to 5 major regions, namely, North America, Europe, APAC, MEA, and Latin America
- Detailed analysis of the competitive developments, such as mergers and acquisitions, new product developments, and business expansion activities, in the market
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 19)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology (Page No. - 22)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study
3 Executive Summary (Page No. - 29)
4 Premium Insights (Page No. - 33)
4.1 Attractive Market Opportunities in the Identity Verification Market
4.2 Identity Verification Market, By Component, 2019
4.3 Identity Verification Market, By Service, 2019
4.4 Identity Verification Market, Market Share of Top 3 Industry Verticals and Regions, 2019
4.5 Identity Verification Market, By Organization Size, 2019
4.6 Identity Verification Market, By Deployment Mode, 2019
4.7 Market Investment Scenario
5 Market Overview and Industry Trends (Page No. - 37)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Number of Identity Related Frauds and Data Breaches
5.2.1.2 Stringent Regulations and Need for Compliance to Drive the Adoption of Identity Verification Solutions
5.2.1.3 Enterprise Mobility and Byod Trends
5.2.2 Restraints
5.2.2.1 Budgetary Limitations Inhibiting the Adoption of Identity Verification Solutions
5.2.3 Opportunities
5.2.3.1 Integration of AI and Ml Technologies to Enhance Identity Verification Solutions
5.2.3.2 Proliferation of Cloud-Based Identity Verification Solutions and Services
5.2.4 Challenges
5.2.4.1 Aggregating Critical Enterprise Data Distributed Across Multiple Locations Within A Business
5.3 Regulatory Landscape
5.3.1 Payment Services Directive 2
5.3.2 Electronic Identification, Authentication, and Trust Services
5.3.3 Know Your Customer
5.3.4 Anti-Money Laundering
5.3.5 General Data Protection Regulation
5.3.6 Payment Card Industry Data Security Standard
5.3.7 Health Insurance Portability and Accountability Act
5.3.8 Federal Information Processing Standards
5.4 Innovation Spotlight
5.5 Use Cases
5.5.1 Adoption of Identity Verification Solution By A Financial Organization in Canada
5.5.2 Reliance on Identity Verification Solution By A Brokerage Firm in the US
5.5.3 Adoption of Identity Verification Solution By A Credit Union in the US
6 Identity Verification Market, By Component (Page No. - 45)
6.1 Introduction
6.2 Solutions
6.2.1 Digital Identity Verification
6.2.1.1 Rapidly Growing Identity-Based Attacks and Frauds to Drive the Growth of Digital Identity Verification Solutions in the Identity Verification Market
6.2.2 Identity Authentication
6.2.2.1 Need for Enhanced Identity Authentication Solutions to Drive the Growth of the Identity Verification Market
6.2.3 ID Verification
6.2.3.1 Evolving Online Identity-Related Frauds to Drive the Growth of ID Verification Solutions in the Identity Verification Market
6.2.4 Others
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.1.1 Need for Right Recommendations for Deploying Security Solutions to Combat With Cyber Threats
6.3.1.2 Training and Education
6.3.1.2.1 Growing Need Among Enterprises for Eliminating Knowledge Gaps to Boost the Growth of Training and Education Services
6.3.1.3 Support and Maintenance
6.3.1.3.1 Support and Maintenance Services to Continue to Gain Popularity During the Forecast Period
6.3.2 Managed Services
6.3.2.1 Managed Services to Continue to Gain Popularity During the Forecast Period
7 Identity Verification Market, By Deployment Mode (Page No. - 56)
7.1 Introduction
7.2 Cloud
7.2.1 Low Cost of Installation, Upgrade, and Maintenance to Increase the Adoption of Cloud-Based Identity Verification Solutions
7.3 On-Premises
7.3.1 Need to Maintain Strict Confidentiality of Identity Records in Government and Defense, and Banking Verticals to Fuel the Demand for On-Premises Identity Verification Solutions
8 Identity Verification Market, By Organization Size (Page No. - 60)
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.2.1 Increasing Identity-Based Attacks on Small and Medium-Sized Enterprises to Contribute to the Greater Adoption of Identity Verification Solutions
8.3 Large Enterprises
8.3.1 Need for Meeting KYC and AML Compliance to Propel the Adoption of Identity Verification Solutions
9 Identity Verification Market, By Industry Vertical (Page No. - 64)
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Growing Digital Identity Thefts Encourage BFSI Organizations to Deploy Identity Verification Solutions
9.3 Government and Defense
9.3.1 Increase in Bribery, Corruption, and Data Theft to Drive the Adoption of Identity Verification Solutions in Government Institutions
9.4 Retail
9.4.1 Constant Risk to the Huge Amount of Confidential Customer Data and Consumer Identity in the Retail Industry Vertical to Drive the Demand for Identity Verification Solutions
9.5 Healthcare
9.5.1 Increasing Number of Patient Identity Thefts to Boost the Demand for Identity Verification Solutions in the Healthcare Industry Vertical
9.6 IT and Telecom
9.6.1 IT and Telecom Companies Deploy Identity Verification Solutions to Address the Challenges Related to the Security and Privacy of Digital Identities
9.7 Energy and Utilities
9.7.1 Identity Verification Solutions to Enhance Operational Efficiency and Mitigate Potential Identity-Based Threats in Energy and Utilities Industry Vertical
9.8 Others
10 Identity Verification Market, By Region (Page No. - 73)
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Leveraging Machine Learning and Blockchain Technologies for Protecting Digital Identities in the US
10.2.2 Canada
10.2.2.1 Rising Fraudulent Transactions Across Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Introduction of Nation ID Scheme Across the UK to Spur the Growth of Identity Verification Market
10.3.2 Germany
10.3.2.1 Need to Provide Enhanced Customer Services and Secure Critical Assets From Unethical Users in Germany
10.3.3 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Need for Real-Time Online Identity Verification to Prove Chinese Nationals Identity
10.4.2 Japan
10.4.2.1 Rising Money Laundering and Identity Impersonation to Fuel the Growth of Identity Verification Market
10.4.3 India
10.4.3.1 Need to Shift From Outdated Legacy IT Infrastructures Across the Region
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Middle East
10.5.1.1 Rising Need to Prevent Identity Thefts Across the Middle East Fueling the Growth for Identity Verification Market
10.5.2 Africa
10.5.2.1 Increase in the Number of Tech Startups to Create Growth Opportunities for Identity Verification Vendors in Africa
10.6 Latin America
10.6.1 Mexico
10.6.1.1 Adoption of Cloud-Based Services to Spur the Growth of Identity Verification Solutions in Mexico
10.6.2 Brazil
10.6.2.1 Rising Digital Transformation Initiative Forcing Enterprises to Deploy Identity Verification Solutions
10.6.3 Rest of Latin America
11 Competitive Landscape (Page No. - 101)
11.1 Competitive Leadership Mapping
11.1.1 Visionary Leaders
11.1.2 Innovators
11.1.3 Dynamic Differentiators
11.1.4 Emerging Companies
11.2 Strength of Product Portfolio
11.3 Business Strategy Excellence
11.4 Competitive Scenario
11.4.1 Partnerships, Agreements, and Collaborations
11.4.2 New Product Launches/Product Enhancements
11.4.3 Mergers and Acquisitions
11.4.4 Business Expansions
12 Company Profiles (Page No. - 109)
12.1 Introduction
(Business Overview, Solutions & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
12.2 Experian
12.3 Lexisnexis Risk Solutions
12.4 Equifax
12.5 Mitek Systems
12.6 Gemalto
12.7 Onfido
12.8 Trulioo
12.9 Acuant
12.10 Idemia
12.11 Jumio
12.12 Authenteq
12.13 Shufti Pro
12.14 Idmerit
12.15 Transunion
12.16 Idenfy
*Details on Business Overview, Solutions & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.
13 Appendix (Page No. - 138)
13.1 Discussion Guide
13.2 Knowledge Store: Marketsandmarkets Subscription Portal
13.3 Available Customizations
13.4 Related Reports
13.5 Author Details
List of Tables (77 Tables)
Table 1 United States Dollar Exchange Rate, 20162018
Table 2 Factor Analysis
Table 3 Identity Verification Market Size and Growth, 20172024 (USD Million, Y-O-Y %)
Table 4 Innovation Spotlight: Latest Identity Verification Solutions
Table 5 Identity Verification Market Size, By Component, 20172024 (USD Million)
Table 6 Solutions: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 7 Digital Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 8 Identity Authentication Market Size, By Region, 20172024 (USD Million)
Table 9 ID Verification Market Size, By Region, 20172024 (USD Million)
Table 10 Others Market Size, By Region, 20172024 (USD Million)
Table 11 Services: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 12 Services: Identity Verification Market Size, By Type, 20172024 (USD Million)
Table 13 Professional Services Market Size, By Region, 20172024 (USD Million)
Table 14 Professional Services Market Size, By Type, 20172024 (USD Million)
Table 15 Consulting Market Size, By Region, 20172024 (USD Million)
Table 16 Training and Education Market Size, By Region, 20172024 (USD Million)
Table 17 Support and Maintenance Market Size, By Region, 20172024 (USD Million)
Table 18 Managed Services Market Size, By Region, 20172024 (USD Million)
Table 19 Identity Verification Market Size, By Deployment Mode, 20172024 (USD Million)
Table 20 Cloud: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 21 On-Premises: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 22 Identity Verification Market Size, By Organization Size, 20172024 (USD Million)
Table 23 Small and Medium-Sized Enterprises: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 24 Large Enterprises: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 25 Identity Verification Market Size, By Industry Vertical, 20172024 (USD Million)
Table 26 Banking, Financial Services, and Insurance: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 27 Government and Defense: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 28 Retail: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 29 Healthcare: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 30 IT and Telecom: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 31 Energy and Utilities: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 32 Others: Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 33 Identity Verification Market Size, By Region, 20172024 (USD Million)
Table 34 North America: Identity Verification Market Size, By Component, 20172024 (USD Million)
Table 35 North America: Identity Verification Market Size, By Solution, 20172024 (USD Million)
Table 36 North America: Identity Verification Market Size, By Service, 20172024 (USD Million)
Table 37 North America: Identity Verification Market Size, By Professional Service, 20172024 (USD Million)
Table 38 North America: Identity Verification Market Size, By Deployment Mode, 20172024 (USD Million)
Table 39 North America: Identity Verification Market Size, By Organization Size, 20172024 (USD Million)
Table 40 North America: Identity Verification Market Size, By Industry Vertical, 20172024 (USD Million)
Table 41 North America: Identity Verification Market Size, By Country, 20172024 (USD Million)
Table 42 Europe: Identity Verification Market Size, By Component, 20172024 (USD Million)
Table 43 Europe: Identity Verification Market Size, By Service, 20172024 (USD Million)
Table 44 Europe: Identity Verification Market Size, By Professional Service, 20172024 (USD Million)
Table 45 Europe: Identity Verification Market Size, By Solution, 20172024 (USD Million)
Table 46 Europe: Identity Verification Market Size, By Deployment Mode, 20172024 (USD Million)
Table 47 Europe: Identity Verification Market Size, By Organization Size, 20172024 (USD Million)
Table 48 Europe: Identity Verification Market Size, By Industry Vertical, 20172024 (USD Million)
Table 49 Europe: Identity Verification Market Size, By Country, 20172024 (USD Million)
Table 50 Asia Pacific: Identity Verification Market Size, By Component, 20172024 (USD Million)
Table 51 Asia Pacific: Identity Verification Market Size, By Service, 20172024 (USD Million)
Table 52 Asia Pacific: Identity Verification Market Size, By Professional Service, 20172024 (USD Million)
Table 53 Asia Pacific: Identity Verification Market Size, By Solution, 20172024 (USD Million)
Table 54 Asia Pacific: Identity Verification Market Size, By Deployment Mode, 20172024 (USD Million)
Table 55 Asia Pacific: Identity Verification Market Size, By Organization Size, 20172024 (USD Million)
Table 56 Asia Pacific: Identity Verification Market Size, By Industry Vertical, 20172024 (USD Million)
Table 57 Asia Pacific: Identity Verification Market Size, By Country, 20172024 (USD Million)
Table 58 Middle East and Africa: Identity Verification Market Size, By Component, 20172024 (USD Million)
Table 59 Middle East and Africa: Identity Verification Market Size, By Service, 20172024 (USD Million)
Table 60 Middle East and Africa: Identity Verification Market Size, By Professional Service, 20172024 (USD Million)
Table 61 Middle East and Africa: Identity Verification Market Size, By Solution, 20172024 (USD Million)
Table 62 Middle East and Africa: Identity Verification Market Size, By Deployment Mode, 20172024 (USD Million)
Table 63 Middle East and Africa: Identity Verification Market Size, By Organization Size, 20172024 (USD Million)
Table 64 Middle East and Africa: Identity Verification Market Size, By Industry Vertical, 20172024 (USD Million)
Table 65 Middle East and Africa: Identity Verification Market Size, By Subregion, 20172024 (USD Million)
Table 66 Latin America: Identity Verification Market Size, By Component, 20172024 (USD Million)
Table 67 Latin America: Identity Verification Market Size, By Service, 20172024 (USD Million)
Table 68 Latin America: Identity Verification Market Size, By Professional Service, 20172024 (USD Million)
Table 69 Latin America: Identity Verification Market Size, By Solution, 20172024 (USD Million)
Table 70 Latin America: Identity Verification Market Size, By Deployment Mode, 20172024 (USD Million)
Table 71 Latin America: Identity Verification Market Size, By Organization Size, 20172024 (USD Million)
Table 72 Latin America: Identity Verification Market Size, By Industry Vertical, 20172024 (USD Million)
Table 73 Latin America: Identity Verification Market Size, By Country, 20172024 (USD Million)
Table 74 Partnerships, Agreements, and Collaborations, 2019
Table 75 New Product Launches/Product Enhancements, 20172019
Table 76 Mergers and Acquisitions, 20182018
Table 77 Business Expansions, 20182018
List of Figures (37 Figures)
Figure 1 Identity Verification Market: Research Design
Figure 2 Identity Verification Market: Top-Down and Bottom-Up Approaches
Figure 3 The Global Identity Verification Market to Witness A Significant Growth During the Forecast Period
Figure 4 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 5 North America to Hold the Highest Market Share in 2019
Figure 6 Fastest-Growing Segments of the Identity Verification Market
Figure 7 Increasing Number of Identity Thefts Across Industry Verticals Fueling the Growth of Identity Verification Market
Figure 8 Solution Segment to have A Higher Market Share in 2019
Figure 9 Professional Services Segment to have A Larger Market Share in 2019
Figure 10 Banking, Financial Services, and Insurance Industry Vertical and North America to have the Highest Market Shares in 2019
Figure 11 Large Enterprises Organization Size Segment to Hold A Higher Market Share in 2019
Figure 12 On-Premises Segment to Hold A Higher Market Share in 2019
Figure 13 Asia Pacific to Emerge as the Best Market for Investment in the Next 5 Years
Figure 14 Drivers, Restraints, Opportunities, and Challenges: Identity Verification Market
Figure 15 Identity Frauds in 2017
Figure 16 Solutions Segment to Account for A Larger Market Size During the Forecast Period
Figure 17 ID Verification Segment to Grow at the Highest CAGR During the Forecast Period
Figure 18 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 19 Cloud Segment to Record A Higher Growth During the Forecast Period
Figure 20 Small and Medium-Sized Enterprises Segment to Record A Higher CAGR During the Forecast Period
Figure 21 Retail Industry Vertical to Record the Highest Growth Rate During the Forecast Period
Figure 22 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 23 North America: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Identity Verification Market (Global) Competitive Leadership Mapping, 2019
Figure 26 Key Developments By the Leading Players in the Identity Verification Market, 20162019
Figure 27 Geographic Revenue Mix of the Top Players in the Identity Verification Market
Figure 28 Experian: Company Snapshot
Figure 29 Experian: SWOT Analysis
Figure 30 Lexisnexis Risk Solutions: Company Snapshot
Figure 31 Lexisnexis Risk Solutions: SWOT Analysis
Figure 32 Equifax: Company Snapshot
Figure 33 Equifax: SWOT Analysis
Figure 34 Mitek Systems: Company Snapshot
Figure 35 Mitek Systems: SWOT Analysis
Figure 36 Gemalto: Company Snapshot
Figure 37 Gemalto: SWOT Analysis
The study involved 4 major activities in estimating the current market size of the Identity verification market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation procedures were used to estimate the market size of the markets segments and subsegments.
Secondary research
In the secondary research process, various secondary sources, such as D&B Hoovers, Bloomberg BusinessWeek, and Factiva, have been referred to, for identifying and collecting information for this study. These secondary sources included annual reports; press releases and investor presentations of companies; whitepapers, certified publications, and articles by recognized authors; gold standard and silver standard websites; security technologies, Research and Development (R&D) organizations; regulatory bodies; and databases.
Primary research
Various primary sources from both the supply and demand sides of the identity verification market ecosystem were interviewed to obtain qualitative and quantitative information for this study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, related key executives from various vendors who provide the identity verification solutions, associated services, and technology integrators operating in the targeted regions. All possible parameters that affect the market covered 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.
Following is the breakup of the primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Identity Verification Market size estimation
For making market estimates and forecasting the identity verification market and the other dependent submarkets, top-down and bottom-up approaches were used. The bottom-up procedure was used to arrive at the overall market size of the global market using the revenues and offerings of the key companies in the market. The research methodology used to estimate the market size includes the following:
- The key players in the market were identified through extensive secondary research.
- The market size, in terms of value, was determined with the help of the primary and secondary research processes.
All percentage shares, splits, and breakups were determined using secondary sources and verified through primary sources.
Data triangulation
With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Report objectives
- To define, describe, and forecast the identity verification market by component (solution [digital identity verification, identity authentication, ID verification] and services), deployment type, organization size, vertical, and region
- To provide detailed information about major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
- To analyze the micromarkets with respect to the individual growth trends, prospects, and contributions to the overall market
- To analyze the market opportunities for stakeholders by identifying the high-growth segments of the market
- To forecast the market size of the markets segments with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To profile the key players in the market and comprehensively analyze their market size and core competencies
- To track and analyze competitive developments, such as new product launches; mergers and acquisitions; and partnerships, agreements, and collaborations, in the global identity verification market
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Growth opportunities and latent adjacency in Identity Verification Market