Identity Verification Market

Experian (Ireland) and Mitek Systems (US) are Leading Players in the Identity Verification Market

The global Identity verification market size is projected to grow from USD 7.6 billion in 2020 to USD 15.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. The major factors driving the market include increasing digitization initiatives, increase in fraudulent activities and identity theft during the last decade and Increasing use cases of digital identities among verticals. However, price disparity in identity verification solutions and services may restrain the market growth.

Experian (Ireland), GBG (UK), Equifax (US), Mitek Systems (US), Thales Group (France), LexisNexis Risk Solutions (US), Onfido (UK), Trulioo (Canada), Acuant (US), 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), Idenfy (Lithuania), WebID (Germany), IDnow (Germany), Signzy (India), and Passbase (Germany)

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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the identity verification market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.

Experian is a global leader in consumer and business credit reporting and marketing services. Experian provides solutions and services to manage credit risks, protect customers from fraudulent activities and identity thefts, and understand the market and customer demand. For identity verification, the company offers identity management and identity proofing solutions, such as identity management, identity proofing, CIP, CrossCore, Authenticate, and ProveID, to verify the customers’ identity and comply with digital identity guidelines. Authenticate manages identity frauds to help the companies meet KYC and AML requirements, whereas ProveID checks identity verification to adhere to AML requirements. With 17,800 employees, Experian has a presence in 39 countries across North America; Europe, Middle East, and Africa (EMEA); APAC; and Latin America. Experian caters to various verticals, such as healthcare, retail, financial institutions, telecommunications, and automotive.

Mitek Systems develops, markets, and sells mobile capture and identity verification software solutions for enterprise customers. The company’s solutions are integrated into the native mobile apps and mobile-optimized websites to enhance mobile user’s experiences, fraud detection and reduction, and compliant transactions. Mitek Systems has leadership in identity verification with various latest technologies, including facial biometrics, image capture technology, and ID card verification that enable customers to onboard users without any hassle, verify identities within seconds and strengthen overall security against cybercrimes. The company’s products include Mobile Verify, Mobile Fill, Mobile Docs, Mobile Deposit, and Commercial Mobile Deposit Capture. For identity verification, it offers Mobile Verify and instant mobile verification. Mobile Verify is a next-generation digital identity verification service designed for the world’s leading marketplace and sharing platforms, and financial services organizations. With the major offices in North America and Europe, the company has customers from various industry verticals, including BFSI, cryptocurrency, digital marketplace, and travel.

Related Reports:

Identity Verification Market by Component (Solutions and Services), Type (Non-Biometric and Biometric), Organization Size, Deployment Mode, Vertical (BFSI, Government and Defense, and Healthcare and Life Sciences), and Region - Global Forecast to 2025

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Report Code
TC 7096
RI Published ON
10/13/2020
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