Identity Verification Market

Jumio is one of the Leading Providers of Identity Verification Market

The global identity verification market size is expected to grow from USD 6.0 billion in 2018 to USD 12.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.0% during 2019–2024. Major driving factors for the market include various factors, such as increasing emphasis on compliance management and rising number of identity-related frauds and data breaches. The workforce has become more mobile these days; moreover, the Bring Your Own Device (BYOD) approach is increasing the use of web and mobile applications.

Major identity verification vendors include Experian (Ireland), LexisNexis Risk Solutions (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 (Europe), and TransUnion (US). These players have adopted various growth strategies, such as new product launches and partnerships, agreements, and collaborations, to enhance their presence in the global identity verification market. Partnerships, acquisitions, and new product launches have been the most widely adopted strategies by major players from 2016 to 2019 and helped them innovate on their offerings and broaden their customer base.

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Jumio is one of the leading providers of identity verification solutions. In the authentication space, the company offers solutions, such as trusted identity-as-a-service, ID verification, identity verification, document verification, authentication, and screening. Jumio solutions are proficient in ID verification, identity verification, and document verification, by leveraging computer vision technology, machine learning, and live verification expertise. It helps organizations meet their regulatory compliance, identify and reduce fraudulent activities, and enhance the customer experience. The company caters to a multitude of verticals, such as finance, retail, travel, gaming, and telecom. The company has a physical presence in the US, UK, Austria, Singapore, and India. The company has adopted the strategies of new product launches and product enhancements to grow in the identity verification market. These strategies have helped the company expand its customer base and market share in the identity verification market. In February 2019, Jumio launched a new solution named Jumio Authentication. Jumio Authentication makes biometrics for identity proofing and authentication. In July 2017, the company added eyeball tracking to its Netverify solution; this upgrade helps identify the legitimate users by analyzing the eye movement patterns.

LexisNexis Risk Solutions, one of the leading providers of fraud detection, identity verification, and authentication solutions, operates as a subsidiary of RELX PLC. It caters to a wide range of verticals, including financial services, healthcare, and government. The company also offers compliance management, data management, and investigation solutions to help customers assess their risk and secure their personal information. The company enables organizations to verify legitimate customer identities by leveraging the proprietary linking technology. Furthermore, the company’s identity verification and authentication solutions help enterprises accelerate the identity verification of its customers with more security to prevent frauds while providing a better customer experience. The company has implemented both organic and inorganic growth strategies to stay competitive in the identity verification market. For instance, in January 2018, LexisNexis Risk Solutions acquired ThreatMetrix to strengthen its product portfolio while improving profitability and enhancing the customer experience. In September 2018, the company unveiled its identity authentication and verification solutions, InstantID, which helps verify customer’s personal information. In the same month, the company formed a partnership with Spear to provide Single Sign-on Solution to government agencies.

Related Reports:

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

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