Leading Companies in Identity Verification Industry - LexisNexis Risk Solutions (US) and Equifax (US)
MarketsandMarkets forecasts the global identity verification market size to be estimated at USD 10.9 billion in 2023 and is projected to reach USD 21.8 billion by 2028, at a CAGR of 14.9% during the forecast period. The increasing prevalence of online transactions and digital services heightens the demand for secure and efficient identity verification solutions within the market, driven by the need to combat fraud, ensure regulatory compliance, and enhance user trust and safety.
What is Identity Verification?
Identity verification is the process of confirming that a person's identity matches the credentials they claim to possess. It is commonly used in various contexts, including online transactions, financial services, government procedures, and access control systems. Identity verification ensures that the person presenting the identity information is who they claim to be, preventing identity theft, fraud, and unauthorized access.
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Competitive Overview:
The key vendors profiled in the global identity verification market include Experian (Ireland), LexisNexis Risk Solutions (US), Equifax (US), Thales (France), GBG (UK), TransUnion (US), Mastercard (US), Onfido (UK), Trulioo (Canada), IDology (Georgia), Mitek Systems (US), IDEMIA (France), and Jumio (US). These players have captured a significant market share % by incorporating a high product footprint and efficient business strategy excellence.
LexisNexis Risk Solutions is a leading provider of identity verification solutions tailored to meet the needs of businesses across various industries. LexisNexis Risk Solutions' identity verification solutions are designed to streamline operations, mitigate risk, and build customer trust. Their comprehensive offerings empower businesses to authenticate identity documents, analyze identity data for suspicious patterns, and comply with regulatory requirements related to identity verification and customer due diligence. By leveraging innovative technologies such as biometric authentication and machine learning, LexisNexis enables businesses to enhance security, prevent fraud, and maintain compliance while delivering seamless and frictionless customer experiences. Overall, LexisNexis Risk Solutions' identity verification solutions are crucial in helping businesses navigate the complex landscape of identity verification and risk management.
Equifax's identity verification solutions encompass various offerings, including identity authentication, fraud detection, compliance solutions, and consumer identity management. Through a combination of traditional identity verification methods and advanced technologies such as biometric authentication and machine learning, Equifax enables businesses to verify the identities of individuals with confidence and efficiency. Their solutions help organizations streamline customer onboarding processes, prevent identity fraud, and ensure compliance with regulatory requirements such as KYC and AML regulations.
Equifax's identity verification solutions cater to various industries, including financial services, insurance, healthcare, retail, and government. These solutions empower businesses to make informed decisions, mitigate risk, and enhance customer trust and satisfaction. Equifax's comprehensive approach to identity verification encompasses not only the verification of identity documents and biometric traits but also the analysis of vast data sets to detect fraudulent activities and suspicious patterns. By leveraging Equifax's expertise and resources, organizations can strengthen their security posture, improve operational efficiency, and drive sustainable growth in an increasingly digital and interconnected world.
According to MnM's approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. The identity verification sector is thriving, projected to reach USD 21.9 billion by 2028 with a 14.9% CAGR. Several factors propel this expansion. Rising cybercrime urges a focus on secure verification, while regulatory mandates like KYC and AML drive demand. Businesses seek seamless online onboarding and identity checks, leveraging biometrics and AI for accuracy and convenience. Remote work and digital transactions fuel the need for secure verification. Biometrics, especially facial recognition and voice verification, are gaining popularity for their security and ease. Companies prioritize user experience, omnichannel solutions, and decentralized identity technology while navigating privacy concerns and regulatory requirements amidst intense competition and consolidation.
Related Reports:
Identity Verification Market by Offering (Solutions and Services), Type (Biometric and Non-Biometric), Organization Size, Deployment Mode, Application, Vertical (BFSI, Retail & eCommerce, and Gaming & Gambling) and Region - Global Forecast to 2028
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