The identity verification market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 11.7% in the forecast period of 2021 to 2028 and is expected to reach USD 1,452.71 million by 2028. Growing demand for research and development activities is acting as major factor for the growth of the identity verification market.
Identity verification refers to the services and solutions which are used to verify the authenticity of physical identity of a person or their documents such as a driver’s license, passport or a nationally issued identity document and others. Identity verification is an important process which ensures a person’s identity matches the one that is supposed to be.
The rising fraudulent activities and identity theft, creates a need to adopt identity verification solutions and acts as a major driving factor for the growth of the identity verification market. Identity verification service requires high implementation cost due to which small and medium enterprises hardly afford for their business lines which is restraining the identity verification market growth. Increasing usage of BYOD ultimately increases the adoption of identity verification solutions and acts as an opportunity for identity verification market growth. Identity verification deals with numerous varieties of ID documents and it became so difficult to maintain these numerous documents and hence acts as a major challenge for the growth of identity verification market
This identity verification market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the identity verification market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Middle East and Africa Identity Verification Market, By Component (Solution and Services), Type (Non-Biometrics and Biometrics), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and SME’S), Vertical (BFSI, Government & Defense, Energy & Utilities, Retail & Ecommerce, IT & Telecom, Healthcare, Gaming and Others), Country (U.S., Canada and Mexico, Germany, U.K., France, Switzerland, Italy, Spain, Netherlands, Russia, Belgium, Turkey, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, UAE, Saudi Arabia, Israel, Egypt and Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Drivers and Restraints:
On the basis of component, the identity verification market is segmented into solution and services. In 2021, solution segment held larger share in the identity verification market owing to factors such as shift toward digital transformation by various industries, increasing need to fight against data breach and fraud, surging government support toward data protection laws and regulations, requisite to fulfil KYC and AML compliance and easy on boarding of customers as well as employees.
On the basis of type, the identity verification market has been segmented into non-biometrics and biometrics. In 2021, biometrics segment held larger share in the identity verification market due to factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, improved authentication security to combat new threats, surging dependency on digital technologies, enhanced customer satisfaction and rising trend for contactless biometric solutions.
On the basis of deployment mode, the identity verification market has been segmented into on-premise and cloud. In 2021, on-premise segment held larger share in the identity verification market as government and defense sector along various financial institutions prefer to use on-premise identity solutions, due to security policy restrictions, data sharing and availability of budget to invest in infrastructure.
On the basis of organization size, the identity verification market has been segmented into large enterprises and SME’s. In 2021, large enterprises segment held larger share in the identity verification market due to factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high risk transactions, mandatory compliant to different regulations and protected digital payments.
On the basis of vertical, the identity verification market has been segmented into BFSI, government & defense, energy & utilities, retail & ecommerce, IT & telecom, healthcare, gaming and others. In 2021, government & defense segment held the largest share in the identity verification market owing to factors such as strong need to minimize cyber threats, adoption of risk-based fraud defense strategy, reducing the spread of fake information through stolen identities, ease of convenience in government agency onboarding process and ensuring the safety of citizens.
The major players covered in the Benign Identity Verification Market
The major players covered in the Middle East and Africa identity verification market report are Experian Information Solutions, Inc. (a subsidiary of Experian plc), LexisNexis Risk Solutions Group, GB Group plc ('GBG'), Acuant, Inc., TransUnion LLC, Onfido and Ping Identity among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Major TOC Of The Report Middle East and Africa Identity Verification Market
Chapter One: Benign Identity Verification Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Middle East and Africa Identity Verification Market Competition, by Players
Chapter Four: Middle East and Africa Identity Verification Market Size by Regions
Chapter Five: Middle East and Africa Benign Identity Verification Market Revenue by Countries
Chapter Six: Middle East and Africa Benign Identity Verification Market Revenue by Countries
Chapter Seven: Middle East and Africa Benign Identity Verification Market Revenue by Countries
Chapter Eight: Middle East and Africa Benign Identity Verification Market Revenue by Countries
Key Report Highlights
Comprehensive pricing analysis based on different product types and regional segments
Market size data in terms of revenue and sales volume
Deep insights about regulatory and investment scenarios of the Middle East and Africa Identity Verification Market
Analysis of market effect factors and their impact on the forecast and outlook of the Middle East and Africa Identity Verification Market
The detailed assessment of the vendor landscape and leading companies to help understand the level of competition in the Middle East and Africa Identity Verification Market
A roadmap of growth opportunities available in the Middle East and Africa Identity Verification Market with the identification of key factors
The exhaustive analysis of various trends of the Middle East and Africa Identity Verification Market to help identify market developments
Key Questions Answered in Report:
What is the key to the Benign Identity Verification Market?
What will the Benign Identity Verification Market Demand and what will be Growth?
What are the latest opportunities for Benign Identity Verification Market in the future?
What are the strengths of the key players?
Key Stakeholders Audience Covered:
In order to better analyze value of the medical devices Industry, a lot of attention given to forward and backward Integration of Middle East and Africa Identity Verification Market
- Middle East and Africa Identity Verification MarketManufacturers
- Middle East and Africa Identity Verification MarketDistributors/Traders/Wholesalers
- Middle East and Africa Identity Verification MarketSub-component Manufacturers
- Industry Association
- Downstream Vendors
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