The non-biometrics solutions are mainly used for fraudulent ID detection, remote customer onboarding, KYC/AML compliance, and also in business process automation. The services segment would showcase significant growth opportunities during the forecast period.īased on Type, the market is segmented into Non- Biometrics and Biometrics. Solution segment dominated the market in 2019.
Outlook identity verification verification#
Furthermore, governments and enterprises have also taken many initiatives to focus on digitalization and adoption of new technologies, like ML, AI, and automation in identity verification solutions and this will provide lucrative opportunities for vendors of identity verification.īased on Component, the market is segmented into Solutions and Services. The major factors driving the identity verification market include growing digitization initiatives, identity theft, an increase in fraudulent activities from the past decade, and an increase in the use of digital identities among verticals. It usually finds its application in the defense, IT security operation centers, and military sectors. The use of this system reduces unauthorized and hostile access requests. The security solutions are comprised of real-time physical documents including voice recognition devices, artificial intelligence biometrics, and several others. 08, 2021 (GLOBE NEWSWIRE) - announces the release of the report "Global Identity Verification Market By Component, By Type, By Enterprise Size, By Deployment Type, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026". Identity Verification provides security solutions in order to make sure the unique authentication and identity verification of an individual. 8 billion by 2026, rising at a market growth of 13. The Global Identity Verification Market size is expected to reach $17.