Identity Verification Market – Growth, Trends, and Forecast (2020 – 2025)
The Identity Verification Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The identity verification market is expected to witness a CAGR of 13.1% over the forecast period, 2020-2025.
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Top Leading Companies of Global Identity Verification Market are Acuant Inc., Authenteq Ltd, Gemalto N.V. (Thales group), IDEMIA, Mitek Systems Inc., Experian PLC, Onfido Ltd, Shufti Pro, TransUnion LLC, Trulioo Inc. and others.
Regional Outlook of Identity Verification Market report includes the following geographic areas such as: North America, Europe, China, Japan, Southeast Asia, India and ROW.
Industry News and Developments:
– December 2019 – Ubisecure and Onfido announced a strategic partnership to enable Onfido’s identity verification technology for Ubisecure customers digital identity solutions. This new technology partnership provides a combined solution stack for customers, whereby Onfido will effortlessly and securely verify a user identity at the onboarding stage, with Ubisecure’s technology enabling seamless ongoing management of that identity.
– April 2019 – BAE Systems introduced the NetReveal Fraud Prevention Solution with advanced analytics and detection methodologies employing machine learning techniques helping banks, insurers, and government agencies identify fraudulent activities.
Key Market Trends:
Adoption of Digital Identity Verification Solution in Healthcare Accounts for Significant Share
– According to the HIPAA Journal, in the last decade, there were over 2,550 healthcare data breaches, including 46 in April 2019 alone, which is the highest monthly tally in a decade. With each data breach, the medical records are published on the dark web that exposes patients’ date and place of birth, credit card info, etc. Due to the great amount of personal information involved, medical records have a high value on the dark web and are listed for up to USD 1,000 each, which is 10 times more than average credit card data breach records.
– For instance, in June 2019, Quest Diagnostics exposed close to potential 11.9 million patients’ records. Furthermore, in July 2019, Quest’s rival, LabCorp, was the target of a cyberattack that resulted in the company pulling parts of its IT system offline. The ransomware attack cost LabCorp USD 24 million to address.
– Owing to such incidents, digital identity verification is a key component of ensuring patient security. It is vital for healthcare organizations to take a Know Your Patient approach, through the adoption of an online digital identity verification system, which verifies a patient by comparing a photo of a patient’s government-issued ID to a live photo.
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Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Identity Verification Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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