Market Research Future – Identity Market Evaluation Report
Passwordless authentication
July 27, 2021
Update: Data Protection Department
August 19, 2021
Identity Verification Market Valuation Expected to amass USD 21.9 Billion by 2026
Introduction
The global identity verification market is growing richly according to a comprehensive research report conducted by Market Research Future (MRFR) with the market size forecasted to grow USD 21.9 Billion by 2026 at 37.29% CAGR.
Rapidly growing industries such as Healthcare, Retail & eCommerce, Energy and Utilities are creating significant identity verification market demands across the globe. A remarkable rise in mobile frauds worldwide, making up approx. 50% of the global confirmed fraud cases, has also contributed to the increasing need for identity verification tools and software’s.
Market Drivers
Today, most financial institutions and eCommerce companies are striving to protect their customers against sophisticated mobile fraud threats and cyber-attacks. This, as a result, is increasing the demand for innovative methods of verifying user’s identity.
Banking sectors in particular are seeking efficient identity verification processes that can add product functionality to their mobile banking experience without adversely impacting customer engagement, the customer experience or introducing any additional risk. Moreover, potential attacks, including social engineering scams, malware, and other types of cyberattacks and fraud schemes are adding to the identity verification market growth.
Two largest market spaces
Europe holds the second spot globally in terms of the identity verification market revenue. The market is driven by increasing digitalization and rising demand for improved consumer experiences. Additionally, the increasing uptake of identity verification platforms across industries is a significant market trend.
North America has been consistently leading the global identity verification system market and is estimated to maintain its market position during the upcoming period. The growing digitalization and demand for frictionless end-to-end encrypted identity verification processes are driving the market growth.
Impact of Covid-19 on the Global Identity Verification Market
Covid-19 disruptions have surfaced major security challenges in the past year. Although convenient and cost-effective, the working-from-home (WFH) scenario has its share of flaws, such as increased vulnerabilities to cyberattacks. With so many processes now being digitally rooted, it is making it easier for cyber criminals to manipulate systems.
Fraudsters had started targeting enterprises to carry out identity thefts, account takeover attacks, data breaches, and more. In such scenarios, enterprises have found themselves vulnerable to advanced cyber-attacks and have started looking for stronger digital verification methods to protect consumer data.
Industry Trends
Government agencies are rapidly stepping up identity verification measures to counter rising cases of identity fraud globally. The recommendation to implement an efficient process to track suspicious communications is quickly gaining traction.
What is to come?
The identity verification market is set to witness significant strategic activities, such as collaboration, mergers & acquisitions and expansions in the years to come. Leading industry players are also predicted to make strategic investments to drive research and development activities to foster their expansion plans.
At Phonovation,
Our patented Mobile ID solution provides an PSD2 compliant API into the physical mobile network to help you monitor your customers mobile Identities in real time which enables your business to securely and seamlessly authenticate millions of customers, protecting you and your customers against fraud online.
To find out more, reach out to us HERE or call us on +353 (1) 284 30 11.
