Identity Verification Market Is Predicted to Grow At More Than 20% CAGR From 2023 To 2032

As per a recent research report, Identity Verification Market to surpass USD 55 Bn by 2032.

Identity Verification Market is anticipated to expand during 2023-2032, propelled by stringent rules imposed by the regulatory authorities toward the compliance of AML (anti-money laundering) and KYC (know your customer) among reporting organizations. These regulations strictly adhere to verifying the identity of their customers to prevent money laundering and terrorist financing.

Request for Sample Copy report @  https://www.gminsights.com/request-sample/detail/5522

Based on the component, the solution segment will depict over 20% CAGR through 2032. The rising demand for complying with AML and KYC standards and increasing initiatives, such as smart border control that utilizes face recognition for identity verification and smart airports and smart cities that employ video analytics and liveness detection for identity verification, will assist the segment expansion during the estimated timeframe.

By deployment, the on-premises segment will surpass USD 30 billion by 2032. On-premises deployment allows enterprises to authenticate their client base and store information on its servers. After the one-time installation, no outside party can access the client data.

Considering the organization size, the large enterprise segment will grow considerably as several enterprises continue implementing identity verification systems due to rising cases of fraud, money laundering, identity theft, processing of high-risk transactions, and cost-cutting on manual processes.

In terms of type, the biometric segment will gain momentum during the estimated timeframe. Biometrics offers assurance of a person's identity by using one or more distinguishing biological traits. Biometric traits differ for each-individual, offering a quick and efficient way to identify and verify them.

By application, the fraud prevention segment will register a positive trajectory through 2032. Identity verification helps prevent fraud by validating the identity of the person opening an account or making a transaction. It also authenticates a user's individuality in case of any suspicious login attempt or strange online behavior.

Request for customization this report @  https://www.gminsights.com/roc/5522

Based on end-use, the healthcare segment will expedite during the next ten years as identity verification assists the staff in managing and accessing patients instantly. It also supports pre-registration and check-in demographic data validation and correction by providing instant access to the person's correct name, address, date of birth, and phone number. Besides, it enables healthcare providers to identify patients and access their data immediately remotely.

Regionally, the Asia Pacific identity verification industry will register notable gains through 2032. Increasing initiatives taken by the government to combat identity-related fraud and reinforcing eKYC to verify identities will favor the regional market share. Additionally, the mandate of linking PAN cards with Aadhaar cards to track individuals has also resulted in reducing the possibility of fraudulent activities in the Indian subcontinent.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact us:

Aashit Tiwari
Corporate Sales, USA
Global Market Insights Inc.
Toll Free: +1-888-689-0688
USA: +1-302-846-7766
Europe: +44-742-759-8484
APAC: +65-3129-7718
Email: sales@gminsights.com 

 

Comments

Post a Comment

Popular posts from this blog

Self Service Kiosk Market 2024-2032; Growth Forecast & Industry Share Report

  Self service kiosk market size is projected to expand at 5.5% CAGR from 2023 to 2032. The increasing consumer preference for contactless and efficient services coupled with the rising technological advancements are driving the adoption of self-service kiosks across various industries. Lately, the hospitality, retail, and healthcare sectors are extensively adopting self service kiosks for improved customer experience and operational efficiency. For instance, in May 2023, Samsung Electronics Co., Ltd. globally released KMC-W, a Windows version update of the Samsung Kiosk. The surging emphasis on social distancing and hygiene practices, accelerated by the pandemic has further boosted the demand for touchless self-service solutions. Additionally, cost savings for businesses, and reduced wait times is reinforcing the ability of self-service kiosks to enhance order accuracy. The rising technological innovations for improving kiosk functionalities will also drive the market growth. ...
Read more

LiDAR in Mapping Market Share, Trend & Growth Forecast to 2032

  As per a recent research report, LiDAR in Mapping Market to surpass USD 15 Bn by 2032 . The global LiDAR in mapping market is expected to expand exceptionally through 2032 owing to the rising popularity of service providers across end-user organizations because of the lack of skilled experts and budgetary restrictions. Request for Sample Copy report @   https://www.gminsights.com/request-sample/detail/4461   Expanding population, growing trend of urbanization, and climate change are potentially driving the market dynamics. The LiDAR in mapping market is highly competitive attributed to low product differentiation as well as competitive pricing. Leading market competitors are making significant R&D investments to create cutting-edge hardware and software that will provide accurate and thorough data points. For instance, in February 2022, FARO Technologies, Inc. introduced an upgrade to the FARO Focus Swift Mobile Scanner. Users can now take 10-20 second co...
Read more

Cloud Native Application Protection Platform Market Trends, Analysis & Forecast, 2032

  As per a recent research report, Cloud Native Application Protection Platform Market to surpass USD 30 Bn by 2032 . Global Cloud Native Application Protection Platform Market is expected to grow considerably through 2032 owing to the burgeoning number of companies seeking integration of CNAPP into their organizational security strategy. Request for Sample Copy report @   https://www.gminsights.com/request-sample/detail/5440 Cloud-native application protection platform incorporates artificial intelligence into cloud-based solutions, enabling businesses to handle massive volumes of data and make choices in real-time. This results in more accurate predictions, quicker innovation for transformational change, and cost-effective scalability. To equip its customers with better protection, the top CNAPP providers are focusing on strategic alliances and product development with cyber security companies. For instance, in January 2023, Lookout Inc. announced updates to the L...
Read more