What is the Market Size of US Identity verification Industry?
US Identity Verification Market is growing at a CAGR of % in 2017-2022 and is expected to reach USD Bn by 2028. The Identity Verification Market is largely driven by increasing internet penetration, economic growth, technological advancements, global digitization, rise in cyber threats and frauds.
USA, especially North America has been a popular destination for digital transactions and purchase with wide area of faster internet connection for various companies to undergo their transaction, with a vast amount of technologies and ample amount of cyber threats, identity verification Market has flourished globally as people are continuously purchasing and making payment online. Even when people are seeming to make safe transactions, somewhere or the other hacks and loss of credentials were still on the loose. As high end protocols and daily online purchase rose to its peak, successive online frauds and cases rose as well, and with it rose the online verification.
US identity verification has successfully marked the rise and growth since the Covid-19 pandemic as global digitization took place mostly in that time. Online frauds and hacks has never been this widespread since companies were in a mix state of online and traditional transactional stage. But with the rise of digital transactions rose the need for online security.
The development and widespread adoption of technology, high end algorithms, have made it easier and more convenient for people to securely undergo online processing with a proper verification in order to maintain integrity and security towards one individual.
US Identity Verification Market segmentation By type of deployment
The US Identity Verification Market is segmented by type of Deployment within the company or on demand by others. The segment in the US Identity verification Market offers the On-premise and On-demand of which the On-Premise verification has proven to be dominant.
The clientele whose premises sanctions verification through algorithms and protocols and saves data under the same infrastructure are what we call ‘On-Premise’, which most of the giant companies are having for their own.
On Demand on the other hand is such a segmentation that offers various solutions by various methods, required on demand, such as Biometrics, document verification, sensors etc. which are used on the type of situation. Although On-Demand may seem more beneficial, On-premise allows companies to have all the type of methodologies inside one company, making it more dominant in today’s Market.
US Identity verification Market By Type of end-user industry
The US Identity Verification Market is segmented by the type of End-User Industry, which includes Finance and Banking, E-commerce and Retail, Travel and Hospitality, Gaming and Online Entertainment.
The segments are equally fragmented with all the sectors being heavily influenced by the same. Every sector requires a strong verification without which further proceeding of the process will not be adequate.
Although all are equal, Financing and banking sectors are much more influenced in identity verification as because people need to follow KYC and AML regulation before further proceeding with any of the processes. Furthermore, Travelling and hospitality demands document verification before anything, resulting in a strong verification process before further proceedings.
Apart from the giants, Gaming and entertainment have shown significant rise since the rise of online gaming and streaming. Applications require a verification before they can be proceeded toward further processing like login verification code sent to the owner’s phone or mail.
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US Identity verification Market By Region split
The US Identity Verification Market is segmented By Region into Northeast, Midwest and South Region. The Northern American region is the most dominant region in 2022 which proved to be dominating in a most secure line of verification, with major cities like New York, Pennsylvania, New Jersey, Massachusetts is flourishing as a well-established infrastructure of 5G connectivity and extensive branch networks verficational centres inside and outside the premises, making a secure line of online workflow.
Competition Scenario in US Identity Verification Market
The Identity Verification Market in US is highly competitive, with various players competing for Market share and top of the list leadership. With several established players, companies are giving their effort to full extent and giving a strong presence compared to the global Market. With several tech giants having robust and high end technologies, they also come in the competition for the top in the identity verification Market.
With new start-ups and partnerships, companies are aiming to make in order to make a much more secure platform in their own region, hoping to build a more secure line of work for the transactional, profile verification and monitoring of yearly records. This ensures that large companies like Trulioo, LexisNexis Risk Solutions are always up to the mark in order for verification to be done whenever needed.
What is the Expected Future Outlook for the Overall US Identity verification Market?
The US Identity Verification Market was valued at USD billion in 2022 and is anticipated to reach USD billion by the end of 2028, witnessing a CAGR of % during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current Market conditions. This scenario assumes that there will be no overall impact on the Market due to any potential COVID-19 waves in the future.
The US Identity Verification Market is growing due to digitalization, a growing rate of theft and money lost, e-commerce, financial inclusion, cybercrimes, money laundering and strengthened ties with emerging economies.
The ongoing advancement of digital technologies and the emergence of Fintech and Regtech companies will continue to reshape the verification sectors. Digital platforms, mobile apps, and online services will always bring probable threats to any organization for which companies must improve with them as well, resulting in a much stricter regulatory actions to be taken.
US Identity verification Market has screened over 12000 profiles of main business prospectors, having their major hand in their line of business, ensuring that their documents and biometrics are always up-to-date and original in this regard.
The rapid growth of e-commerce and digital platforms presents opportunities for the verification Market to approach companies to make their protocol readily available to their sectors in order to maintain a secured workflow and manage correct profile for employers as well.
Changes in global traditional transactions to digital platforms has incorporated millions of risks, such as increased hacking, international fraudulent cases etc. resulting in an upscale of protocols and algorithms to stimulate proper verification. AI and Machine Learning has successfully helped in diminishing many risk factors by incorporating stronger security towards online work and maintaining a secure and streamline domain.
America’s economic ties with emerging economies, particularly in the European region, will continue to grow. With vast amount of online payment, large amount of digital shipment and proof for those shipment reaching the current owner is making the verification Market updraft their workflow.
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Market Taxomony
By Deployment Type
- On-Premise
- On-Demand
By End-User Industry
- Financial Services
- Retail and E-Commerce
- Gaming/Gambling
- Government
- Others
By Regional Shift
- North
- South
- East
- West
Major Identity Verification Market Players
- Trulioo
- LexisNexis Risk Solution
- Experian
- Jumioo
- Onfido
- Socure
- Mitek Systems
Research Sources
Secondary Research
- Company Reports & Websites
- ROC Filings
- Online Magazines
- Newspapers & Journals
- Online Articles
- Market Related Ministries
- Government Associations
- Industry Journals/Portals
- Investor Presentations & Company Profiles
Time Period Captured
- Historical Period – 2017-2022
- Base Period – 2022
- Forecast Period – 2022 –2028
Key Factors Covered in the Report
- US Identity Verification Market Introduction
- Verification Infrastructure
- Value Chain in US Identity Verification Market
- US Identity Verification Market Size
- US Identity Verification Market Segmentation
- US Identity Verification Market Future Outlook
- US Identity Verification Market Future Segmentation
- Top Company Profiles
- Issues and Challenges
- Analyst Recommendation
For More Insights On Market Intelligence, Refer to the Link Below: –
US Identity Verification Market Outlook to 2028
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