The Identity Verification And Authentication Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Identity Verification And Authentication Global Market Report 2024, The identity verification and authentication market size is expected to see rapid growth in the next few years. It will grow to $24.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth in the forecast period can be attributed to evolution of biometrics, AI and machine learning integration, rise in remote transactions, increased threat landscape, user experience enhancement. Major trends in the forecast period include blockchain technology integration, increasing digital transactions, technological advancements, behavioral analytics for continuous authentication, biometric authentication advancements.
The rapid rise in identity theft cases and cyber attacks is expected to propel the growth of the identity verification and authentication market going forward. Identity theft cases and cyber attacks refer to incidents involving the unauthorized acquisition and misuse of personal information, as well as malicious activities targeting computer systems and networks. Identity verification and authentication are used to prevent identity theft and cyberattacks by verifying user identities before granting access to accounts or financial systems and can prevent unauthorized individuals from stealing personal data and committing fraud. For instance, in October 2022, according to Experian PLC, an Ireland-based business services company, the number of consumer identity theft complaints increased by 3.3% to 1.43 million, and financial losses from fraud increased by 77% from the previous year, totaling more than $6.1 billion. Furthermore, in February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cyber crime reports received were 76,000, up from 13% from the previous year. Therefore, the rapid rise in identity theft cases and cyber attacks is driving the growth of the identity verification and authentication market.
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The identity verification and authentication market covered in this report is segmented –
1) By Type: Non-Biometrics, Biometrics
2) By Component: Solutions, Services
3) By Deployment Type: On-Premise, Cloud
4) By Application: Credit Card Fraud, Bank Fraud, Phone or Utility Fraud, Employment or Tax-related Fraud
5) By Vertical: Banking Financial Services And Insurance (BFSI), Government And Defense, Energy And Utilities, Retail And Ecommerce, IT And Telecom, Healthcare, Gaming, Other Verticals
Major companies operating in the identity verification and authentication market are focusing on developing innovative solutions, such as SaaS-based platforms, for identity proofing and authentication. A SaaS-based platform is a software delivery model where a third-party provider hosts applications and makes them available to customers over the internet. In the context of identity verification and authentication. For instance, in April 2023, Daon, Inc., a US-based biometrics and identity assurance software company, launched TrustX, a SaaS-based platform for identity proofing and authentication. It is designed to support market-leading organizations worldwide in easily and accurately proofing, verifying, and authenticating customer identities across the entire customer lifecycle. Additionally, key features and benefits of TrustX include seamless identity continuity, artificial intelligence and machine learning optimization, no-code, drag-and-drop orchestration, customizable workflows, real-time testing and an optimized rules engine, fast deployment and global compliance, continuous improvements, integration, and open APIs.
The identity verification and authentication market report table of contents includes:
1. Executive Summary
2. Identity Verification And Authentication Market Characteristics
3. Identity Verification And Authentication Market Trends And Strategies
4. Identity Verification And Authentication Market – Macro Economic Scenario
5. Global Identity Verification And Authentication Market Size and Growth
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31. Identity Verification And Authentication Market Other Major And Innovative Companies
32. Global Identity Verification And Authentication Market Competitive Benchmarking
33. Global Identity Verification And Authentication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Identity Verification And Authentication Market
35. Identity Verification And Authentication Market Future Outlook and Potential Analysis
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