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ASIA-PACIFIC IDENTITY VERIFICATION MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

Asia-Pacific Identity Verification Market by Component (Solution, Service) Market by Deployment Type (on-premises, Cloud) Market by Type (Biometrics, Non-biometrics) Market by Organization Size (SMES, Large Enterprises) Market by Vertical (BFSI, Government and Defense, Healthcare & Life Sciences, Retail and E-commerce, It & ITES, Energy and Utilities, Other Verticals) by Geography


MARKET OVERVIEW

The Asia-Pacific identity verification market is expected to record a CAGR of 15.83% during the forecast period, 2023-2032, and is set to garner a revenue of $10145.58 million by 2032.

The identity verification market growth in Asia-Pacific is attributed to the increasing digitization initiatives, the rising identity-related cybercrimes, and the growing demand for cloud-based identity verification. In addition, there is a pressing need for trustworthy identity verification solutions to prevent data breaches.

On the other hand, the Asia-Pacific identity verification market growth is hindered by price variations in the products.

Asia-Pacific Identity Verification Market

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The Asia-Pacific identity verification market growth analysis includes the assessment of South Korea, China, Vietnam, Indonesia, India, Australia & New Zealand, Thailand, Japan, and Rest of Asia-Pacific. Facial biometrics are extensively utilized in China for the purpose of identity verification. This technology has gained significant traction in various sectors, such as mobile payments, surveillance systems, travel, retail, and online platforms catering to government services. Consequently, there is a growing demand for identity verification solutions, which is projected to drive market expansion in the country during the forecast period.

Furthermore, the government of China is actively promoting the identity verification market growth by implementing and deploying initiatives that necessitate identity verification solutions and services. For instance, in 2022, China initiated a three-year anti-money laundering (AML) campaign aimed at safeguarding social stability and national security, as stated by the government. This ongoing campaign is set to continue until the end of 2024, overseen by the People’s Bank of China (PBOC) and the Ministry of Public Security. These new regulations in China align the country’s AML standards more closely with international benchmarks.

Additionally, in January 2022, the China Internet Network Information Centre (CNNIC) informed Gandi that identification verification would be a prerequisite for registering .cn domain names. This new requirement also applies to previously registered domain names, prompting users to take necessary actions.

The Asia-Pacific identity verification market segmentation includes organization size, vertical, component, deployment type, and type. The component segment includes service and solution

Identity verification services encompass various components such as training and education, support and maintenance, and consulting. These services aim to provide a customer-centric solution that facilitates efficient and seamless customer onboarding experiences while ensuring compliance with AML (Anti-Money Laundering), KYC (Know Your Customer), and GDPR (General Data Protection Regulation) requirements.

Businesses rely on identity verification services to ensure the authenticity of customer-provided data and its association with a genuine individual. By employing document verification, these services aid in validating the legitimacy of physical identification documents like passports, licenses, and official identity cards. Furthermore, they cross-check and authenticate information against trustworthy and impartial sources, including private government records and credit bureaus.

Some of the leading companies in the Asia-Pacific identity verification market include Intellicheck Inc, IDEMIA, Mastercard Inc, Jumio Corporation, etc.

IDEMIA is a global technology company offering identity-related services and distributing hardware & software for biometric identification to private and public businesses. It also provides connectivity, payment, travel, access control, and public security solutions. The company is headquartered in Courbevoie, France.

One of its key products, Identity Proofing, facilitates a robust identity verification solution for enterprises to verify, trust, and know the identities of their consumers.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2032
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Organization Size, Vertical, Component, Deployment Type, Type
Countries AnalyzedSouth Korea, China, Vietnam, Indonesia, India, Australia & New Zealand, Thailand, Japan, and Rest of Asia-Pacific
Companies AnalyzedAuthenticID, Equifax Inc, Experian plc, GB Group Plc, IDEMIA, Intellicheck Inc, Jumio Corporation, Mastercard Inc, Mitek Systems Inc, Nuance Communications Inc, Onfido Limited, Thales Group SA, TransUnion LLC, Trulioo Information Services Inc, TruNarrative

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON IDENTITY VERIFICATION MARKET
    5. MAJOR MARKET FINDINGS
      1. STRINGENT GOVERNMENT REGULATIONS AND MANDATES CONCERNING PRIVACY
      2. ADOPTION OF DIGITAL IDs
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. OCCURRENCES OF IDENTITY THEFTS
      2. RISING DIGITALIZATION INITIATIVES
      3. INCREASING INTERNET PENETRATION AND DIGITAL LITERACY
    2. KEY RESTRAINTS
      1. PRICE VARIATIONS IN IDENTITY VERIFICATION PRODUCTS 
      2. LACK OF TECHNICAL EXPERTISE AND NEED FOR SECURITY AWARENESS & TRAINING
  4. KEY ANALYTICS
    1. KEY TECHNOLOGY TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
      1. GROWTH PROSPECT MAPPING FOR INDIA
    4. MARKET CONCENTRATION ANALYSIS
    5. VALUE CHAIN ANALYSIS
      1. COMPONENTS
      2. IDENTITY VERIFICATIONS
      3. DEPLOYMENT
      4. END-USE INDUSTRY
    6. KEY BUYING CRITERIA
      1. CAPACITY AND COVERAGE
      2. FRAUD CAPABILITIES
      3. DATA STORAGE AND SECURITY
      4. VERIFICATION TYPES
  5. MARKET BY COMPONENT
    1. SOLUTION
    2. SERVICE
  6. MARKET BY DEPLOYMENT TYPE
    1. ON-PREMISES
    2. CLOUD
  7. MARKET BY TYPE
    1. BIOMETRICS
    2. NON-BIOMETRICS
  8. MARKET BY ORGANIZATION SIZE
    1. SMES
    2. LARGE ENTERPRISES
  9. MARKET BY VERTICAL
    1. BFSI
    2. GOVERNMENT AND DEFENSE
    3. HEALTHCARE & LIFE SCIENCES
    4. RETAIL AND E-COMMERCE
    5. IT & ITES
    6. ENERGY AND UTILITIES
    7. OTHER VERTICALS
  10. GEOGRAPHICAL ANALYSIS
    1. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. ASIA-PACIFIC IDENTITY VERIFICATION MARKET DRIVERS
      3. ASIA-PACIFIC IDENTITY VERIFICATION MARKET CHALLENGES
      4. ASIA-PACIFIC IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
      5. KEY PLAYERS IN ASIA-PACIFIC IDENTITY VERIFICATION MARKET
      6. COUNTRY ANALYSIS
        1. CHINA
          1. CHINA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        2. JAPAN
          1. JAPAN IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        3. INDIA
          1. INDIA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        4. SOUTH KOREA
          1. SOUTH KOREA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        5. INDONESIA
          1. INDONESIA IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        6. THAILAND
          1. THAILAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        7. VIETNAM
          1. VIETNAM IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        8. AUSTRALIA & NEW ZEALAND
          1. AUSTRALIA & NEW ZEALAND IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        9. REST OF ASIA-PACIFIC
          1. REST OF ASIA-PACIFIC IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
  11. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS 
    2. COMPANY PROFILES
      1. AUTHENTICID
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      2. EQUIFAX INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      3. EXPERIAN PLC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      4. GB GROUP PLC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      5. IDEMIA
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      6. INTELLICHECK INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      7. JUMIO CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      8. MASTERCARD INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      9. MITEK SYSTEMS INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      10. NUANCE COMMUNICATIONS INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      11. ONFIDO LIMITED
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      12. THALES GROUP SA
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      13. TRANSUNION LLC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      14. TRULIOO INFORMATION SERVICES INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      15. TRUNARRATIVE
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – IDENTITY VERIFICATION

TABLE 2: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY COMPONENT, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 4: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY DEPLOYMENT TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY DEPLOYMENT TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 6: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY TYPE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 8: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY ORGANIZATION SIZE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY ORGANIZATION SIZE, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 10: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY VERTICAL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY VERTICAL, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 12: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 14: ASIA-PACIFIC IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK

TABLE 15: KEY PLAYERS OPERATING IN ASIA-PACIFIC IDENTITY VERIFICATION MARKET

TABLE 16: LIST OF ACQUISITIONS

TABLE 17: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 18: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 19: LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: INDIVIDUALS USING THE INTERNET (% OF POPULATION) (2012-2021)

FIGURE 2: KEY TECHNOLOGY TRENDS

FIGURE 3: PORTER’S FIVE FORCES ANALYSIS

FIGURE 4: GROWTH PROSPECT MAPPING FOR INDIA

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: VALUE CHAIN ANALYSIS

FIGURE 7: KEY BUYING CRITERIA

FIGURE 8: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2022

FIGURE 9: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY SOLUTION, 2023-2032 (IN $ MILLION)

FIGURE 10: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY SERVICE, 2023-2032 (IN $ MILLION)

FIGURE 11: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY DEPLOYMENT TYPE, IN 2022

FIGURE 12: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY ON-PREMISES, 2023-2032 (IN $ MILLION)

FIGURE 13: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY CLOUD, 2023-2032 (IN $ MILLION)

FIGURE 14: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY TYPE, IN 2022

FIGURE 15: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY BIOMETRICS, 2023-2032 (IN $ MILLION)

FIGURE 16: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY NON-BIOMETRICS, 2023-2032 (IN $ MILLION)

FIGURE 17: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY ORGANIZATION SIZE, IN 2022

FIGURE 18: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY SMES, 2023-2032 (IN $ MILLION)

FIGURE 19: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY LARGE ENTERPRISES, 2023-2032 (IN $ MILLION)

FIGURE 20: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY VERTICAL, IN 2022

FIGURE 21: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY BFSI, 2023-2032 (IN $ MILLION)

FIGURE 22: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY GOVERNMENT AND DEFENSE, 2023-2032 (IN $ MILLION)

FIGURE 23: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY HEALTHCARE & LIFE SCIENCES, 2023-2032 (IN $ MILLION)

FIGURE 24: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY RETAIL AND E-COMMERCE, 2023-2032 (IN $ MILLION)

FIGURE 25: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY IT & ITES, 2023-2032 (IN $ MILLION)

FIGURE 26: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY ENERGY AND UTILITIES, 2023-2032 (IN $ MILLION)

FIGURE 27: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, BY OTHER VERTICALS, 2023-2032 (IN $ MILLION)

FIGURE 28: ASIA-PACIFIC IDENTITY VERIFICATION MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN%)

FIGURE 29: CHINA IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 30: JAPAN IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 31: INDIA IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 32: SOUTH KOREA IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 33: INDONESIA IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 34: THAILAND IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 35: VIETNAM IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 36: AUSTRALIA & NEW ZEALAND IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

FIGURE 37: REST OF ASIA-PACIFIC IDENTITY VERIFICATION MARKET, 2023-2032 (IN $ MILLION)

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