INDIA IDENTITY VERIFICATION MARKET FORECAST 2023-2030

The India identity verification market segmentation includes deployment type, type, vertical, component, organization size, etc. The vertical segment includes healthcare & life sciences, BFSI, government and defense, retail and e-commerce, energy and utilities, IT & ITES, and other verticals. 

Identity verification solutions play a crucial role in enhancing operational efficiency and ensuring the highest level of patient care within healthcare and life sciences facilities. These solutions provide a safeguard against unauthorized access to sensitive medical information, test results, and prescriptions, ensuring actual patients avail themselves of these resources.

With the rise of data breaches, the prevalence of the dark web, and the industry’s rapid digitization, fraudsters now possess greater opportunities to exploit the identities of legitimate patients. Technological advancements such as electronic health records, telemedicine, self-service kiosks, and remote monitoring tools have further heightened the industry’s vulnerability to fraudulent activities.

To counter these threats, healthcare organizations can incorporate identity verification solutions that leverage artificial intelligence and other cutting-edge technologies. By doing so, they can effectively mitigate identity theft and security breaches. These solutions enable compliance with essential protocols like ‘Know Your Patient’ (KYP), age verification, prevention of insurance fraud, and oversight of ongoing treatments and prescriptions, among other critical areas where identity verification technology can provide valuable support.

Furthermore, energy & utility companies operate as critical national infrastructures and must establish robust and reliable cybersecurity defenses to counter organized hacking attempts and online fraud. This necessitates safeguarding customer access to data, software, buildings, and systems through the adoption of cyber-secure infrastructure. Companies such as Intercede, IDMERIT, Experian Information Solutions Inc, and Urjanet Inc specialize in providing digital identity verification solutions and management tools specifically tailored for energy and utility providers.

For instance, Intercede, an identity verification solutions provider, offers a cutting-edge credential management system (CMS) known as MyID. This powerful CMS empowers businesses to effortlessly deploy digital IDs across a diverse range of secure devices. Moreover, Intercede offers comprehensive software solutions designed to facilitate the installation and management of cryptographically secured digital identities among large-scale workforce and suppliers. 

Whereas the e-commerce and retail sectors face significant challenges concerning identity theft and online fraud. Globally, the costs associated with fraudulent chargebacks, payments, and fraud prevention reach trillions of dollars. In today’s landscape, the reputation and sustainability of e-commerce and retail businesses heavily rely on their ability to effectively safeguard clients against cybercrime. 

With the evolution of the internet, consumers are at greater ease and convenience when shopping online. However, any obstacles or delays encountered during the checkout process can heighten the risk of customers abandoning their purchases.

A survey conducted by GBG State of Digital Identity revealed that approximately one-third of consumer personal information was stolen in 2020, with even more vulnerabilities arising during online purchases. These factors are expected to drive a surge in the industry’s demand for identity verification services and solutions.

Some of the prominent players in the India identity verification market include Experian plc, Jumio, Corporation, Nuance Communications Inc, Mastercard Inc, etc.

Mastercard Inc connects financial institutions, retailers, consumers, governments, and other enterprises on a global scale to facilitate e-payment systems. It provides integrated goods & services that enable prepaid payment programs, credits, and management services. Also, it offers commercial debit & credit payment products and solutions. The company has a presence in Latin America, Asia-Pacific, Europe, North America, and the Middle East & Africa, with headquarters in New York, the United States.