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NORTH AMERICA IDENTITY VERIFICATION MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

North America 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 North America identity verification market is estimated to record a CAGR of 15.50% during the forecast period, 2023-2032, and is set to garner a revenue of $12816.07 million by 2032

The identity verification market growth in North America is attributed to the ongoing efforts and investments in the research & development of identity verification’s potential applications. Also, the increasing government initiatives like digital identity-based driver’s licenses, smart cities, smart infrastructure and the rising integration of technologies like blockchain, AI, and ML offer growth opportunities.

North America Identity Verification Market

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The North America identity verification market growth assessment includes the evaluation of Canada and the United States. There has been a notable rise in the occurrences of identity thefts and fraudulent activities throughout the United States. As per data provided by the Federal Trade Commission, customers reported a loss of nearly $8.8 billion to fraud in 2022, an increase of over 30% compared to 2021. Also, investment scams accounted for the highest reported monetary losses in 2022, exceeding $3.8 billion.

The FTC’s Consumer Sentinel Network database serves as a platform where the Better Business Bureau, industry participants, non-profit organizations, federal, state, and local law enforcement authorities, along with consumers themselves, submit their reports. The data received by Sentinel is sourced from 23 states. In 2022, more than 5.1 million reports were registered on Sentinel, encompassing the aforementioned fraud reports, as well as cases of identity theft and consumer grievances related to various issues, such as banking and lending troubles, credit bureaus, and other financial institutions. Moreover, the FTC’s IdentityTheft.gov website received over 1.1 million reports of identity theft in 2022. These instances of fraud and theft are anticipated to drive the demand for identity verification solutions and services.

The North America identity verification market segmentation includes organization size, deployment type, vertical, component, and type. The type segment includes biometrics and non-biometrics.

Non-biometric solutions primarily serve the purposes of identifying fraudulent IDs, facilitating remote customer onboarding, automating business processes, and ensuring compliance with KYC/AML regulations. Common non-biometric identity verification solutions and services encompass knowledge-based authentication, credit bureau-based solutions, SMS-based two-factor authentication, database solutions, online verification, as well as ML/AI-based authentication, among others. 

Organizations’ identification verification requirements vary depending on their specific line of business, necessitating distinct types of verification. These identification verification methods possess unique attributes that cater to the objectives of different end-users.

Market players across the globe are developing and launching a range of new and advanced non-biometric tools for identity verification, which is expected to contribute towards market growth during the forecast period. For instance, in 2022, Uptrends launched a new solution for SMS-based two-factor authentication transaction monitoring. Users visit the application’s login page and enter their credentials in a text box to use regular two-factor authentication. The initial identification phase of standard 2FA is now underway. This action causes an SMS message to be sent to the user’s mobile phone by the underlying system.

Companies worldwide are actively engaged in the development and introduction of cutting-edge non-biometric identity verification tools. For instance, Uptrends unveiled a novel solution for monitoring SMS-based two-factor authentication transactions in 2022. To utilize the conventional two-factor authentication, users navigate to the application’s login page and input their credentials in a designated field. 

Some of the key players in the North America identity verification market are Mitek Systems Inc, Nuance Communications Inc, TransUnion LLC, Trulioo Information Services Inc, etc.

Trulioo Information Services Inc is engaged in the deployment of digital network security & privacy standards globally. The company’s solutions include AML watchlist screening, identity verification, business verification, and ID document verification. It also provides identity services across industries like online marketplaces, payments, finance, banking, gaming, and retail over a single API integration. The company has technical teams in the United States, the United Kingdom, New Zealand, and Australia, with headquarters in Vancouver, British Columbia, Canada.

Its identity verification solution helps confirm personal information like national identification number, cellphone number, date of birth, address, and name.

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 AnalyzedThe United States and Canada
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 UNITED STATES
    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. NORTH AMERICA
      1. MARKET SIZE & ESTIMATES
      2. NORTH AMERICA IDENTITY VERIFICATION MARKET DRIVERS
      3. NORTH AMERICA IDENTITY VERIFICATION MARKET CHALLENGES
      4. NORTH AMERICA IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK
      5. KEY PLAYERS IN NORTH AMERICA IDENTITY VERIFICATION MARKET
      6. COUNTRY ANALYSIS
        1. UNITED STATES
          1. UNITED STATES IDENTITY VERIFICATION MARKET SIZE & OPPORTUNITIES
        2. CANADA
          1. CANADA 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: NORTH AMERICA IDENTITY VERIFICATION MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

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

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

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

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

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

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

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

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

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

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

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

TABLE 14: NORTH AMERICA IDENTITY VERIFICATION MARKET REGULATORY FRAMEWORK

TABLE 15: KEY PLAYERS OPERATING IN NORTH AMERICA 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 UNITED STATES

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: VALUE CHAIN ANALYSIS

FIGURE 7: KEY BUYING CRITERIA

FIGURE 8: NORTH AMERICA IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2022

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

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

FIGURE 11: NORTH AMERICA IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY DEPLOYMENT TYPE, IN 2022

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

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

FIGURE 14: NORTH AMERICA IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY TYPE, IN 2022

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

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

FIGURE 17: NORTH AMERICA IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY ORGANIZATION SIZE, IN 2022

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

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

FIGURE 20: NORTH AMERICA IDENTITY VERIFICATION MARKET, GROWTH POTENTIAL, BY VERTICAL, IN 2022

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

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

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

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

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

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

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

FIGURE 28: NORTH AMERICA IDENTITY VERIFICATION MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

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

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

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