Identity Verification Market 2023-2032; Growth Forecast & Industry Share Report

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Identity Verification Market Global Analysis,
Opportunities And Forecast To 2032
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• Industry Insights

• Identity Verification Market is anticipated to
  expand during 2023-2032, propelled by stringent
  rules imposed by the regulatory authorities
  toward the compliance of AML (anti-money
  laundering) and KYC (know your customer) among
  reporting organizations. These regulations
  strictly adhere to verifying the identity of
  their customers to prevent money laundering and
  terrorist financing.
• Based on the component, the solution segment will
  depict over 20 CAGR through 2032. The rising
  demand for complying with AML and KYC standards
  and increasing initiatives, such as smart border
  control that utilizes face recognition for
  identity verification and smart airports and
  smart cities that employ video analytics and
  liveness detection for identity verification,
  will assist the segment expansion during the
  estimated timeframe.

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• Considering the organization size, the large
  enterprise segment will grow considerably as
  several enterprises continue implementing
  identity verification systems due to rising cases
  of fraud, money laundering, identity theft,
  processing of high-risk transactions, and
  cost-cutting on manual processes.
• In terms of type, the biometric segment will gain
  momentum during the estimated timeframe.
  Biometrics offers assurance of a person's
  identity by using one or more distinguishing
  biological traits. Biometric traits differ for
  each-individual, offering a quick and efficient
  way to identify and verify them.
• By application, the fraud prevention segment will
  register a positive trajectory through 2032.
  Identity verification helps prevent fraud by
  validating the identity of the person opening an
  account or making a transaction. It also
  authenticates a user's individuality in case of
  any suspicious login attempt or strange online
  behavior.

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• Regional Analysis

Asia Pacific identity verification industry will
register notable gains through 2032. Increasing
initiatives taken by the government to combat
identity-related fraud and reinforcing eKYC to
verify identities will favor the regional market
share. Additionally, the mandate of linking PAN
cards with Aadhaar cards to track individuals has
also resulted in reducing the possibility of
fraudulent activities in the Indian subcontinent.

• Competitive Analysis

• Equifax, Inc., GB group PLC, IBM Corporation,
  IDEMIA,iDenfyTM, Intellicheck Inc., Jumio,
  Keesing Technologies, Mastercard Inc, MicroBilt
  Corporation, Microsoft Corporation, Mitek
  Systems, Inc., Nord security, Onfido ltd, SEON
  Technologies Ltd., Shufti pro, Slashdot Media

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