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Part
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ID Verification: Market Size & Share
Key takeaways
- The global ID verification industry was worth $7.6 billion in 2020.
- Thales Group has a 39.5% share of the global ID verification market.
- Innovatrics has a 1% share of the global ID verification market.
Introduction
Thales Group, Experian, Equifax, IDEMIA, TransUnion, PXL Vision, and others are some top companies in the ID verification industry. The revenue and market share estimates of each company has been provided below.
Global ID Verification Key Players
1. Thales Group (France)
- Revenue: $17 billion. The company classifies ID verification under digital identity and security segment. This segment generated about $3 billion in revenue in 2020.
- Market Share: $3 billion/$7.6 billion= 39.5%
2. Experian (Ireland)
- Revenue: $4.9 billion. However, the company's annual report segments the revenue source of the company into 3 key segments: B2B data, B2B decisioning, and customer services. Assuming that ID verification falls under customer services, the revenue from this segment ($985 million) will be used for this report.
- Market share: $985 million/$7.6 billion= 13%
3. Equifax (US)
- Revenue: $4.1 billion. Revenue from the verification service segment was $1.1 billion.
- Market Share: $1.1 billion/$7.6 billion= 14.5%
4. IDEMIA (France)
- Revenue: $3 billion. This company does not provide a breakdown of its revenue by segments. While they publish their annual report, it is not available to the public domain.
- Market Share: $3 billion/$7.6 billion=39.5%
5. TransUnion (US)
- Revenue: $2.7 billion. According to the company's annual report, financial services including identity verification generated $939.6 million of the total annual revenue.
- Market Share: $939.6 million/$7.6 billion = 12.4%
6. PXL Vision (Switzerland)
- Revenue: CHF 1.9 billion ($2.1 billion)
- Market Share: $2.1 billion/$7.6 billion= 27.6%
7. LexisNexis Risk Solutions (US)
- Revenue: $395.4 million (est)
- Market Share: $395.4 million/$7.6 billion =5.2%
8. Jumio (US)
- Revenue: $332 million (est)
- Market Share: $332 million/$7.6 billion= 4.4%
9. GBG (UK)
- Revenue: £199.1 million ($281.8 million). The company's annual report stated that in 2020, the ID verification center generated £105.4 million ($149.2 million).
- Market Share: $149.2 million/$7.6 billion= 2%
10. Onfido (UK)
- Revenue: $60.5 million (est)
- Market Share: $60.5 million/$7.6 billion= 8%
11. IDology (US)
- Revenue: $38.2 million
- Market Share: $38.2 million/$7.6 billion = 5%
13. Signicat (Norway)
- Revenue: €19 million ($23.1 million)
- Market Share: $23.1 million/$7.6 billion= 3%
12. Trulioo (Canada)
- Revenue: $23 million (est)
- Market Share: $23 million /$7.6 billion=3%
14. IDnow (Germany)
- Revenue: $22 million (est)
- Market Share: $22 million/$7.6 billion=2.9%
15. Mitek Systems (US)
- Revenue: $101.3 million. The ID verification segment generated $33.6 million.
- Market Share: $33.6 million/$7.6 billion=4.4%
16. Acuant (US)
- Revenue: $19.7 million (est)
- Market Share: $19.7 million /$7.6 billion= 2.6%
17. AU10TIX (Israel)
- Revenue: $17 million (est)
- Market Share: $17 million /$7.6 billion=2.2%
18. SecureKey (Canada)
- Revenue: $10.23 million
- Market Share: $10.23 million/$7.6 billion= 1.3%
19. WebID (Germany)
- Revenue: $8.7 million
- Market Share: $8.7 million/$7.6 billion= 1.1%
20. Innovatrics (Slovakia)
- Revenue: $8 million
- Market Share: $8 million/$7.6 billion=1%
Research Strategy
We leveraged on industry reports from reliable sources such as Markets and Markets to identify a list of key players in the ID verification industry. To select 20 of the top companies, we searched for the revenue of each company with company annual reports as the first source before press releases, and lastly third-party company profiling sources. For large public companies, we have derived the revenue specific to each company's ID verification segment as a closer guide to the company's specific market share in the industry because these industries offer a variety of services. For revenue data that we derived from press releases and third-party sources, we have used the revenue data to estimate the share of each company since we can not determine the revenue of each company that is specific to the ID verification segment.