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Part
01
ID Verification Market Size
Key takeaways
- The global ID verification industry reached $7.6 billion in 2020.
- The industry is predicted to grow at a CAGR of over 13.1% by 2026.
- Thales Group and IDEMIA are some of the biggest players in the ID verification market.
Introduction
The global ID verification market reached $7.6 billion in 2020. Companies like Thales Group, IDEMIA, LexisNexis Risk Solutions, Jumio, and GBG dominated the industry due to the rapid innovation and adaption of novel technologies.
Global ID verification market
- According to a report by Markets and Markets, the size of the global ID verification market was $7.6 billion in 2020.
- The market was projected to grow at a CAGR of 13.1% to 15.6% until 2026.
- One of the main drivers of the market are the continued rise of digitization and the increased threat of identity theft.
- In 2018, the number of people that experienced identity theft was over 14 million.
- In 2019, in the US alone, identity theft amounted to over $1.9 billion in revenue lost to fraud.
- The 2020 pandemic has also been a great catalyst for the increase in fraudulent activities, with over 29% of people reporting that there is a significantly higher risk of identity theft by August 2020.
- As such, governments have been quick to promote and start using different initiatives to improve the digital safety of their citizens.
- Some examples include the use of electronic ID cards (eID), smart border control with facial recognition, and advanced video analytics.
- Some of the most prominent players in the ID verification industry include Thales Group (France), IDEMIA (France), LexisNexis Risk Solutions (US), Jumio (US), GBG (UK), Onfido (UK), Signicat (Norway), Trulioo (Canada), IDnow (Germany), Mitek Systems (US), Acuant (US), AU10TIX (Israel), SecureKey (Canada), WebID (Germany), Innovatrics (Slovakia), Intellicheck (US), and Shufti Pro.
Research Strategy
In order to find the market size and some of the top players in the ID verification industry, we primarily used industry reports such as Mordor Intelligence, Markets and Markets, and Globe Newswire. This allowed us to find the market size and the most prominent players in the industry. We, then, examined each player mentioned by the different industry reports and included only those with the highest revenues. It is important to note that we have excluded Experian, TransUnion, and Equifax from our list because they focus on providing credit reports to individuals and businesses, with verification services occupying a minor part of their overall revenue. On top of that, their annual reports did not provide us with the means to calculate the revenue generated by their ID verification services.