North America identity verification market is expected to grow from US$ 2.05 Bn in 2018 to US$ 5.27 Bn by the year 2027. This represents a CAGR of 11.2% from the year 2018 to 2027. Over the years, the financial regulators have intensified their focus on monitoring of fraud activities, which also includes a thrust for the financial institutes to adopt suitable security solutions. Furthermore, in the coming years, the regulators are expected to expect from the firms to be able to show not only that they are capable of functioning the system appropriately but also prove that their systems are efficient enough. This demand for sophistication transaction monitoring system would be predominantly driven by the legislation like NYSDFS (New York States' Department of Financial Services) part 504 and also the general move towards the control being evaluated by their outcome quality. The growing demand for secure transactions in the BFSI sector is expected to support the growth of identity verification market.
Rapidly modernizing security threats in the coming years is expected to raise its capability to hastily analyze a large amount of data with the help of disruptive technologies like Artificial Intelligence. The ability of Artificial Intelligence to provide quick mathematical calculations in order to augment the vital abilities of human intelligence is anticipated to generate the greatest growth opportunity for the identity verification market in the near future.AI has proven to be extensively worthy of threat detection as it can detect anomalies, patterns, and outliers more effortlessly and even with a less skilled workforce. Several identity verification service providers have already integrated their existing solution with AI techniques for improvising their analytical and incident response abilities. In the forthcoming years as the end-users' expectation regarding user behavior and threat detection capabilities increases, the collaboration of existing identity verification solutions with advanced analytical technologies is expected to drive noteworthy growth through the value chain of identity verification market.
The North America identity verification market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. Identity verification market is a highly competitive market with the presence of some major market players as well as Tire 2 companies.
The North America identity verification market by enterprise size is segmented into SMEs and large enterprise. Small and medium enterprises (SMEs) are witnessing significant demand for identity verification and other related services. SMEs experience a large number of cybersecurity threats as compared to large enterprises, mainly due to factors such as lack of skilled personnel, inadequate security infrastructure, and limited resources. In general, SMEs are cost-conscious, and as the upfront investment cost of complex security and privacy solutions is high, SMEs resist to invest in high-level security solutions and services. However, with the increasingly stringent regulations, identity verification related services are being widely adopted by SMEs.
The overall North America identity verification market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America identity verification market. It also provides the overview and forecast for the North America identity verification market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the North America identity verification industry. Some of the players present in North America identity verification market are Acuant, Inc., Authenteq, Gemalto N.V. (Thales Group), Idemia, Mitek Systems, Inc., Experian Information Solutions, Inc., Jumio, Lexisnexis, Onfido, and Trulioo among others.