Market Analysis and Insights Middle East and Africa Identity Verification Market
Identity verification refers to the services and solutions which are used to verify the authenticity of physical identity of a person or their documents such as a driver’s license, passport or a nationally issued identity document and others. Identity verification is an important process which ensures a person’s identity matches the one that is supposed to be.
The rising fraudulent activities and identity theft, creates a need to adopt identity verification solutions and acts as a major driving factor for the growth of the identity verification market. Identity verification service requires high implementation cost due to which small and medium enterprises hardly afford for their business lines which is restraining the identity verification market growth. Increasing usage of BYOD ultimately increases the adoption of identity verification solutions and acts as an opportunity for identity verification market growth. Identity verification deals with numerous varieties of ID documents and it became so difficult to maintain these numerous documents and hence acts as a major challenge for the growth of identity verification market
Middle East and Africa Identity Verification Market Scope
The identity verification market is segmented on the basis of component, type, deployment mode, organization size and vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
· On the basis of component, the identity verification market is segmented into solution and services. In 2021, solution segment held larger share in the identity verification market owing to factors such as shift toward digital transformation by various industries, increasing need to fight against data breach and fraud, surging government support toward data protection laws and regulations, requisite to fulfil KYC and AML compliance and easy on boarding of customers as well as employees.
· On the basis of type, the identity verification market has been segmented into non-biometrics and biometrics. In 2021, biometrics segment held larger share in the identity verification market due to factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, improved authentication security to combat new threats, surging dependency on digital technologies, enhanced customer satisfaction and rising trend for contactless biometric solutions.
· On the basis of deployment mode, the identity verification market has been segmented into on-premise and cloud. In 2021, on-premise segment held larger share in the identity verification market as government and defense sector along various financial institutions prefer to use on-premise identity solutions, due to security policy restrictions, data sharing and availability of budget to invest in infrastructure.
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Middle East and Africa Identity Verification Market Country Level Analysis
The countries covered in Middle East and Africa identity verification market report are South Africa, Saudi Arabia, U.A.E., Israel, Egypt and rest of Middle East and Africa.
South Africa is dominating in the Middle East and Africa identity verification market owing to surging adoption of biometric identity verification solutions, strong focus towards security and identity thefts and high adoption of digital identity services by organizations.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Middle East and Africa brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Middle East and Africa Identity Verification Market Share Analysis
The Middle East and Africa Identity Verification Market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Middle East and Africa Identity Verification Market.
Key Players Middle East and Africa Identity Verification Market
- Experian Information Solutions Inc. (a subsidiary of Experian plc)
- LexisNexis Risk Solutions Group
- GB Group plc ('GBG')
- Acuant Inc.
- TransUnion LLC
- Onfido
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MAJOR TOC OF THE REPORT
- Chapter One: Introduction
- Chapter Two: Market Segmentation
- Chapter Three: Market Overview
- Chapter Four: Executive Summary
- Chapter Five: Premium Insights
- Chapter Six: Global Middle East and Africa Identity Verification Market by Product Procedure type
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