US Identity Verification Market Outlook to 2028: Ken Research

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What is the Market Size of US Identity verification Industry?

US Identity Verification Market is growing at a CAGR of % in 2017-2022 and is expected to reach USD Bn by 2028. The Identity Verification Market is largely driven by increasing internet penetration, economic growth, technological advancements, global digitization, rise in cyber threats and frauds.

USA, especially North America has been a popular destination for digital transactions and purchase with wide area of faster internet connection for various companies to undergo their transaction, with a vast amount of technologies and ample amount of cyber threats, identity verification Market has flourished globally as people are continuously purchasing and making payment online. Even when people are seeming to make safe transactions, somewhere or the other hacks and loss of credentials were still on the loose. As high end protocols and daily online purchase rose to its peak, successive online frauds and cases rose as well, and with it rose the online verification.

US identity verification has successfully marked the rise and growth since the Covid-19 pandemic as global digitization took place mostly in that time. Online frauds and hacks has never been this widespread since companies were in a mix state of online and traditional transactional stage. But with the rise of digital transactions rose the need for online security.

The development and widespread adoption of technology, high end algorithms, have made it easier and more convenient for people to securely undergo online processing with a proper verification in order to maintain integrity and security towards one individual.

US Identity Verification Market segmentation By type of deployment

The US Identity Verification Market is segmented by type of Deployment within the company or on demand by others. The segment in the US Identity verification Market offers the On-premise and On-demand of which the On-Premise verification has proven to be dominant.

The clientele whose premises sanctions verification through algorithms and protocols and saves data under the same infrastructure are what we call ‘On-Premise’, which most of the giant companies are having for their own.

On Demand on the other hand is such a segmentation that offers various solutions by various methods, required on demand, such as Biometrics, document verification, sensors etc. which are used on the type of situation. Although On-Demand may seem more beneficial, On-premise allows companies to have all the type of methodologies inside one company, making it more dominant in today’s Market.

US Identity verification Market By Type of end-user industry

The US Identity Verification Market is segmented by the type of End-User Industry, which includes Finance and Banking, E-commerce and Retail, Travel and Hospitality, Gaming and Online Entertainment.

The segments are equally fragmented with all the sectors being heavily influenced by the same. Every sector requires a strong verification without which further proceeding of the process will not be adequate.

Although all are equal, Financing and banking sectors are much more influenced in identity verification as because people need to follow KYC and AML regulation before further proceeding with any of the processes. Furthermore, Travelling and hospitality demands document verification before anything, resulting in a strong verification process before further proceedings.

Apart from the giants, Gaming and entertainment have shown significant rise since the rise of online gaming and streaming. Applications require a verification before they can be proceeded toward further processing like login verification code sent to the owner’s phone or mail.

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 US Identity verification Market By Region split

The US Identity Verification Market is segmented By Region into Northeast, Midwest and South Region. The Northern American region is the most dominant region in 2022 which proved to be dominating in a most secure line of verification, with major cities like New York, Pennsylvania, New Jersey, Massachusetts is flourishing as a well-established infrastructure of 5G connectivity and extensive branch networks verficational centres inside and outside the premises, making a secure line of online workflow.

Competition Scenario in US Identity Verification Market

The Identity Verification Market in US is highly competitive, with various players competing for Market share and top of the list leadership. With several established players, companies are giving their effort to full extent and giving a strong presence compared to the global Market. With several tech giants having robust and high end technologies, they also come in the competition for the top in the identity verification Market.

With new start-ups and partnerships, companies are aiming to make in order to make a much more secure platform in their own region, hoping to build a more secure line of work for the transactional, profile verification and monitoring of yearly records. This ensures that large companies like Trulioo, LexisNexis Risk Solutions are always up to the mark in order for verification to be done whenever needed.

What is the Expected Future Outlook for the Overall US Identity verification Market?

The US Identity Verification Market was valued at USD billion in 2022 and is anticipated to reach USD billion by the end of 2028, witnessing a CAGR of % during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current Market conditions. This scenario assumes that there will be no overall impact on the Market due to any potential COVID-19 waves in the future.

The US Identity Verification Market is growing due to digitalization, a growing rate of theft and money lost, e-commerce, financial inclusion, cybercrimes, money laundering and strengthened ties with emerging economies.

The ongoing advancement of digital technologies and the emergence of Fintech and Regtech companies will continue to reshape the verification sectors. Digital platforms, mobile apps, and online services will always bring probable threats to any organization for which companies must improve with them as well, resulting in a much stricter regulatory actions to be taken.

US Identity verification Market has screened over 12000 profiles of main business prospectors, having their major hand in their line of business, ensuring that their documents and biometrics are always up-to-date and original in this regard.

The rapid growth of e-commerce and digital platforms presents opportunities for the verification Market to approach companies to make their protocol readily available to their sectors in order to maintain a secured workflow and manage correct profile for employers as well.

Changes in global traditional transactions to digital platforms has incorporated millions of risks, such as increased hacking, international fraudulent cases etc. resulting in an upscale of protocols and algorithms to stimulate proper verification. AI and Machine Learning has successfully helped in diminishing many risk factors by incorporating stronger security towards online work and maintaining a secure and streamline domain.

America’s economic ties with emerging economies, particularly in the European region, will continue to grow. With vast amount of online payment, large amount of digital shipment and proof for those shipment reaching the current owner is making the verification Market updraft their workflow.

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Market Taxomony

By Deployment Type

• On-Premise
• On-Demand

By End-User Industry

• Financial Services
• Retail and E-Commerce
• Gaming/Gambling
• Government
• Others

By Regional Shift

• North
• South
• East
• West

Major Identity Verification Market Players

• Trulioo
• LexisNexis Risk Solution
• Experian
• Jumioo
• Onfido
• Socure
• Mitek Systems

Research Sources

Secondary Research

• Company Reports & Websites
• ROC Filings
• Online Magazines
• Newspapers & Journals
• Online Articles
• Market Related Ministries
• Government Associations
• Industry Journals/Portals
• Investor Presentations & Company Profiles

Time Period Captured

• Historical Period – 2017-2022
• Base Period – 2022
• Forecast Period – 2022 –2028

Key Factors Covered in the Report

• US Identity Verification Market Introduction
• Verification Infrastructure
• Value Chain in US Identity Verification Market
• US Identity Verification Market Size
• US Identity Verification Market Segmentation
• US Identity Verification Market Future Outlook
• US Identity Verification Market Future Segmentation
• Top Company Profiles
• Issues and Challenges
• Analyst Recommendation

For More Insights On Market Intelligence, Refer to the Link Below: –

US Identity Verification Market Outlook to 2028

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Can Trulioo maintain its upward trajectory by 2028? : Ken Research

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Trulioo has emerged as a formidable player in cutting edge technologies and compliance expertise and providing groundbreaking advancements, making this franchise one of the largest in the US Identity Verification Market, projecting for a rise of 13% by 2028.

STORY OUTLINE

• A fully end to end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.
• Trulioo enabled identity-documents check KYC to truly streamline the workflow.
• With technological advancements, integration and partnerships, Trulioo surges up the ladder.
• Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

1.A fully end-to-end solution provided by Trulioo, automates the entity verification process, making it easier and automatic for users.

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• Due to the increasing money laundering and theft, Trulioo has enabled a fully end-to-end solution called Know-Your-Business (KYB) which automates traditional manual verification reducing the time taken for complete verification from weeks to minutes.
• With the generalization of KYB, Trulioo stated a growth of 587% since the year 2020, reducing and solving many problems regarding money laundering and other frauds.
• Trulioo also has AML(Anti-Money Laundering) Watchlist and ongoing sanctions screening, which cross checks both users and businesses against people who are politically exposed, with more than 6000 watchlists and over 20,000 adverse media sources.

According to Ken Research, Trulioo has much stronger and secure interface and algorithms, with advanced protocols like Artificial Intelligence and Machine Learning, with a broader network of industries and cases associated with it and a large number of watchlist, makes this one of the leading companies, soon to top every other company, with promising vision towards the future.

2.Trulioo enabled identity-documents check KYC to truly streamline the workflow.

• In order to fully streamline the process, along with KYB, Trulioo enabled the Know-Your-Customer (KYC) process, which checks the business’s valuable owners in the same process.
• Trulioo through this process offers over 500 integrated personal identifiable data sources, more than 11,000 identity document types and more than 5000 watchlists, making it one of the most diverse in workflow but secure in every way.
• Trulioo advances new methods, stating them in Money20/20, Amsterdam, where high delivery of performance, utilizing a global network of more than 440 data sources to verify customers quickly and provide a real time access to more than 10,000 verifiable ID documents, leading to a growth and increase in security.

3.With technological advancements, integration and partnerships, Trulioo surges up the ladder.

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• Trulioo has officially upgraded EmbedID, with a new document verification and biometric facial recognition features, negating any fraud or hacking and maintains regulatory compliances for SMBs (Small and Midsize Businesses), making people’s engagement increase.
• EmbedID has been preconfigured with identity verification market’s GlobalGateway API, which can be accessed by SMBs, reducing fraud in a large scale and meeting AML and KYC requirements, bringing in people’s trust and increase in people who want to participate more by securing their business.
• The introduction of Artificial Intelligence (AI) as a process, has simplified the workflow, as persons data are being checked with real time details and documents both, without much manual or man power to be used, making the market to grow rapidly.

4.Flexibility and authenticity added with secured workflow, enables Trulioo to grow more.

• Trulioo has started its advancements since the Covid-19 pandemic, when all types of vendors have shifted all towards digital transformation. Unlike other players, Trulioo follows a much more flexible workflow resulting in a proper verification of customers during onboarding, conduction of ongoing monitoring or complying toward many types of regulatory requirements, expanding its reach to many different industries.
• Trulioo offers a much more complex data encryption resulting in a more secure and robust interface, resulting in a build of trust for which people with broader business tend to trust the company resulting in an increase in the growth of the market.
• With complex AI and Machine Learning, assisted with consistent support from human teams to maintain the regularity and authenticity with ever upgrading of the features, Trulioo is going to cross the ladder of the US identity verification market.

CONCLUSION

Trulioo is truly one of the leading companies running the identity verification, with multiple processes and complex protocol, consisting of KYB and KYC, also with AI to help screen with proper target allocation and Machine Learning (ML) to adequately process the result. A proper authenticity makes it truly trustworthy to people and their engagement makes this company to grow. Northern America has its dominance in the US Identity Verification Market with major contributions from this company, which is rising every year.

The US Identity Verification Market is going through a change and will have massive growth by 2028: Ken Research

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The US Identity Verification Market is varyingly segmented under End-User industry such as financial market and gaming/gambling market etc. is based on matching a user’s identity with their Government ID proof. The US Identity Verification market is projected to reach ~$ 13 Billion by the year 2028.

STORY OUTLINE

• With the increasing demand for security and rising regulatory compliances, US Identity Verification market makes some propulsions for growth.
• With technological advancements like Artificial Intelligence (AI) and Machine Learning (ML), US Identity Verification market soars higher.
• The shift towards digital transformation, post pandemic, has resulted in the increase in use of verification, resulting in the growth of the market.
• Rise in customer expectation is driving the US Identity Verification Market to follow strict workflow.
• Digital transformation demands the need for better security.

According to Ken Research, the US Identity Verification market is undergoing major changes driven by many factors to change the ongoing digital landscape. With the changing times, inhabitants have largely shifted towards digitization and adoption of online or e-services, which led to the demand for better security and high end verification methodologies. This particular shift towards digital processing has led to growth within this industry.

• The relentless rise in fraudulent cases, rapid rise of online theft and presence of hackers has led the US Identity Verification market to incorporate much more sophisticated technologies.
• With growing number of customers in e-services, number of frauds and amount of cases has gone up, which has driven the industry to acknowledge to those concerns and build adequate measures to prevent any mishaps in the future.

1.With the increasing demand for security and rising regulatory compliances, US Identity Verification market makes some propulsions for growth.

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• Due to a massive digitization process, identity verification has become that much increasing in number, leading to overall growth, making 90% of the people undergo identity verification, starting from the gates of IT offices having fingerprint to bank accounts that ask for KYC while creating a new account.
• At least 70% of Americans are using Fingerprint Scanners for various purposes which is one of the most quickest and complex protocol following identity verification method. With more IT sectors developing much simpler fingerprint scanners, people can easily shift many identities verification to a simple touch on the scanner, resulting in a overall growth.
• Since Covid-19 and complete digitization occurred, the need for online purchasing has made the amount of online verification rise. With a rise of 12% from the previous years, the market has been ever-growing. With newer methods like biosensors, facial recognizers etc. are helping make the job that much simple.

2.With technological advancements like Artificial Intelligence (AI) and Machine Learning (ML), US Identity Verification market soars higher.

• In a recent times, Dan Aiello sheds light on "the new normal" and explores its potential evolution in the context of identity verification and digital transformations. This is basically the change into online or E-verification for all types of platforms, which at least 90% of the population is currently using.
• The US Government has made many legislative inclusions which are to pave the way for an unbiased Artificial Intelligence as a core digital identifier, among which, the White House has developed a blueprint about a bill of right for AI stating that people should never face discriminations from algorithms, making people’s engagement increase in amount.
• A giant in the financial services sectors, Stripe, is now incorporated with AI and Machine Learning (ML), which takes a live selfie of the user and compares it with their pre-kept government ID, making the verification much simpler and easy to use for every people, keeping its access to everyone.

3.The shift towards digital transformation, post pandemic, has resulted in the increase in use of verification, resulting in the growth of the market.

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• As the pandemic situation brought about a global digitization in almost everything, business and industries started to adapt to the new normal, showing a surge in the online activities, remote work, digital services etc. all marking a growth in the verification process.
• The increase in E-commerce, virtual meetings, online banking and telemedicine, marked the need for a greater amount of scalable verification in order to prevent the previously occurring fraudulent activities, theft and protecting the exact data.
• The rise in KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) has led to the updraft of KYC-as-a-Service solutions, which pre-verified identity data, streamlining the on boarding and ensuring that regulatory requirements are met.

4.Rise in customer expectation is driving the US Identity Verification Market to follow strict workflow.

• With much more enhanced security like real time scanning, US identity verification market is making their ways towards a much safer and secure border for transaction and e-commerce platforms, having a complex firewall to double the security.
• With a seamless user experience making sure that customers are getting zero disruption, full automation and having the ease of multi-channel verification allows the customer to be flexible and use a variety of platforms, making the growth much more.
• With complex AI algorithms, hacking and money laundering are reduced by 5% every 6 months, depicting a much greater decrease in fraudulent cases and increase in the growth by the year.

CONCLUSION

According to Ken Research, the global pandemic has paved the way for digitization; a new world which has much faster transaction and faster processing which leads to increase in frauds and hacking, leading for the identity verification market to flourish with it. By the year 2028, the US Identity Verification Market will have the upper hand dominance.