DUBLIN, Dec. 1, 2023 /PRNewswire/ — The “US Identity Verification Market Outlook to 2028” report has been added to ResearchAndMarkets.com’s offering.

The US identity verification market has witnessed unprecedented growth in recent years, spearheaded by technological advancements and widespread digital adoption. North America continues to lead the charge, leveraging cutting-edge innovations such as four-factor authentication and AI-driven biometric sensors. Government-issued IDs, coupled with sophisticated artificial intelligence and machine learning algorithms, have paved the way for enhanced security across personal and business transactions.

US Identity Verification Market Analysis:

Increased digitization has amplified the demand for secure online transactions, catalyzing the growth of the identity verification sector. The escalating threats of hacking and online frauds further necessitate the need for robust security frameworks incorporating advanced technologies. Rigorous regulatory compliances such as KYC and AML underscore the market’s vitality in safeguarding transactional integrity.

The advent of COVID-19 accelerated the transition to digital platforms, ensuing a spike in identity theft and related crimes. This urgency has propelled organizations to integrate robust identity verification solutions, witnessing a sizeable drop in fraudulent cases since the onset of the pandemic.

Key Trends by Market Segment:

Deployment and End-User Industry Insights

• By Type of Deployment: On-premises deployment outpaces on-demand solutions, providing businesses with heightened control over their security protocols and data management.
• By End-User Industry: The financial services sector remains a predominant driver of identity verification demand, necessitating extensive KYC and KYB measures. The gaming and retail sectors also demonstrate significant reliance on identity verification frameworks.

Regional Market Developments

The American market dominates the identity verification landscape, with North America at the forefront. Technological adoption in biometric and facial recognition systems is gaining traction, affirming the region’s commitment to advanced security measures.

Competitive Landscape

With key players like Trulioo and MasterCard leading the market, the industry thrives on customer satisfaction, trust, and adherence to stringent security standards. Companies are continuously innovating and collaborating to stay ahead of emerging cyber threats, with fintech and regtech sectors contributing significantly to the advancement of security solutions.

Recent Developments

The market is seeing a surge in biometric applications, with particular emphasis on technologies that promote enhanced security while ensuring customer engagement. The pandemic has highlighted the necessity for reliable remote identity verification methods, thereby boosting market offerings of secure digital identity solutions. Artificial intelligence continues to play an integral role in establishing real-time security and threat detection mechanisms, aiding companies in upholding the highest level of data protection and encryption.

Future Outlook

The US Identity Verification market is projected for robust growth, expecting to traverse a CAGR of nearly 13% through 2028. Technological advancements and government-led initiatives are expected to fortify market stature in the US, while compliance with evolving regulations remains an enduring market catalyst.

The integration of AI, ML, and blockchain technologies is anticipated to redefine fraud detection and identity assurance standards across the industry.

Companies Profiled in the Report

• Trulioo
• Experian
• LexisNexis Risk Solutions
• Jumio
• Onfido
• Socure
• Mitek Systems
• Acuant
• Authenteq

For more information about this report visit https://www.researchandmarkets.com/r/tnptg7

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