At 18.5% CAGR, the Asia Pacific Identity Verification Market is Projected to be worth US$ 9,087.61 million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific identity verification market was valued at US$ 2,333.20 million in 2022 and is expected to reach US$ 9,087.61 million by 2030, registering a CAGR of 18.5% from 2022 to 2030. Increase in adoption of bring your own device (BYOD) concept and rise in demand from BFSI sector are among the critical factors attributed to the Asia Pacific identity verification market expansion.
Over the years, and especially after the pandemic, the BYOD trend has gained traction to offer employees and corporations greater flexibility and mobility. Bring Your Own Device (BYOD) concept allows employees to use their personal phones and tablets to access office email and data. It becomes flexible for the employees to use the company data from anywhere, anytime. Thus, such benefits of BYOD lead to its widespread adoption in businesses. For example, according to Jamf, in July 2023, ~75% of people were using their personal devices for office work, which has resulted in a 34% increase in productivity, and ~US$ 250 per employee can be saved with a BYOD plus stipend policy. However, BYOD does pose some security risks, such as business ID theft. Using public or unsecured Wi-Fi, downloading apps from unauthorized sources, leaving phone unattended, and visiting unverified websites are a few prominent factors acting as a potential threat to data breach or cyberattack incidents. Thus, corporates are increasingly adopting identity verification solutions. Moreover, market players are launching innovative solutions. For example, in May 2023, OpenVPN launched Device Identity Verification & Enforcement (DIVE) for CloudConnexa, its cloud-based solution. The solution is made for BYOD and corporate-owned devices due to the rapid growth of remote and hybrid workforces. In September 2019, ImageWare Systems Inc-a provider of mobile and cloud-based identity authentication solutions-announced the launch of GoVerifyID, an end-to-end biometric authentication solution for macOS. The launch of this biometric solution helps businesses to utilize identity as a security measure. Therefore, the rise in BYOD adoption acts as a catalyst for the identity verification market growth.
On the contrary, data privacy and security concerns hamper the growth of Asia Pacific identity verification market.
Based on component, the Asia Pacific identity verification market is bifurcated into solution and services. The solution segment held 85.3% market share in 2022, amassing US$ 1,990.32 million. It is projected to garner US$ 7,839.28 million by 2030 to expand at 18.7% CAGR during 2022-2030.
In terms of deployment, the Asia Pacific identity verification market is bifurcated into cloud and on-premise. The cloud segment held 60.4% market share in 2022, amassing US$ 1,408.73 million. It is projected to garner US$ 5,900.91 million by 2030 to expand at 19.6% CAGR during 2022-2030.
By organization size, the Asia Pacific identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 63.2% market share in 2022, amassing US$ 1,474.69 million. It is projected to garner US$ 6,017.86 million by 2030 to expand at 19.2% CAGR during 2022-2030.
Based on type, the Asia Pacific identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 48.3% share of Asia Pacific identity verification market in 2022, amassing US$ 1,127.56 million. It is projected to garner US$ 4,420.52 million by 2030 to expand at 18.6% CAGR during 2022-2030.
In terms of industry vertical, the Asia Pacific identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 32.6% share of Asia Pacific identity verification market in 2022, amassing US$ 759.66 million. It is projected to garner US$ 3,242.26 million by 2030 to expand at 19.9% CAGR during 2022-2030.
Based on country, the Asia Pacific identity verification market has been categorized into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.5% share of Asia Pacific identity verification market in 2022. It was assessed at US$ 688.53 million in 2022 and is likely to hit US$ 3,072.17 million by 2030, exhibiting a CAGR of 20.6% during 2022-2030.
Key players operating in the Asia Pacific identity verification market are Trulioo, Onfido, Mitek Systems, Inc, IDology, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group., among others.
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