At 13.3% CAGR, the South & Central America Identity Verification Market is Projected to be worth US$ 539.60 million by 2030, says Business Market Insights
According to Business Market Insights research, the South & Central America identity verification market was valued at US$ 199.20 million in 2022 and is expected to reach US$ 539.60 million by 2030, registering a CAGR of 13.3% from 2022 to 2030. Integration of artificial intelligence and other advanced technologies and rise in demand from BFSI sector are among the critical factors attributed to the South & Central America identity verification market expansion.
The rise in security threats in the coming years is expected to raise its demand for solutions that hastily analyze a large amount of data with the help of 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 solutions with AI techniques to improve their analytical and incident response abilities. For example, in July 2023, DocuSign launched its enhanced identity verification offering, Liveness Detection for ID Verification. This solution uses artificial intelligence (AI)-enabled biometric checks to verify signers. In addition, in July 2023, Checkout.com unveiled Identity Verification, its first product focused on improving the customer onboarding and identity verification process. It uses proprietary artificial intelligence and is trained on billions of identities and facial recognition documents. In the coming years, as the expectations of end users regarding user behavior and threat detection capabilities will increase, the collaboration of existing identity verification solutions with advanced analytical technologies is expected to drive the identity verification market.
On the contrary, data privacy and security concerns hamper the growth of South & Central America identity verification market.
Based on component, the South & Central America identity verification market is bifurcated into solution and services. The solution segment held 89.5% market share in 2022, amassing US$ 178.21 million. It is projected to garner US$ 486.60 million by 2030 to expand at 13.4% CAGR during 2022-2030.
Based on deployment, the South & Central America identity verification market is bifurcated into cloud and on-premise. The cloud segment held 54.1% market share in 2022, amassing US$ 107.85 million. It is projected to garner US$ 320.34 million by 2030 to expand at 14.6% CAGR during 2022-2030.
Based on organization size, the South & Central America identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 71.8% market share in 2022, amassing US$ 143.12 million. It is projected to garner US$ 400.43 million by 2030 to expand at 13.7% CAGR during 2022-2030.
Based on type, the South & Central America identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 57.1% share of South & Central America identity verification market in 2022, amassing US$ 113.75 million. It is projected to garner US$ 308.01 million by 2030 to expand at 13.3% CAGR during 2022-2030.
Based on industry vertical, the South & Central America identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 36.4% share of South & Central America identity verification market in 2022, amassing US$ 72.53 million. It is projected to garner US$ 212.22 million by 2030 to expand at 14.4% CAGR during 2022-2030.
Based on country, the South & Central America identity verification market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.4% share of South & Central America identity verification market in 2022. It was assessed at US$ 116.34 million in 2022 and is likely to hit US$ 334.98 million by 2030, exhibiting a CAGR of 14.1% during 2022-2030.
Key players operating in the South & Central America identity verification market are Trulioo, Onfido, Mitek Systems, Inc, IDology, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group, among others.
In July 2023, Prove teams with LexisNexis on fraud prevention.
In Aug 2023, Trulioo Unveils Advanced Global Person Match Services With Intelligent Routing to Further Enhance Its State-of-the-Art Identity Verification Platform.
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