Identity verification brands offer products and services that are used by a variety of organizations to preserve the confidentiality given by users or customers is linked to a genuine person’s identity. With precise client attributes such as citizenship & residency status, personal credentials, identification document verification, and job & licensing procedures, the identity verification solution ensures a high level of confidence.
Identity verification is a complete solution for securing the client registration process by providing real-time, smooth customer experiences while also lowering the risk of data breaches. These protocols are a prerequisite for both online and offline operations. When access to digital services or border controls is required, identity verification guarantees that the person’s identity is validated.
The use of this approach reduces the number of illegitimate and intrusive access permissions. It is widely used in IT security operations centers, accounting, financial institutions, and insurance, as well as the military and defense industries. Cyber-attacks and identity-related frauds and crimes are an increasing risk for businesses across all industries.
Organizations have begun to employ identity solutions for identity management to solve these safety problems; however, the high cost of deploying such solutions is one of the factors affecting the development of the identity solutions market. Establishing authentication solutions requires a significant amount of initial costs and expenditures, restricting the market’s development.
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5 leading identity verification brands
This market was worth USD 6,552.47 million in 2020 and is expected to be worth USD 20,213.68 million by 2028. Spike in demand will help it in generating a 15.35% CAGR from 2021 to 2028. A more explanatory report can be found here – Global Identity Verification Brands’ Market Report.
Experian
Experian is among one of the fastest identity verification brands and a global information services corporation that helps clients optimize their business and financial choices by providing information, analytical tools, and marketing services. The firm assists businesses in reducing credit risk, preventing fraud, targeting promotional campaigns, and automating decision-making. Individuals may also use it to examine their credit record and score, as well as protect themselves from fraudulent activity.
RELX
RELX is a global e-cigarette brand that focuses on product design and technology advancement for adult smokers. The company’s goods are sold in over 50 countries and are based in Beijing. In China, the firm is the market leader, with a product range that includes four unique product lines as well as a smartphone app.
RELX Technology is certified by the Chinese government as an environmentally accountable firm because of its purpose to equip adult smokers through technology and design through ethical means. The corporation puts a lot of money into research and development, and it uses AI and faces recognition technologies to keep minors out of its goods.
Equifax
Equifax offers services that help businesses outsource and automate various payrolls and human resources business activities, such as employment and income verification, tax administration, and talent acquisition.
Consumer and business credit information, information database management, and identity verification services are among the company’s products and services, which enable businesses to improve the speed with which they make decisions about credit promotions and other assistance, mitigate fraud, maintain portfolio volatility and relationships with customers, and develop new strategies. Customers may monitor default rates and manage their current credit card or other consumer loan accounts using these risk analysis and fraud detection and prevention services.
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Mitek Systems
Mitek Systems is a worldwide leader in mobile capture and one of the first brands to use AI and machine learning to verify digital identities. Mitek’s identity verification brands allow businesses to confirm digital credentials during a digital transaction, which helps financial institutions, payments companies, and other businesses operating in highly regulated markets reduce financial risk and comply with regulations while generating more revenue from digital channels.
Mitek also eliminates friction in the user experience by automating the onboarding process and using intelligent data prefill. Mitek’s cutting-edge technologies are integrated into over 6,100 businesses applications and utilized by over 80 million users for mobile check deposits, new account openings, and other services.
Gemalto
Gemalto is at the center of our digital society’s evolution as it has become one of the best identity verification brands. Customers want and demand the ability to connect, travel, amuse, and work whenever and wherever they choose, in ways that are easy, entertaining, and secure.
Gemalto meets the expanding needs for mobile connection, identification and confidentiality of information, credit card safety, health and transit services, and national security from billions of people across the world. We do this by offering a wide variety of secure computers and devices to authorities, wireless providers, banks, and businesses, including subscriber identification modules, smart financial cards, smart card access badges, digital passports, and USB tokens for digital identity verification. To round out the package, we offer software, tools, and services to assist our customers in achieving their objectives.
Future Incarnate
The increasing use of BYOD boosts the acceptance of identity verification technologies, offering a chance for Identity Verification Brands. Furthermore, the growing complexity of sensitive information portals and IT security-based products and services is likely to have a significant impact on an industry’s total security ecosystem management. The growing usage of solutions as a consequence of stringent laws and the need for compliance is driving the Identity Verification market.
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