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