South & Central America Identity Verification Market Forecast to 2030
South & Central America Identity Verification Market Forecast to 2030 – Regional Analysis – Component (Solution and Services), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), Type (Biometric Verification, Online Verification, Knowledge-Based Authentication, and Others), and Industry Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom, Retail, and Others)
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Description
Rising Need for Digitization in Small and Medium Enterprises Bolster South & Central America Identity Verification Market
SMEs are major contributors to economic growth as they account for the majority of businesses (~90%) worldwide. However, due to financial constraints, the growth of SMEs slows down. Thus, the government sector and organizations are constantly supporting SMEs to expand their business, which further contributes to the economic growth of any country.
For instance, World Bank Group is focused on improving SMEs’ access to finances and obtaining innovative solutions to unlock various sources of capital. It also provides advisory and policy support for SME finance that helps them adopt innovative solutions.
Presently, most of the customers of identity verification providers are large enterprises, mainly due to large-scale operations and faster adoption of digital and technological advancements in these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Primary reasons for this include resource constraints and the lack of knowledge and awareness about the potential benefits of digital transformation. Hence, small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunities for players operating in the identity verification market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small-scale businesses. The players operating in the identity verification market are now offering various low-priced, smaller plans. The identity verification providers are also working with other business application providers who target small businesses in order to offer an embedded solution to their customers. The increasing need for digitization in small and medium enterprises to improve operational workflow and to adapt to the fast-changing marketplace is anticipated to offer massive growth opportunities for market players in both developed and emerging nations.
South & Central America Identity Verification Market Overview
Brazil is modernizing its identity verification systems by using blockchain technology. The Brazilian government’s initiative is driven by a desire to enhance its citizens’ security, efficiency, and overall user experience. Brazil’s national data processing service is leading in developing a private blockchain platform to support the revenue service’s shared registry, b-Cadastros. This blockchain network will facilitate the search, issuance, and modification of new identification cards and tax registration numbers. This is boosting the adoption of identity verification technologies in Brazil.
South & Central America Identity Verification Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Identity Verification Market Segmentation
The South & Central America identity verification market is segmented based on component, deployment, organization size, type, industry vertical, and country. Based on component, the South & Central America identity verification market is bifurcated into solution and services. The solution segment held a larger market share in 2022.
In terms of deployment, the South & Central America identity verification market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.
By organization size, the South & Central America identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2022.
Based on type, the South & Central America identity verification market is segmented into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held the largest market share in 2022.
In terms of industry vertical, the South & Central America identity verification market is segmented into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held the largest market share in 2022.
Based on country, the South & Central America identity verification market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America identity verification market share in 2022.
Trulioo, Onfido, Mitek Systems, Inc, IDology, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group are some of the leading companies operating in the South & Central America identity verification market.
Summary Info
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According to the Research Team’ 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.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the South & Central America identity verification market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the South & Central America identity verification market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. South & Central America Identity Verification Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. South & Central America Identity Verification Market – Key Industry Dynamics
5.1 Identity Verification Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Cases of Identity Fraud
5.2.2 Rise in Demand from BFSI Sector
5.2.3 Increase in Adoption of Bring Your Own Device (BYOD) Concept
5.3 Market Restraints
5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
5.4.1 Rising Need for Digitization in Small and Medium Enterprises
5.5 Future Trends
5.5.1 Integration of Artificial Intelligence and Other Advanced Technologies
5.6 Impact of Drivers and Restraints:
6. Identity Verification Market – South & Central America Market Analysis
6.1 South & Central America Identity Verification Market Revenue (US$ Million), 2022 – 2030
6.2 Identity Verification Market Forecast and Analysis
7. South & Central America Identity Verification Market Analysis – Component
7.1 Solution
7.1.1 Overview
7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. South & Central America Identity Verification Market Analysis – Deployment
8.1 Cloud
8.1.1 Overview
8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. South & Central America Identity Verification Market Analysis – Organization Size
9.1 Large Enterprises
9.1.1 Overview
9.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9.2 SMEs
9.2.1 Overview
9.2.2 SMEs Market, Revenue and Forecast to 2030 (US$ Million)
10. South & Central America Identity Verification Market Analysis – Type
10.1 Biometric Verification
10.1.1 Overview
10.1.2 Biometric Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Online Verification
10.2.1 Overview
10.2.2 Online Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.3 Knowledge Based Authentication
10.3.1 Overview
10.3.2 Knowledge Based Authentication Market, Revenue and Forecast to 2030 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
11. South & Central America Identity Verification Market Analysis – Industry Vertical
11.1 BFSI
11.1.1 Overview
11.1.2 BFSI Market, Revenue and Forecast to 2030 (US$ Million)
11.2 Government and Defense
11.2.1 Overview
11.2.2 Government and Defense Market, Revenue and Forecast to 2030 (US$ Million)
11.3 Healthcare
11.3.1 Overview
11.3.2 Healthcare Market, Revenue and Forecast to 2030 (US$ Million)
11.4 IT and Telecom
11.4.1 Overview
11.4.2 IT and Telecom Market, Revenue and Forecast to 2030 (US$ Million)
11.5 Retail
11.5.1 Overview
11.5.2 Retail Market, Revenue and Forecast to 2030 (US$ Million)
11.6 Others
11.6.1 Overview
11.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
12. South & Central America Identity Verification Market – by Country Analysis
12.1 South & Central America: Identity Verification Market
12.1.1 South & Central America: Identity Verification Market, by Key Country
12.1.1.1 Brazil: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.1.1 Brazil DNS Security Software Market Breakdown by Component
12.1.1.1.2 Brazil: Identity Verification Market, by Deployment
12.1.1.1.3 Brazil: Identity Verification Market, by Organization Size
12.1.1.1.4 Brazil: Identity Verification Market, by Type
12.1.1.1.5 Brazil: Identity Verification Market, by Industry Vertical
12.1.1.2 Argentina: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.2.1 Argentina DNS Security Software Market Breakdown by Component
12.1.1.2.2 Argentina: Identity Verification Market, by Deployment
12.1.1.2.3 Argentina: Identity Verification Market, by Organization Size
12.1.1.2.4 Argentina: Identity Verification Market, by Type
12.1.1.2.5 Argentina: Identity Verification Market, by Industry Vertical
12.1.1.3 Rest of South America: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
12.1.1.3.1 Rest of South America DNS Security Software Market Breakdown by Component
12.1.1.3.2 Rest of South America: Identity Verification Market, by Deployment
12.1.1.3.3 Rest of South America: Identity Verification Market, by Organization Size
12.1.1.3.4 Rest of South America: Identity Verification Market, by Type
12.1.1.3.5 Rest of South America: Identity Verification Market, by Industry Vertical
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 New Product Development
14.4 Merger and Acquisition
15. Company Profiles
15.1 Trulioo
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Onfido
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Mitek Systems, Inc
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 IDology
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Experian Plc
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Thales SA
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 IDEMIA
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 Jumio Corporation
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 LexisNexis Risk Solutions Group
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
16. Appendix
16.1 About the Research Team
16.2 Word Index
LIST OF TABLES
Table 1. Identity Verification Market Segmentation
Table 2. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Component
Table 4. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) -Deployment
Table 5. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Organization Size
Table 6. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Type
Table 7. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) – Industry Vertical
Table 8. Brazil: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 9. Brazil: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 10. Brazil: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 11. Brazil: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 12. Brazil: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 13. Argentina: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 14. Argentina: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 15. Argentina: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 16. Argentina: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 17. Argentina: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 18. Rest of South America: Identity Verification Market, by Component – Revenue and Forecast to 2030 (US$ Million)
Table 19. Rest of South America: Identity Verification Market, by Deployment – Revenue and Forecast to 2030 (US$ Million)
Table 20. Rest of South America: Identity Verification Market, by Organization Size – Revenue and Forecast to 2030 (US$ Million)
Table 21. Rest of South America: Identity Verification Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 22. Rest of South America: Identity Verification Market, by Industry Vertical – Revenue and Forecast to 2030 (US$ Million)
Table 23. Heat Map Analysis By Key Players
Table 24. List of Abbreviation
LIST OF FIGURES
Figure 1. Identity Verification Market Segmentation, By Country
Figure 2. Ecosystem: Identity Verification Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. South & Central America Identity Verification Market Revenue (US$ Million), 2022 – 2030
Figure 5. Identity Verification Market Share (%) – Component, 2022 and 2030
Figure 6. Solution Market Revenue and Forecasts To 2030 (US$ Million)
Figure 7. Services Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Identity Verification Market Share (%) – Deployment, 2022 and 2030
Figure 9. Cloud Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. On-Premise Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Identity Verification Market Share (%) – Organization Size, 2022 and 2030
Figure 12. Large Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. SMEs Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Identity Verification Market Share (%) – Type, 2022 and 2030
Figure 15. Biometric Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Online Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Knowledge Based Authentication Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Identity Verification Market Share (%) – Industry Vertical, 2022 and 2030
Figure 20. BFSI Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Government and Defense Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Healthcare Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. IT and Telecom Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Retail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 25. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 26. South & Central America: Identity Verification Market, by Key Country – Revenue (2022) (US$ Million)
Figure 27. South & Central America: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Figure 28. Brazil: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 29. Argentina: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
Figure 30. Rest of South America: Identity Verification Market – Revenue, and Forecast to 2030 (US$ Million)
The List of Companies – South & Central America Identity Verification Market
1. Trulioo
2. Onfido
3. Mitek Systems, Inc
4. IDology
5. Experian Plc
6. Thales SA
7. IDEMIA
8. Jumio Corporation
9. LexisNexis Risk Solutions Group.
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