India Identity Verification Market Forecast 2023-2030

India Identity Verification Market Forecast 2023-2030
KEY FINDINGS

The India identity verification market is projected to register a CAGR of 16.42% during the forecast period, 2023-2030. Favorable government initiatives have supplemented the adoption of identity verification solutions and services in India.

MARKET INSIGHTS

The Indian government has implemented mandatory requirements for new importers, exporters, and customs brokers to furnish identification proof, including incorporation papers, PAN and Aadhaar numbers, as well as undergo a physical inspection of their business premises. Under the customs (Verification of Identity and Compliance) regulations 2021, customs officials now possess the authority to conduct identity checks on existing importers, exporters, and customs brokers. These measures are expected to drive the adoption of identity verification systems within the government sector over the projected period.

Furthermore, according to a report from the International Trade Administration (ITA) of the US Department of Commerce, India's cybersecurity market has experienced rapid growth due to the expansion of the country's digital economy and key infrastructure sectors. The market witnessed a Compound Annual Growth Rate (CAGR) of 15.6%, increasing from USD 1.97 billion in 2019 to USD 3.05 billion in 2022. Consequently, India has significant potential for offering secure and efficient solutions for digital transaction management. As a result, these factors are anticipated to boost the India identity verification market growth.

MARKET INSIGHTS

Some of the eminent companies in the market are TransUnion LLC, Thales Group SA, Nuance Communications Inc, Mastercard Inc, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments