North America Identity Verification Market Forecast 2023-2032

North America Identity Verification Market Forecast 2023-2032
KEY FINDINGS

The North America identity verification market growth is predicted to project a CAGR of 15.50% during the forecast period, 2023-2032. The market growth is driven by rising government investments, collaborations, mergers & acquisitions, and regulations like California Consumer Privacy Act (CCPA), KYC, and AML.

MARKET INSIGHTS

Canada and the United States are evaluated for the North America identity verification market growth analysis. Canada is experiencing a notable surge in the adoption of identity verification tools, with various organizations and government entities effectively implementing identity verification solutions and services nationwide. The Digital Identification and Authentication Council of Canada (DIACC) plays a crucial role in facilitating the use of digital identification and document verification for e-commerce, industries, governments, and individuals. Notably, Canadian financial institutions are at the forefront of leveraging digital identity verification tools. Additionally, the DIACC is actively developing the Pan-Canadian Trust Framework (PCTF) to foster the creation of an advanced, secure, and privacy-focused Canadian digital identity ecosystem.

Moreover, identity verification is gaining widespread acceptance across diverse industries, prompting market players to develop and launch products that cater to customer requirements. For example, the Royal Bank of Canada became the pioneer in utilizing digital identity verification in March 2020, and since then, Canadian banks have increasingly adopted this software. The Royal Bank of Canada offers digital identification verification for account opening, which can be accessed at bank branches or remotely through mobile and website platforms. This service benefits the bank's 17 million customers in Canada, the United States, and 34 other countries.

COMPETITIVE INSIGHTS

Some of the key companies in the market include TransUnion LLC, Nuance Communications Inc, Mitek Systems Inc, Trulioo Information Services 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