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• Outlook identity verification verification#

The Middle East & Africa and South America have started adopting these services recently.

Outlook identity verification verification#

The growing demand for identity verification by large enterprises and mid-sized businesses as well as service providers in this region offer lucrative opportunities for identity verification vendors. Government initiatives to stop identity-related fraud, especially for strengthening eKYC to verify identities, mainly drive the need for identity verification solutions in Asia-Pacific. The growing adoption of cloud technology has led to a rise in the number of cyberattacks. The demand for these services is the highest in China. The market in Asia-Pacific is projected to register the fastest growth rate over the forecast period, with the regional market being segmented into China, Japan, India, and the rest of Asia-Pacific. The increasing need for enterprises to adhere to stringent regulations boosts the regional market growth. The UK is projected to be the leading country-level market, while Germany is expected to register the highest growth over the review period. In terms of market size, Europe is expected to be the second-largest regional market. The European market has been divided into the UK, Germany, France, and the rest of Europe. Moreover, increasing adoption of various technologies, such as AI, ML, and blockchain, to secure digital identities drives the market growth in this region. Recognizing the potential of this technology, the US Government increased focus on regulating identity verification technology.

The main factor driving the identity verification market in this region is the strong presence of key industry players offering identity verification solutions.

The US is expected to hold the largest market share during the forecast period, while Canada is expected to witness the highest growth rate. The market has been divided into the US, Canada, and Mexico. North America is expected to be the dominating region in adopting Identity Verification Market.