DUBLIN, Oct. 29, 2021 /PRNewswire/ — The “ID Technologies Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The ID technologies market was valued at US$61.211 billion in 2019 and is expected to grow at a CAGR of 11.48% over the forecast period to reach a market size of US$130.981 billion by 2026.
ID technology or identification technology includes smart cards, voice recognition, face recognition, biometrics, and barcodes among other techniques used to identify objects and individuals. Growing concern about data security and safety is driving the demand for ID technologies across a variety of industries.
Travel and tourism industries are booming globally, so national security uses of biometric technologies are on the rise, positively impacting the market growth of ID technologies. Emerging economies such as India are increasingly deploying centralized electronic identification systems, increasing the market’s growth. Increased cyber-attack sophistication, cloud adoption, BYOD (Bring your own device) policies adopted by various organizations, and government compliance are the factors driving the ID technology market to grow.
Innovative ID technology is a top priority for many large multinationals For instance, IBM Corporation partnered with Imprivata, an IT security company, to launch a cloud-based identity and access management solution designed to help their customers manage provisioning tracking and de-provisioning of their hybrid cloud and on-premise environments.
Further, governments worldwide focus on creating stringent regulations to curb identity theft and work to secure legal identity for a global population. ID4D is an initiative of the United Nations and the World Bank aiming to provide everyone on earth with a legal identity by 2030. (Source: United Nations)
Growing number of identity thefts and frauds:
Fraud on the internet has been an issue businesses have faced since the advent of e-commerce in the 1990s, and its threat only increases with each passing year. Out of the 3.2 million reports of identity theft and fraud that we received in 2019, 1.7 million were fraud-related, 9.0 million were complaints from other consumers, and 651,000 were identity theft complaints. 23% of the 1.7 million fraud cases reported financial losses. Over USD 1.9 billion has been lost to fraud by consumers. The FTC identified the top 10 fraud categories, with imposter scams ranking first among all fraud cases. USD 667 million was lost as a result. In 2019, identity theft accounted for 650,570 complaints, or 20% of all complaints. (Source: The Consumer Sentinel Network, maintained by the Federal Trade Commission (FTC)).
Adoption of Blockchain Technology:
In order to create a secure platform for preventing individuals’ names from being stolen and defrauded, blockchain technology has begun to penetrate the identity management market area. Businesses are using blockchain technology to handle authentication and authorization issues. It provides a decentralized and reasonably secure way to store and verify the proof of identity. Blockchain-enabled Identification Management systems in organizations assist in reducing the operational risks and costs by eliminating the need for replicated identity repositories and data.
Magic, a blockchain-based identity authentication platform provider, announced it has raised $27 million to continue to commercialize the technology. As part of the round, which was led by Northzone, a host of prominent venture capital and angel investors participated, including Tiger Global, Reddit’s Alexis Ohanian, and GitHub’s Jason Warner.
Increase in use of …….