Identity Verification Market

This study involved estimating the current identity verification market size. Exhaustive secondary research was carried out to collect information on the identity verification industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the identity verification market.

Secondary Research

The market for companies offering identity verification solutions and services was arrived at by using secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.

In the secondary research process, various secondary sources were referred to to identify and collect information related to the study. Secondary sources included annual reports, press releases, and investor presentations of identity verification vendors, forums, certified publications, and whitepapers. Secondary research was used to obtain essential information on the industry’s value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.

Primary Research

In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the identity verification market.

After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also undertaken to identify the segmentation types, industry trends, competitive landscape of identity verification hardware, software, and services offered by various market players, and fundamental market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.

In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.

Note: The companies have been categorized based on their total annual revenue; tier 1 companies = revenue
greater than USD 10 billion; tier 2 companies = revenue between USD 1 billion and USD 10 billion; and tier 3 companies = revenue between
USD 500 million and USD 1 billion.
Source: MarketsandMarkets Analysis

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Market Size Estimation

Top-down and bottom-up approaches were used to estimate and validate the size of the identity verification market and the size of various other dependent sub-segments. The research methodology used to estimate the market size included the following details: key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players, as well as extensive interviews for key insights with industry leaders, such as CEOs, VPs, directors, and marketing executives.

All percentage splits and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets.

Identity Verification Market : Top-Down and Bottom-Up Approach

Data Triangulation

After arriving at the overall market size using the market size estimation processes explained above, the market was split into several segments and subsegments. The data triangulation and market breakup procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment. The data was triangulated by studying various factors and trends from both the demand and supply sides.