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Identity Verification Market to Grow by USD 16.92 Billion (2024-2028), Driven by eID Cards, Smart Infrastructure, and AI-Redefining Market Landscape – Technavio

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NEW YORK, Dec. 15, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global identity verification market  size is estimated to grow by USD 16.92 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  20.3%  during the forecast period. Increase in digitalization with electronic id (eID) cards and smart infrastructure initiatives is driving market growth, with a trend towards growing adoption of bring your own device (byod) among enterprises. However, privacy and security concerns of data transferred through iot  poses a challenge. Key market players include Applied Recognition Corp., Authenteq Tarbena GmbH, Equifax Inc., Experian Plc, GB Group plc, Gen Digital Inc., ID Merit, Intellicheck Inc., Jumio Corp., Khosla Labs Pvt. Ltd., Mastercard Inc., Mitek Systems Inc., Onfido, PXL Vision AG, RELX Plc, Shufti Pro Ltd., Thales Group, TransUnion, UAB iDenfy., WebID Solutions GmbH, Acuant, Inc.; Nuance Communications Inc

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Solutions and Services), Type (Large enterprises and SMEs), and Geography (North America, APAC, Europe, South America, and Middle East and Africa), deployment, organization size, vertical, region

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

Applied Recognition Corp., Authenteq Tarbena GmbH, Equifax Inc., Experian Plc, GB Group plc, Gen Digital Inc., ID Merit, Intellicheck Inc., Jumio Corp., Khosla Labs Pvt. Ltd., Mastercard Inc., Mitek Systems Inc., Onfido, PXL Vision AG, RELX Plc, Shufti Pro Ltd., Thales Group, TransUnion, UAB iDenfy., WebID Solutions GmbH, Acuant, Inc.; Nuance Communications Inc

Key Market Trends Fueling Growth

The Identity Verification Market is experiencing significant growth due to increasing security risks associated with online transactions and digital identities. Businesses in finance, healthcare, emerging markets, and various industries are adopting advanced verification techniques such as artificial intelligence (AI), biometric technologies, and multi-factor authentication to secure their digital services and protect against identity-related theft incidents. These technologies include facial recognition, video analytics, liveness detection, and smart cities’ intelligent border control. The finance sector, in particular, is prioritizing security measures to comply with Anti-Money Laundering (AML) regulations and prevent cyber threats. Healthcare and life sciences, retail and e-commerce, energy and utilities, IT and ITES, and government and defense sectors are also investing in identity verification systems to secure confidential data, client financial details, and personal identifiers. Emerging technologies like blockchain-based identity verification, biometric checks, and cloud-based deployment are gaining popularity for their efficiency and security. However, a lack of awareness and potential losses due to fraudulent activities continue to be concerns for businesses. System integrators and security professionals are providing consulting, biometric devices, and security training to help organizations navigate the complex IT infrastructure and technical expertise required for effective identity verification. The identity verification industry is also addressing regulatory compliance, data analysis, and fraud detection needs across various sectors, including e-commerce, gaming, travel, and cryptocurrency exchanges. The market is expected to continue growing as digitization initiatives increase and cybersecurity needs become more pressing. 

In today’s business landscape, the Bring Your Own Device (BYOD) trend is gaining popularity among enterprises. This shift towards a mobile-first, web next scenario enables employees to access their privileged accounts via mobile devices, enhancing productivity and morale. Privileged users, also known as admin users, possess the authority to manage backend functions of a system. They can create, modify, and delete accounts, alter user roles, adjust settings, and view sensitive data. This streamlined approach allows enterprises to adapt to the evolving work environment while ensuring secure access to critical information. 

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Market Challenges

The Identity Verification Market is facing several challenges in today’s digital world. Security risks associated with online transactions and digital identities require advanced verification techniques to ensure safety. Artificial Intelligence (AI) and biometric technologies are emerging as effective solutions for businesses in finance, healthcare, and emerging markets. However, these technologies also pose new security challenges. Identity-related theft incidents, border controls, and intelligent border control systems using facial recognition, video analytics, and liveness detection are becoming increasingly common. Businesses need to invest in security measures, hire security personnel with technical expertise and security skills, and provide security training to prevent breaches. Regulations such as Anti-Money Laundering (AML) and data privacy concerns demand cloud-based deployment and data analysis for fraud detection and regulatory compliance. The eCommerce, gaming, and travel industries are particularly vulnerable to identity-related fraud and cybercrime. Traditional non-biometric solutions and industry-specific requirements call for fraud mitigation tools and machine learning models. The Identity Verification Industry is continuously evolving with emerging technologies like blockchain-based identity verification and biometric checks. Despite these challenges, the market offers opportunities for system integrators, consulting firms, and corporations to provide efficient and secure identity verification solutions for digital services, digitalization initiatives, and confidential data protection.In today’s security-challenged world, ensuring complete security for IoT systems and data is a formidable task. With the increasing use of customized software modules and connected devices, the number of potential entry points for hackers and cybercriminals grows. Sensitive information transferred through IoT devices is critical and must be protected. The challenge lies in securing the numerous interfaces linking system components. Organizations must implement identity verification solutions to mitigate risks and safeguard their IoT systems and data. Identity verification market offers advanced technologies like multi-factor authentication, biometric verification, and behavioral analytics to strengthen security measures. These solutions provide an additional layer of protection, ensuring only authorized access to IoT systems and data.

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Segment Overview 

This identity verification market report extensively covers market segmentation by

Component 1.1 Solutions1.2 ServicesType 2.1 Large enterprises2.2 SMEsGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and AfricaDeploymentOrganization sizeVertical

1.1 Solutions-  Identity verification solutions are essential for businesses to authenticate the identity of users or customers. These solutions ensure that the person engaging in a process is the true owner of the provided information, preventing unauthorized use, false identities, and fraud. Offline methods include face-to-face verification, where individuals present themselves in person at a company location or institution. Online identity verification methods include knowledge-based authentication, biometric verification, and document verification. The global market for identity verification solutions is projected to expand due to the increasing need for secure and reliable identity verification processes.

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Research Analysis

The Identity Verification Market is witnessing significant growth due to the increasing number of online transactions and the need to secure digital identities. With the rise of emerging technologies such as artificial intelligence (AI) and biometric technologies, verification techniques are becoming more sophisticated and efficient. The finance and healthcare sectors are major contributors to this market, with AML requirements and data breach concerns driving demand. However, emerging markets and businesses in lower-income countries are also adopting identity verification solutions to meet cybersecurity needs and enable digital payment methods. Internet penetration is expanding, but data privacy concerns and cybersecurity risks, including data breaches and cyberattacks, remain significant challenges. Regulations are playing a crucial role in shaping the identity verification industry, with the financial sector and emerging technologies such as blockchain-based identity verification leading the way. On-premise solutions are still prevalent, but cloud-based and hybrid models are gaining popularity. Overall, the identity verification market is expected to continue growing as businesses and individuals seek to secure their digital identities and mitigate risks.

Market Research Overview

The Identity Verification Market is witnessing significant growth due to the increasing number of online transactions and the digitalization of various industries, including finance, healthcare, and emerging markets. Digital identities have become essential in today’s world, and the need for secure verification techniques is more critical than ever. Artificial intelligence (AI) and biometric technologies are playing a crucial role in identity verification, offering enhanced security measures and efficiency. However, with the increasing use of digital services, there are also rising security risks, such as identity-related theft incidents and cyber threats. Businesses across sectors, from BFSI to retail and e-commerce, are implementing identity verification systems to ensure regulatory compliance, prevent fraudulent activities, and protect confidential data. Technologies like facial recognition, video analytics, liveness detection, and multi-factor authentication are being used to verify identities in real-time. Emerging technologies like machine learning (ML) and biometrics are transforming the identity verification industry, offering data-driven verification methods and intelligent border control solutions. However, there are challenges, such as a lack of awareness, potential losses, and data privacy concerns, that need to be addressed. Industry-specific requirements, such as Anti-Money Laundering (AML) regulations and cybersecurity needs, are driving the adoption of identity verification systems in various sectors. Cloud-based deployment and cloud services are becoming increasingly popular due to their cost-effectiveness and scalability. Despite the benefits, there are also concerns around the use of traditional non-biometric solutions and the potential for breaches and data breaches. Security personnel, system integrators, and consulting firms are playing a crucial role in implementing security measures, providing security training, and offering technical expertise to businesses. In conclusion, the identity verification market is a critical component of the digital economy, offering essential security measures and enabling businesses to operate efficiently while protecting confidential data and ensuring regulatory compliance. However, it also presents challenges that need to be addressed to ensure data security and privacy.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSolutionsServicesTypeLarge EnterprisesSMEsGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africadeploymentorganization sizevertical

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Converge To Pay December 2024 Dividend One Day Earlier Due to Holidays

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December 20, 2024

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TORONTO and GATINEAU, QC, Dec. 20, 2024 /PRNewswire/ — Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF) today announced that, further to the Company’s press release dated November 12, 2024, due to the December 2024 holiday schedule, Converge will pay its previously announced dividend (the “Dividend”) of $0.015 per common share one day earlier, from December 28, 2024 to December 27, 2024.

The record date of December 10, 2024 (the “Record Date”) for the Dividend remains unchanged. The Dividend is in respect of and is based on Converge’s financial results for the three and nine months ended September 30, 2024. The Dividend will be paid on December 27, 2024 to shareholders of record as of the close of business on the Record Date.

About Converge

Converge Technology Solutions Corp. is a services-led, software-enabled, IT & Cloud Solutions provider focused on delivering industry-leading solutions. Converge’s global approach delivers advanced analytics, artificial intelligence (AI), application modernization, cloud platforms, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries. The Company supports these solutions with advisory, implementation, and managed services expertise across all major IT vendors in the marketplace. This multi-faceted approach enables Converge to address the unique business and technology requirements for all clients in the public and private sectors. For more information, visit convergetp.com.

Forward-Looking Information

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation regarding Converge and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected” “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”. “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Specifically, statements regarding the expected timing of the Dividend are considered forward-looking information. The forward-looking information are based on management’s opinions, estimates and assumptions, including, but not limited to those assumptions described under the heading “About Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the nine months ended September 30, 2024. While these opinions, estimates and assumptions are considered by the Company to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, those risk factors discussed in greater detail under the “Risk Factors” section of the Company’s most recent annual information form and under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis, which are each available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information.

No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the company’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information or to publicly announce the results of any revisions to any of those statements, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information contact: Converge Technology Solutions Corp., Email: investors@convergetp.com, Phone: 416-360-1495

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Mega Matrix Announces Results of 2024 Annual General Meeting

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December 20, 2024

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SINGAPORE, Dec. 20, 2024 /PRNewswire/ — Mega Matrix Inc. (NYSE American: MPU or “Company”) today announced the results of its 2024 Annual General Meeting, which was held virtually on December 20, 2024 10:00 a.m. PT.

At the 2024 Annual General Meeting, the Company’s shareholders:

(1) approved a proposal, as an ordinary resolution, to elect four (4) persons to the board of directors of the Company, each to serve until the next annual general meeting of shareholders of the Company or until such person shall resign, be removed or otherwise leave office;

(2) approved a proposal, as an ordinary resolution, to confirm and ratify the appointment of Audit Alliance LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024; and

(3) approved a proposal, as a special resolution, that the title to Class A ordinary shares listed on NYSE American in the United States of America for so long as the Company’s Class A ordinary shares are there listed and any other stock exchange on which the Company’s Class A ordinary shares are listed for trading (the “Designated Stock Exchange”), may be evidenced and transferred in accordance with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of members of the Company may be maintained in accordance with section 40B of the Companies Act (Revised) of the Cayman Islands.

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements.

When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, are: the ability to manage growth; ability to identify and integrate future acquisitions; ability to grow and expand our FlexTV business; ability to execute the strategic cooperation with TopReels, ability to obtain additional financing in the future to fund capital expenditures; ability to establish the investment fund with 9Yards Communications under the memorandum of understanding; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors.

The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the “Risk Factors” in documents filed by the Company’s predecessor, Mega Matrix Corp., with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K, as amended, and are based on information available to the Company on the date hereof.

In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

(X/Twitter)  x.com/MegaMatrixMPU

Facebook: facebook.com/megamatrixmpu
                  facebook.com/flextvus

LinkedIn:   linkedin.com/company/megamatrixmpu

TikTok:      tiktok.com/@flextv_english

YouTube:  youtube.com/@FlexTV_English

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

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SOURCE Mega Matrix Corp.

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Greenberg Traurig Hosts MassChallenge Israel Delegation in Firm’s Boston Office

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December 20, 2024

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Global law firm Greenberg Traurig, LLP hosted a delegation of startup companies from the MassChallenge Israel 2024 Early-Stage Accelerator in the firm’s Boston Office Nov. 19.

BOSTON, Dec. 20, 2024 /PRNewswire-PRWeb/ — Global law firm Greenberg Traurig, LLP hosted a delegation of startup companies from the MassChallenge Israel 2024 Early-Stage Accelerator in the firm’s Boston Office Nov. 19. The event, which was part of MassChallenge Israel‘s annual roadshow, featured an investor panel and a legal workshop led by Greenberg Traurig Boston Co-Managing Shareholder David J. Dykeman and New York Corporate Shareholder Eyal Peled. Greenberg Traurig has hosted MassChallenge delegations for many years.

“The accelerator’s unique and effective approach empowers startups to scale, bringing groundbreaking ideas to market and strengthening connections between entrepreneurs, industries, and investors worldwide”, Dykeman said.

In addition, the firm sponsored MassChallenge Israel’s 2024 Boston Community Event Nov. 18. This event brought together founders, innovators, and leaders to discuss some of the industry’s most pressing challenges.

“Greenberg Traurig is proud to continue our ongoing collaboration with MassChallenge,” Dykeman said. “The accelerator’s unique and effective approach empowers startups to scale, bringing groundbreaking ideas to market and strengthening connections between entrepreneurs, industries, and investors worldwide.”

Founded in 2009 in Boston, MassChallenge connects startups, experts, corporations, and communities to grow and transform businesses and economies. MassChallenge Israel is the largest and most diverse zero-equity accelerator in Israel. Since 2016, MassChallenge Israel has been headquartered in the city of Jerusalem, and accelerates 30-50 companies, solving some of the world’s biggest problems through its core accelerator. MassChallenge Israel alumni have collectively raised over $1.7B and created 22,000+ jobs.

About Greenberg Traurig’s Boston Office: Celebrating 25 years of legal excellence, Greenberg Traurig’s Boston office is home to more than 90 attorneys practicing in the areas of banking and finance, corporate, emerging technology, energy, environmental, gaming, governmental affairs, intellectual property, labor and employment, life sciences and medical technology, litigation, public finance, real estate, restructuring and bankruptcy, tax, and white collar defense and investigations. An important contributor to the firm’s international platform, the Boston office includes a team of nationally recognized attorneys with both public and private sector experience. Working collaboratively with the firm’s global network, the Boston team collectively offers clients decades of experience advising on complex legal matters and providing hands-on knowledge of the local business community.

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2024 BTI “Leading Edge Law Firm” for delivering on client expectations for the future and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com.

Media Contact

Lisa Murray, Trevi Communications, Inc., 978.750.0333, lisa@trevicomm.com, https://trevicomm.com/

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SOURCE Greenberg Traurig, LLP

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