Report : Europe Identity Verification Market Forecast to 2030 - Regional Analysis - Component (Solution and Services), Deployment (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), Type (Biometric Verification, Online Verification, Knowledge-Based Authentication, and Others), and Industry Vertical (BFSI, Government & Defense, Healthcare, IT & Telecom, Retail, and Others)
At 17.4% CAGR, the Europe Identity Verification Market is Speculated to be worth US$ 9,869.90 million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe identity verification market was valued at US$ 2,743.14 million in 2022 and is expected to reach US$ 9,869.90 million by 2030, registering a CAGR of 17.4% from 2022 to 2030. Rising need for digitization in small and medium enterprises and increases in cases of identity fraud are among the critical factors attributed to the Europe identity verification market expansion.
SMEs are major contributors to economic growth as they account for the majority of businesses (~90%) worldwide. However, due to financial constraints, the growth of SMEs slows down. Thus, the government sector and organizations are constantly supporting SMEs to expand their business, which further contributes to the economic growth of any country.
For instance, World Bank Group is focused on improving SMEs' access to finances and obtaining innovative solutions to unlock various sources of capital. It also provides advisory and policy support for SME finance that helps them adopt innovative solutions. In Europe, initiatives such as European Digital Innovation Hubs or the Enterprise Europe Network offers help for SMEs to adopt digital tools securely. It provides solutions such as raising awareness, assessing digital maturity, access to finance, offering mentoring, and facilitating experimentation with digital tools. Presently, most of the customers of identity verification providers are large enterprises, mainly due to large-scale operations and faster adoption of digital and technological advancements in these businesses. Large companies worldwide are in the front of digital transformation to improve existing processes; however, small and medium-sized enterprises are still in the process of adapting to the latest technology trends. Primary reasons for this include resource constraints and the lack of knowledge and awareness about the potential benefits of digital transformation. Hence, small and medium-sized enterprises, as well as organizations that are still following do-it-yourself methods for identity verification, present huge strategic value and growth opportunities for players operating in the identity verification market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small-scale businesses. The players operating in the identity verification market are now offering various low-priced, smaller plans. The identity verification providers are also working with other business application providers who target small businesses in order to offer an embedded solution to their customers. The increasing need for digitization in small and medium enterprises to improve operational workflow and to adapt to the fast-changing marketplace is anticipated to offer massive growth opportunities for market players in both developed and emerging nations.
On the contrary, data privacy and security concerns hamper the growth of Europe identity verification market.
Based on component, the Europe identity verification market is bifurcated into solution and services. The solution segment held 84.7% market share in 2022, amassing US$ 2,323.68 million. It is projected to garner US$ 8,463.39 million by 2030 to expand at 17.5% CAGR during 2022-2030.
In terms of deployment, the Europe identity verification market is bifurcated into cloud and on-premise. The cloud segment held 62.8% market share in 2022, amassing US$ 1,723.25 million. It is projected to garner US$ 6,616.65 million by 2030 to expand at 18.3% CAGR during 2022-2030.
Based on organization size, the Europe identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held 64.4% market share in 2022, amassing US$ 1,765.74 million. It is projected to garner US$ 6,648.80 million by 2030 to expand at 18.0% CAGR during 2022-2030.
By type, the Europe identity verification market is categorized into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held 44.1% share of Europe identity verification market in 2022, amassing US$ 1,210.70 million. It is projected to garner US$ 4,429.45 million by 2030 to expand at 17.6% CAGR during 2022-2030.
Based on industry vertical, the Europe identity verification market is categorized into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held 32.4% share of Europe identity verification market in 2022, amassing US$ 889.64 million. It is projected to garner US$ 3,538.05 million by 2030 to expand at 18.8% CAGR during 2022-2030.
Based on country, the Europe identity verification market has been categorized into the UK, Germany, Italy, France, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 32.1% share of Europe identity verification market in 2022. It was assessed at US$ 879.73 million in 2022 and is likely to hit US$ 3,471.74 million by 2030, exhibiting a CAGR of 13.7% during 2022-2030.
Key players operating in the Europe identity verification market are Trulioo, Onfido, Mitek Systems, Inc, IDology, Authenteq, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group., among others.
- In Oct 2023, IDology GBG Protects Online Gaming Market With Robust KYC/AML Solution.
- In Sep 2023, Mitek collaborates with Equifax to address emerging digital fraud threats and protect online consumers and businesses.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com