Europe Identity Verification Market Growth and Forecast by 2027

Europe identity verification market is expected to grow from US$ 1.46 Bn in 2018 to US$ 4.40 Bn by the year 2027. This represents a CAGR of 13.3% from the year 2018 to 2027.

Over the years, the financial regulators have intensified their focus on monitoring of fraud activities, which also includes a thrust for the financial institutes to adopt suitable security solutions. Furthermore, in the coming years, the regulators are expected to expect from the firms to be able to show not only that they are capable of functioning the system appropriately but also prove that their systems are efficient enough. In the coming years, the emergence of secure transaction platforms enabling the financial institutions to configure a range of monitoring scenarios, performing efficient data analysis and filter out the genuine suspicious activities from the other false positives are expected to gain significant traction in the market. This, in response, is expected to bolster the demand for identity verification solutions. These versatile benefits are expected to drive the market growth of identity verification market.

Currently, the U.K is dominating the identity verification market due to the technological advancements and increasing security concerns. United Kingdom (UK) economy is a market-orientated and highly developed. In terms of nominal GDP, the UK is the world’s fifth-largest national economy and Europe’s second-largest after Germany. The service sector contributes close to 80% of its GDP with financial services is one of the most important sectors. The UK is also a member of the European Union, the Commonwealth, G7, G20, and IMF among many others. Currently, the UK has by far the strongest ecosystem for the adoption and growth of advanced technologies such as artificial intelligence and blockchain. The capital of UK, London, is the most preferred hub for AI and machine learning companies. Due to the evolving digital ecosystem, the demand for the secure business transaction is increasing at a fast pace. Owing to these factors, the future of identity verification solutions looks promising in the UK. Also, the presence of many innovation/research centers for Artificial Intelligence has enabled the country to get charted among one of the world’s promising markets for the development of AI-based identity verification solutions. The banking industry is one of the key adopters of identity verification solutions, and it is expected to drive the future market growth of identity verification market during the forecast period of 2019 to 2027. The figure given below highlights the revenue share of the Rest of Europe in the Europe identity verification market in the forecast period:

EUROPE IDENTITY VERIFICATION MARKET - SEGMENTATION

Europe Identity Verification Market by Component

• Solution
• Services

Europe Identity Verification Market by Deployment

• On-Premise
• Cloud

Europe Identity Verification Market by Organization Size

• SMEs
• Large Enterprises

Europe Identity Verification Market by End-User

• BFSI
• Government & Defense
• Healthcare
• IT & Telecom
• Retail
• Others

Europe Identity Verification Market by Country

• UK
• Germany
• France
• Italy
• Russia
• Rest of Europe

Companies Mentioned

• ACUANT, INC.
• AUTHENTEQ
• GEMALTO N.V. (THALES GROUP)
• IDEMIA
• MITEK SYSTEMS, INC.
• EXPERIAN INFORMATION SOLUTIONS, INC.
• JUMIO
• LEXISNEXIS
• ONFIDO
• TRULIOO

Europe Identity Verification Report Scope