Europe Identity Verification Market

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; it is estimated to grow at a CAGR of 17.4% from 2022 to 2030.

Increase in Adoption of Bring Your Own Device (BYOD) Concept Boosts Europe Identity Verification Market

Over the years, and especially after the pandemic, the BYOD trend has gained traction to offer employees and corporations greater flexibility and mobility. Bring Your Own Device (BYOD) concept allows employees to use their personal phones and tablets to access office email and data. It becomes flexible for the employees to use the company data from anywhere, anytime. Thus, such benefits of BYOD lead to its widespread adoption in businesses. For example, according to Jamf, in July 2023, ~75% of people were using their personal devices for office work, which has resulted in a 34% increase in productivity, and ~US$ 250 per employee can be saved with a BYOD plus stipend policy. However, BYOD does pose some security risks, such as business ID theft. Using public or unsecured Wi-Fi, downloading apps from unauthorized sources, leaving phone unattended, and visiting unverified websites are a few prominent factors acting as a potential threat to data breach or cyberattack incidents. Thus, corporates are increasingly adopting identity verification solutions. Moreover, market players are launching innovative solutions. For example, in May 2023, OpenVPN launched Device Identity Verification & Enforcement (DIVE) for CloudConnexa, its cloud-based solution. The solution is made for BYOD and corporate-owned devices due to the rapid growth of remote and hybrid workforces. In September 2019, ImageWare Systems Inc-a provider of mobile and cloud-based identity authentication solutions-announced the launch of GoVerifyID, an end-to-end biometric authentication solution for macOS. The launch of this biometric solution helps businesses to utilize identity as a security measure. Therefore, the rise in BYOD adoption acts as a catalyst for the identity verification market growth.

Europe Identity Verification Market Overview

The Europe identity verification market is segmented into France, Germany, Italy, the UK, Russia, and the Rest of Europe. The demand for effective identity verification solutions is growing in Europe mainly due to the ability of these solutions to deliver a friendly onboarding experience for users. The increasing digital transformation in European member states, and organizations that need to reduce their footprint through digital channels for onboarding users is driving the demand in this region. With the increasing improvements in identity verification solutions because of the integration of artificial intelligence and machine learning, the future demand is promising for these solutions. Artificial intelligence adoption is growing rapidly in Europe, and it is considered a center for developing innovative artificial intelligence-based solutions. With over 400 artificial intelligence and machine learning start-ups, Europe is one of the major adopters of artificial intelligence in its economy. Artificial intelligence in Europe is expected to see significant corporate investment over the forecast period. Most of the financial institutions in Europe have started implementing artificial intelligence-based fraud detection solutions, including identity verification. BFSI is one of Europe's leading sectors in adopting machine learning and AI technology-based identity verification solutions. Companies are adopting identity verification solutions and services to support their business strategies around reducing cost, improving customer onboarding experience, and increasing the bottom line of their businesses.

Europe Identity Verification Market Revenue and Forecast to 2030 (US$ Million)

Europe Identity Verification Market Segmentation

The Europe identity verification market is segmented based on component, deployment, organization size, type, industry vertical, and country. Based on component, the Europe identity verification market is bifurcated into solution and services. The solution segment held a larger market share in 2022.

In terms of deployment, the Europe identity verification market is bifurcated into cloud and on-premise. The cloud segment held a larger market share in 2022.

By organization size, the Europe identity verification market is bifurcated into large enterprises and SMEs. The large enterprises segment held a larger market share in 2022.

Based on type, the Europe identity verification market is segmented into biometric verification, online verification, knowledge-based authentication, and others. The biometric verification segment held the largest market share in 2022.

Based on industry vertical, the Europe identity verification market is segmented into BFSI, government & defense, healthcare, IT & telecom, retail, and others. The BFSI segment held the largest market share in 2022.

Based on country, the Europe identity verification market is segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. The UK dominated the Europe identity verification market share in 2022.

Trulioo, Onfido, Mitek Systems, Inc, IDology, Authenteq, Experian Plc, Thales SA, IDEMIA, Jumio Corporation, and LexisNexis Risk Solutions Group are some of the leading companies operating in the Europe identity verification market.