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)
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.
Table of Content
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Identity Verification Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Europe Identity Verification Market - Key Industry Dynamics
5.1 Identity Verification Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Cases of Identity Fraud
5.2.2 Rise in Demand from BFSI Sector
5.2.3 Increase in Adoption of Bring Your Own Device (BYOD) Concept
5.3 Market Restraints
5.3.1 Data Privacy and Security Concerns
5.4 Market Opportunities
5.4.1 Rising Need for Digitization in Small and Medium Enterprises
5.4.2 Increasing Regulatory Initiatives and Investments by Governments
5.5 Future Trends
5.5.1 Integration of Artificial Intelligence and Other Advanced Technologies
5.6 Impact of Drivers and Restraints:
6. Identity Verification Market - Europe Market Analysis
6.1 Europe Identity Verification Market Revenue (US$ Million), 2022 - 2030
6.2 Identity Verification Market Forecast and Analysis
7. Europe Identity Verification Market Analysis - Component
7.1 Solution
7.1.1 Overview
7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. Europe Identity Verification Market Analysis - Deployment
8.1 Cloud
8.1.1 Overview
8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. Europe Identity Verification Market Analysis - Organization Size
9.1 Large Enterprises
9.1.1 Overview
9.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9.2 SMEs
9.2.1 Overview
9.2.2 SMEs Market, Revenue and Forecast to 2030 (US$ Million)
10. Europe Identity Verification Market Analysis - Type
10.1 Biometric Verification
10.1.1 Overview
10.1.2 Biometric Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.2 Online Verification
10.2.1 Overview
10.2.2 Online Verification Market, Revenue and Forecast to 2030 (US$ Million)
10.3 Knowledge Based Authentication
10.3.1 Overview
10.3.2 Knowledge Based Authentication Market, Revenue and Forecast to 2030 (US$ Million)
10.4 Others
10.4.1 Overview
10.4.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
11. Europe Identity Verification Market Analysis - Industry Vertical
11.1 BFSI
11.1.1 Overview
11.1.2 BFSI Market, Revenue and Forecast to 2030 (US$ Million)
11.2 Government and Defense
11.2.1 Overview
11.2.2 Government and Defense Market, Revenue and Forecast to 2030 (US$ Million)
11.3 Healthcare
11.3.1 Overview
11.3.2 Healthcare Market, Revenue and Forecast to 2030 (US$ Million)
11.4 IT and Telecom
11.4.1 Overview
11.4.2 IT and Telecom Market, Revenue and Forecast to 2030 (US$ Million)
11.5 Retail
11.5.1 Overview
11.5.2 Retail Market, Revenue and Forecast to 2030 (US$ Million)
11.6 Others
11.6.1 Overview
11.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
12. Europe Identity Verification Market - by Country Analysis
12.1 Europe: Identity Verification Market
12.1.1 Europe: Identity Verification Market, by Key Country
12.1.1.1 UK: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.1.1 UK DNS Security Software Market Breakdown by Component
12.1.1.1.2 UK: Identity Verification Market, by Deployment
12.1.1.1.3 UK: Identity Verification Market, by Organization Size
12.1.1.1.4 UK: Identity Verification Market, by Type
12.1.1.1.5 UK: Identity Verification Market, by Industry Vertical
12.1.1.2 Germany: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.2.1 Germany DNS Security Software Market Breakdown by Component
12.1.1.2.2 Germany: Identity Verification Market, by Deployment
12.1.1.2.3 Germany: Identity Verification Market, by Organization Size
12.1.1.2.4 Germany: Identity Verification Market, by Type
12.1.1.2.5 Germany: Identity Verification Market, by Industry Vertical
12.1.1.3 France: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.3.1 France DNS Security Software Market Breakdown by Component
12.1.1.3.2 France: Identity Verification Market, by Deployment
12.1.1.3.3 France: Identity Verification Market, by Organization Size
12.1.1.3.4 France: Identity Verification Market, by Type
12.1.1.3.5 France: Identity Verification Market, by Industry Vertical
12.1.1.4 Italy: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.4.1 Italy DNS Security Software Market Breakdown by Component
12.1.1.4.2 Italy: Identity Verification Market, by Deployment
12.1.1.4.3 Italy: Identity Verification Market, by Organization Size
12.1.1.4.4 Italy: Identity Verification Market, by Type
12.1.1.4.5 Italy: Identity Verification Market, by Industry Vertical
12.1.1.5 Russia: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.5.1 Russia DNS Security Software Market Breakdown by Component
12.1.1.5.2 Russia: Identity Verification Market, by Deployment
12.1.1.5.3 Russia: Identity Verification Market, by Organization Size
12.1.1.5.4 Russia: Identity Verification Market, by Type
12.1.1.5.5 Russia: Identity Verification Market, by Industry Vertical
12.1.1.6 Rest of Europe: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
12.1.1.6.1 Rest of Europe DNS Security Software Market Breakdown by Component
12.1.1.6.2 Rest of Europe: Identity Verification Market, by Deployment
12.1.1.6.3 Rest of Europe: Identity Verification Market, by Organization Size
12.1.1.6.4 Rest of Europe: Identity Verification Market, by Type
12.1.1.6.5 Rest of Europe: Identity Verification Market, by Industry Vertical
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 New Product Development
14.4 Merger and Acquisition
15. Company Profiles
15.1 Trulioo
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Onfido
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Mitek Systems, Inc
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 IDology
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Authenteq
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 Experian Plc
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 Thales SA
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 IDEMIA
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Jumio Corporation
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 LexisNexis Risk Solutions Group
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments
16. Appendix
16.1 About The Insight Partners
16.2 Word Index
List of Tables
Table 1. Identity Verification Market Segmentation
Table 2. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Component
Table 4. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) -Deployment
Table 5. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Organization Size
Table 6. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Type
Table 7. Identity Verification Market Revenue and Forecasts To 2030 (US$ Million) - Industry Vertical
Table 8. UK: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 9. UK: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 10. UK: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 11. UK: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 12. UK: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 13. Germany: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 14. Germany: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 15. Germany: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 16. Germany: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 17. Germany: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 18. France: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 19. France: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 20. France: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 21. France: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 22. France: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 23. Italy: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 24. Italy: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 25. Italy: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 26. Italy: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 27. Italy: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 28. Russia: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 29. Russia: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 30. Russia: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 31. Russia: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 32. Russia: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 33. Rest of Europe: Identity Verification Market, by Component - Revenue and Forecast to 2030 (US$ Million)
Table 34. Rest of Europe: Identity Verification Market, by Deployment - Revenue and Forecast to 2030 (US$ Million)
Table 35. Rest of Europe: Identity Verification Market, by Organization Size - Revenue and Forecast to 2030 (US$ Million)
Table 36. Rest of Europe: Identity Verification Market, by Type - Revenue and Forecast to 2030 (US$ Million)
Table 37. Rest of Europe: Identity Verification Market, by Industry Vertical - Revenue and Forecast to 2030 (US$ Million)
Table 38. Heat Map Analysis By Key Players
Table 39. List of Abbreviation
List of Figures
Figure 1. Identity Verification Market Segmentation, By Country
Figure 2. Ecosystem: Identity Verification Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Europe Identity Verification Market Revenue (US$ Million), 2022 - 2030
Figure 5. Identity Verification Market Share (%) - Component, 2022 and 2030
Figure 6. Solution Market Revenue and Forecasts To 2030 (US$ Million)
Figure 7. Services Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Identity Verification Market Share (%) - Deployment, 2022 and 2030
Figure 9. Cloud Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. On-Premise Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Identity Verification Market Share (%) - Organization Size, 2022 and 2030
Figure 12. Large Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. SMEs Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Identity Verification Market Share (%) - Type, 2022 and 2030
Figure 15. Biometric Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Online Verification Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Knowledge Based Authentication Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Identity Verification Market Share (%) - Industry Vertical, 2022 and 2030
Figure 20. BFSI Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Government and Defense Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Healthcare Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. IT and Telecom Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Retail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 25. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 26. Europe: Identity Verification Market, by Key Country - Revenue (2022) (US$ Million)
Figure 27. Europe: Identity Verification Market Revenue Share, by Key Country (2022 and 2030)
Figure 28. UK: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 29. Germany: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 30. France: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 31. Italy: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 32. Russia: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
Figure 33. Rest of Europe: Identity Verification Market - Revenue, and Forecast to 2030 (US$ Million)
1. Trulioo
2. Onfido
3. Mitek Systems, Inc
4. IDology
5. Authenteq
6. Experian Plc
7. Thales SA
8. IDEMIA
9. Jumio Corporation
10. LexisNexis Risk Solutions Group
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