Europe Identity Verification and Authentication Market, By Component (Solution, Services), Type (Non-Biometrics, Biometrics), Deployment Mode (On-Premise, Cloud), Organization Size (Large Enterprises, SME’s), Vertical (BFSI, Government and Defence, Energy and Utilities, Retail and E-commerce, IT and Telecom, Healthcare, Gaming, and Others), Country (Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland and Rest Of Europe), Market Trends and Forecast to 2028.
Market Analysis and Insights: Europe Identity Verification and Authentication Market
Europe identity verification and authentication market is expected to grow in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 17.1% in the forecast period of 2021 to 2028 and is expected to reach USD 21,269.02 million by 2028. High dependency on cloud Identity and Access Management solutions can act as a major factor for the market's growth.
Identity verification and authentication refers to the services and solutions used to verify the authenticity of a person's physical identity or documents such as a driver’s license, passport, or nationally issued identity document. Identity verification and authentication is an important process that ensures a person’s identity matches the one that is supposed to be. Identity verification and authentication solution and services ensure that a real person is operating behind a process and proves the one they claim to be, preventing false identities or committing fraud. Identity verification is an essential requirement in many business processes and procedures. Various methods for identity verification and authentication services include biometric identity, identity and access management (IAM) solutions, security assertion mark-up language authentication (SAML) solutions, and biometric authentication solutions. The verification of identity process can be carried out in many different ways depending on the channel and the way the verification. Identity verification and authentication services are used in many industries to provide complete security, to avoid fraud, financial crimes, and identity theft. One such way to avoid this can be deploying anti-money laundering solutions to improve customer experience and avoid costly fines and other benefits.
One of the factors driving the market is the rapid growth in digitalization across the business in European regions. But hurdles in determining accurate identity verification can be a restraining factor. The Europe identity verification and authentication market is on the rise due to the wide range adoption of authentication solutions across financial sectors such as banks, and insurance companies are among some of the factors which can be an opportunity for the market. Strict regulations imposed by the government on information collection can be a major challenge for the market growth in these regions.
This identity verification and authentication market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Europe Identity Verification and Authentication Market Scope and Market Size
Europe identity verification and authentication market is segmented on the basis of component, type, deployment mode, organization size, and vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the Europe identity verification and authentication market is segmented into solution and services. In 2021, the solution segment held a larger share in the identity verification and authentication market owing to factors such as the shift toward digital transformation by various industries mostly financial sectors, increasing need to fight against data breaches and fraudulent activities.
- On the basis of type, the Europe identity verification and authentication market has been segmented into non-biometrics and biometrics. In 2021, the biometrics segment held a larger share in the identity verification and authentication market due to increasing smartphone penetration in merging countries and developed countries and growing demand for NFC technologies.
- On the basis of deployment mode, the Europe identity verification and authentication market has been segmented into on-premise and cloud. In 2021, the cloud segment held a larger share in the identity verification and authentication market. Cloud-based identity verification and authentication solutions is gaining popularity among government and defense agencies.
- On the basis of organization size, the Europe identity verification and authentication market has been segmented into large enterprises and SME’s. In 2021, the large enterprises segment held a larger share in the identity verification and authentication market due to factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high-risk transactions.
- On the basis of vertical, the Europe identity verification and authentication market has been segmented into BFSI, government and defense, energy and utilities, retail and e-commerce, IT and telecom, healthcare, gaming, and others. In 2021, the BFSI segment held the largest share in the identity verification and authentication market due to the strong need to minimize cyber threats and the adoption of a risk-based fraud defense strategy.
Europe Identity Verification and Authentication Market Country Level Analysis
Europe identity verification and authentication market is analyzed, and market size information is provided by component, type, deployment mode, organization size, and vertical.
The countries covered in the Europe identity verification and authentication market report are the U.K., Germany, France, Switzerland, Italy, Spain, Netherlands, Russia, Belgium, Turkey, and rest of Europe in Europe.
Germany dominates the identity verification and authentication market due to various factors, such as the high dependency on Cloud Identity and Access Management solutions, which is an absolute necessity in the current times.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of European brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand for Identity Verification and Authentication Market
Europe identity verification and authentication market also provide a detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in identity verification and authentication, and changes in regulatory scenarios with their support for the identity verification and authentication Market. The data is available for the historical period 2010 to 2019.
Competitive Landscape and Identity Verification and Authentication Market Share Analysis
Europe identity verification and authentication market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points are only related to the companies’ focus on the Europe identity verification and authentication market.
The major players covered in the Europe identity verification and authentication report are Thales Group, LexisNexis Risk Solutions Group, IDEMIA, TransUnion LLC, Equifax, Inc., Experian Information Solutions, Inc., Acuant, Inc., Authenteq, Finansiell ID-Teknik BID AB, GB Group plc, IDkollen i Sverige AB, Jumio, Mitek Systems, Inc., Okta, Onfido, PENNEO A/S, Ping Identity, Precise Biometrics AB, ZignSec AB, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately. Many product developments are also initiated by companies worldwide, which also accelerates the growth of the identity verification and authentication market.
For instance,
- In January 2021, IDEMIA won the U.S. Postal Service Identity Verification Contract from the United States Postal Service (USPS) and Postal Inspection Service (USPIS). Under this contract, the company will provide the U.S. communities with a portfolio of identity solutions and services. Under this, the company will provide access to identity verification services at U.S. Post Office locations. This will helped the company to enhance its customer base in the market
- In October 2020, Thales Group launched an identity verification suite solution. The key feature of this solution launch was its secure biometric capabilities. Moreover, this solution was a 100% automated solution using artificial intelligence and provided privacy, high-level security, and deployment flexibility. This solution helped the company to strengthen its product portfolio
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also benefits the organization to improve its identity verification and authentication market offering through an expanded range of sizes.
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