Europe Identity Verification Market Forecast to 2030

According to the Research Team’ 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.

1. Introduction
1.1 the Research Team 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 Research Team
16.2 Word Index

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

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)