Identity Verification Market Landscape and Key Industry Dynamics

According to the new research report on "Identity Verification Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the market is expected to reach US$ 31.95 billion by 2030 and register a CAGR of 16.9% from 2022 to 2030.

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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 which fuels the Europe identity verification market size. 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. Thus such factors propels the Europe identity verification market size.

In Europe, the government has taken steps to improve their citizen identity authentication. In June 2023, the Council presidency and representatives of the European Parliament came to a temporary political agreement on the fundamental components of a new European digital identification (eID) framework to provide safe, trustworthy, and frictionless access to transnational public and private services in Europe. By ensuring that everyone has access to reliable and secure electronic identification and authentication using a personal digital wallet on a mobile phone, the amended law represents a significant paradigm change for digital identity in Europe. Thus, such government focus on identity verification solution fuels the identity verification market growth.

Various identity verification market players are expanding their presence by opening their offices in the UK. For instance, in June 2020, IDnow—a Munich, Germany-based identification verification business—expanded its UK presence by opening an office in Manchester. After the expansion, IDnow has secured deals with some major UK companies, including several FTSE 250 companies such as BP and GVC and Macropay, Holvi, and Allied Irish Banks. IDnow offers a comprehensive suite of checks. The increasing number of identity thefts and frauds is boosting the adoption of identity verification systems in the UK, which further fuels the UK identity verification market share. For instance, in 2018 and 2019, in the European Commission Survey on Scams and Fraud Experience, the UK ranked as the leading country, with 53% of respondents experiencing identity theft.

Key Findings of Study:

Based on deployment, the identity verification market is segmented cloud and on-premise. The cloud segment held the largest identity verification market share in 2022. The advantages of cloud services, such as cost-effectiveness, flexibility, and enhanced security, lead to the adoption of cloud services for security solutions. Cloud-based identity verification platform offers secure and reliable identity verification services to individuals, businesses, and developers which leads to its adoption and propels identity verification market growth. Cloud-based identity verification solution providers use virtual technology to host applications of their client's enterprise from an offsite location. Due to the cost benefits of cloud deployment, it is largely adopted by various small and medium enterprises worldwide. Cloud deployment is an attractive option for companies that look for fast expansion on a global level, mainly because of benefits such as payment on an as-needed basis, no capital and operations costs, regular data backup, and instant provisioning features of cloud-based solutions. Thus such benefits of cloud fuels the segment growth in identity verification market.

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