The universal Europe Identity Verification Market business report can be used by market players to learn about the competitive landscape and the level of competition in the market. The market data included in this market research report aids in estimating the demand of particular product in the market with respect to several factors. In the same way, market segmentation is another vital parameter that categorises the market share of product depending upon application, vertical deployment model, end-user, and geographical usage etc. Europe Identity Verification Market survey report includes a comprehensive evaluation of the market’s growth prospects and restrictions.
 
All the market information in Europe Identity Verification Market report is supplied in such a way that it properly gives explanation of various facts and figures to the business. This reliable market report comes out as an influential tool that players can use to prepare themselves for securing a lion’s share of the global Europe Identity Verification Market. To perform competitive analysis, a number of strategies of the major players in the market have been referred that include new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others which lead to a rise of their footprints in the market. The market analysis and competitor analysis helps the firm in determining the range in terms of sizes, colours, designs, and prices, etc within which its products are to be offered to the consumers.
 
The identity verification market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.5% in the forecast period of 2021 to 2028 and is expected to reach USD 6,023.74 million by 2028. Growing demand for research and development activities is acting as major factor for the growth of the market. 
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Market Definition:
 
Identity verification refers to the services and solutions which are used to verify the authenticity of physical identity of a person or their documents such as a driver’s license, passport or a nationally issued identity document and others. Identity verification is an important process which ensures a person’s identity matches the one that is supposed to be.
 
The major players covered in the report are:
 
  • Experian Information Solutions, Inc. (a subsidiary of Experian plc)
  • LexisNexis Risk Solutions Group
  • Thales Group
  • ZIGNSEC AB
  • GB Group plc ('GBG')
  • Precise Biometrics AB
  • Finansiell ID-Teknik BID AB
  • IDEMIA
  • Equifax, Inc.
  • Mitek Systems, Inc.
  • PENNEO A/S
  • Jumio
  • Acuant, Inc.
  • TransUnion LLC
  • Authenteq
  • Onfido
  • ForgeRock
  • Okta
  • Stripe
  • Ping Identity
 
Europe Identity Verification Market Scope and Market Size:
 
The identity verification market is segmented on the basis of component, type, deployment mode, organization size and vertical. The growth among segments helps you analyse 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 identity verification market is segmented into solution and services. In 2021, solution segment held larger share in the identity verification market owing to factors such as shift toward digital transformation by various industries, increasing need to fight against data breach and fraud, surging government support toward data protection laws and regulations, requisite to fulfil KYC and AML compliance and easy on boarding of customers as well as employees. 
  • On the basis of type, the identity verification market has been segmented into non-biometrics and biometrics. In 2021, biometrics segment held larger share in the identity verification market due to factors such as increasing smartphone penetration in merging countries and growing use of fingerprint identification, increased security of protected data, improved authentication security to combat new threats, surging dependency on digital technologies, enhanced customer satisfaction and rising trend for contactless biometric solutions. 
  • On the basis of deployment mode, the identity verification market has been segmented into on-premise and cloud. In 2021, on-premise segment held larger share in the identity verification market as government and defense sector along various financial institutions prefer to use on-premise identity solutions, due to security policy restrictions, data sharing and availability of budget to invest in infrastructure.
  • On the basis of organization size, the identity verification market has been segmented into large enterprises and SME’s. In 2021, large enterprises segment held larger share in the identity verification market due to factors such as protection against increased cases of money laundering, data breach, identity theft, secured processing of high risk transactions, mandatory compliant to different regulations and protected digital payments.
  • On the basis of vertical, the identity verification market has been segmented into BFSI, government & defense, energy & utilities, retail & ecommerce, IT & telecom, healthcare, gaming and others. In 2021, government & defense segment held the largest share in the identity verification market owing to factors such as strong need to minimize cyber threats, adoption of risk-based fraud defense strategy, reducing the spread of fake information through stolen identities, ease of convenience in government agency onboarding process and ensuring the safety of citizens.
 
 
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