DUBLIN, Oct. 7, 2019 /PRNewswire/ -- The "Europe Identity Verification Market to 2027 - Regional Analysis and Forecasts By Component, Deployment, Organization Size, End-user" report has been added to ResearchAndMarkets.com's offering.
Europe identity verification market is expected to grow from US$ 1.46 Bn in 2018 to US$ 4.40 Bn by the year 2027. This represents a CAGR of 13.3% from the year 2018 to 2027.
The growing sophistication of security information platforms and IT security-based tools & solutions is anticipated to have a profound impact on the overall management of the security ecosystem of an enterprise. The unprecedented growth in the number of cybersecurity incidents has further led to an increased need for robust security solutions across enterprises.
The market demand for identity verification solutions has gained significant traction in the past few years owing to the versatile capabilities of these systems such as identity verification, data identification, fraud detection, and others. Some of the prominent benefits of identity verification include real-time ID verification, extracting data directly from IDs without any friction, active document authentication & verification, mitigate the risk of spoofing, and others. All these benefits and capabilities offered by identity verification provide long term benefits to enterprises. These versatile benefits are expected to drive the market growth of identity verification market.
Presently, most of the customers of identity verification providers belong to large enterprises, mainly due to large scale operations and faster adoption of digital and technological advancements on 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.
Some of the primary reasons behind this include resource constraints and lack of knowledge & awareness about the potential benefits of digital transformation. Hence, the small and medium-sized enterprises as well as organizations that are still following do-it-yourself methods for identity verification present tremendous strategic value and growth opportunity for players operating in the identity verification market. 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 price smaller plans.
The Europe identity verification market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. Identity verification market is a highly competitive market with the presence of some major market players as well as tire two companies.
The Europe identity verification market by deployment is segmented into cloud and on-premise. On-premise deployment refers to the resources and IT infrastructure deployed at a client's location. The on-premise deployment includes in-house server hardware, integration capabilities, software licenses, and IT workforce to handle potential issues. The growth rate of the on-premise deployment segment varies across geographies.
For instance, the adoption of on-premise is high in developing regions and is being replaced by the cloud in developed regions. One of the major restraining factors for the future growth of this segment is the costs associated with installing, managing, and maintaining these on-premise systems. It is expected that during the forecast period, the identity management market will witness a massive shift from on-premise to cloud-based deployment. The on-premise deployment type segment is the traditional identity verification deployment type.
Key Topics Covered:
1.1 Scope of The Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Europe Identity Verification Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
5. Europe Identity Verification Market - Key Industry Dynamics
5.1.1 Growing Adoption of Security Solutions Due to Increasing Number of Cyber-Attacks to Have a Positive Impact on the Market Growth
5.1.2 Increased Focus of BFSI Sector on Secure Transaction
5.2.1 Data Privacy and Security Concerns
5.3.1 Small and Medium Enterprises Offer Future Growth Opportunity
5.4 Future Trends
5.4.1 Integration of AI and Other Advanced Technologies for Alerting and Pattern Based Monitoring
5.5 Impact Analysis of Driver and Restraint
6. Europe Identity Verification -Market Analysis
6.1 Europe Identity Verification Market Overview
6.2 Europe Identity Verification Market Forecast and Analysis
7. Europe Identity Verification Market Analysis - By Component
7.2 Europe Identity Verification Market Breakdown, By Component, 2018 & 2027
7.3 Solutions Market
7.4 Services Market
8. Europe Identity Verification Market Analysis-By End User
8.2 Europe Identity Verification Market Breakdown, By End Users, 2018 & 2027
8.3 BFSI Market
8.4 Government Market
8.5 Retail Market
8.6 Healthcare Market
8.7 IT and Telecom Market
8.8 Others Market
9. Europe Identity Verification Market Analysis - By Organisation Size
9.2 Europe Identity Verification Market Breakdown, By Organisation Size, 2018 & 2027
9.3 Small & Medium Enterprises
9.4 Large Enterprises
10. Europe Identity Verification Market Analysis - By Deployment
10.2 Europe Identity Verification Market Breakdown, By Deployment, 2018 & 2027
10.3 Cloud- Based Deployment
10.4 On-Premise Deployment
11. Europe Identity Verification Market - Country Analysis
12. Industry Landscape
12.1 Market Initiative
12.2 Merger and Acquisition
12.3 New Development
13. Company Profiles
- Acuant, Inc.
- Gemalto N.V. (Thales Group)
- Mitek Systems, Inc.
- Experian Information Solutions, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xk5ttv
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