EUROPE IDENTITY VERIFICATION MARKET FORECAST 2023-2032

The Europe identity verification market growth assessment includes the analysis of Poland, the United Kingdom, Germany, Italy, Spain, Belgium, France, and Rest of Europe. The United Kingdom is witnessing an increasing prevalence of identity theft, with new methods devised to acquire the necessary information for perpetrating identity theft. According to Cifas, the fraud prevention network in the UK, there were a total of 185,578 cases of identity fraud reported in 2020. Moreover, the first half of 2021 witnessed an 11% surge in identity fraud cases compared to the corresponding period in 2020. This upward trend is expected to drive the demand and adoption of identity verification solutions and services across various industries in the United Kingdom.

Furthermore, the market has experienced notable technological advancements and product innovations in recent years. For instance, in 2023, Onfido successfully implemented its identity verification technology for a prominent new client within the financial services sector of the United Kingdom—the Co-operative Bank. This deployment exemplifies Onfido’s leading position in the UK’s identification solutions market. Additionally, Onfido has obtained H1A accreditation from the United Kingdom Digital Identity and Attributes Trust Framework, affirming its ability to reliably verify an individual’s identity using a single form of identification.

Whereas Germany holds a prominent position among European markets, owing to the government’s robust support for the implementation and utilization of identity verification. This commitment is demonstrated through various initiatives and programs aimed at promoting secure and reliable identification practices. For instance, the German government introduced a digital identification program in July 2020, enabling citizens to securely store their national IDs on SIM cards within their smartphones.

The Europe identity verification market scope includes organization size, deployment type, vertical, component, and type. The deployment type segment includes on-premises and cloud.

Businesses can effectively manage and control resource access across various platforms and domains, including private and public clouds and legacy on-premises settings, through a cloud authentication authority. By having comprehensive support for all identity types, demographics, applications, and environments, businesses can easily detect and address unsafe behaviors. They can also strike a fine balance between security and usability for both their employees and clients.

Further, improving a company’s cloud identity is crucial for ensuring reliable and seamless experiences for employees and consumers, as it minimizes friction and enhances visibility across all requirements. Moreover, organizations can leverage cloud-based services such as risk management, identity verification, and multi-factor authentication to continually validate identity, context, and device data.

Some of the eminent companies operating in the Europe identity verification market include Thales Group SA, TruNarrative, TransUnion LLC, Trulioo Information Services Inc, etc.

TruNarrative specializes in regulatory compliance, risk management, and financial crime detection. Its single API facilitates swift adaptation to the verification, monitoring, and onboarding processes without requiring multiple integrations or significant technical resources. The company is headquartered in Leeds, the United Kingdom. 

Its ID verification system can verify and authenticate across more than 180 jurisdictions in real time.