The Europe Identity Verification Market would witness market growth of 12.5% CAGR during the forecast period (2020-2026). The European Union has launched the fifth AML ordinance. Under this ordinance, the identity verification verge for the prepaid card industry has been reduced from EUR 250 to EUR 150. In addition to it, the scope of AML regulations is enhanced further. Likewise, government bodies all across the globe emphasize forming stringent regulations in order to limit identity theft and they are also making efforts to get the global population under the umbrella of legal identity. The initiatives of the UN and World Bank are focused to provide every individual with a legal identity at least by 2030.
Identity verification is nowadays very deceptive in the financial industry as well as in businesses where the businesses and individuals are involved in opening accounts, applying for loans, making online payments through digital channels, and perform other financial activities online. Apart from it, those organization that is dealing with consumers online, requires to adopt identity verification channels.
The recognition of digital payment methods is likely to expand post the COVID-19 outbreak and it will play a significant role in the long term. Cash is seen as a latent carrier for the virus, governments and governing bodies are strictly discouraging its use. For example, the usage of cash in Britain has been reduced to half, after the government-imposed lockdown. In the UK, owing to the COVID-19 outbreak, FATF rules have supported customers to send selfies or emails of the scanned ID documents as proof for identification.
Based on Component, the market is segmented into Solutions and Services. Based on Type, the market is segmented into Non- Biometrics and Biometrics. Based on Enterprise Size, the market is segmented into Large Enterprise and Small & Medium Enterprise. Based on Deployment Type, the market is segmented into On-premises and Cloud. Based on End User, the market is segmented into BFSI, Energy & Utilities, Healthcare, Retail & eCommerce, Government & Defense, IT & Telecommunication and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Identity Verification Market in Europe is expected to register a CAGR of 12.5% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Experian PLC, GB Group PLC, Equifax, Inc., Mitek Systems, Inc., Thales Group S.A., RELX PLC (LexisNexis Risk Solutions, Inc.), Onfido Limited, Trulioo, Inc., Acuant, Inc. and TransUnion LLC.
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Companies Profiled
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