By 2027, the European identity verification market value is set to double to $4.4bn, up from $1.46bn in 2018.
That is according to new research from ResearchAndMarkets.com. The research which estimates that the sector will increase by a compound annual growth rate of 13.3% between 2018 and 2027.
Part of the reason behind the predicted growth is the increased demand for strong cybersecurity solutions, which is in no small way influenced by the large number of public hacks.
The researchers also stated that while big companies are the main organizations needing the software right now, more small and medium-sized firms are predicted to use the technology moving forward.
The report also noted that Europe’s identity verification market is fragmented at the moment and has a presence in several industries. However, 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.
It has also gained traction thanks to these systems’ multiple capabilities, like fraud detection, data identification and identity verification.
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