Digital Identity Global Market By Component, By Solution, By Identity Type, By Deployment, By Enterprise Size, By Regional Forecast 2024-2033 | NEC Corporation, Thales Group, Samsung SDS, Telus Corporation, Okta Inc.

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The Digital identity Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Digital Identity Global Market Report 2024, The digital identity market size has grown rapidly in recent years. It will grow from $26.43 billion in 2023 to $30.17 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increasing cybersecurity concerns, regulatory compliance requirements, rise in online transactions, identity theft and fraud prevention, user convenience and experience.

The digital identity market size is expected to see rapid growth in the next few years. It will grow to $54.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to emergence of decentralized identity, biometric authentication adoption, expansion of digital services, health and safety use cases. Major trends in the forecast period include biometric data privacy regulations, AI-powered identity verification, identity-as-a-service (IDaaS), multi-factor authentication (MFA) evolution, cross-industry collaboration on digital identity standards.

An increase in instances of identity-related fraud and data breaches is contributing to the growth of the digital identity market. Identity fraud is a crime in which someone wrongfully obtains and uses other individuals’ data in some way that involves fraud and deception for economical gain. Industries across the globe are adopting advanced digital identity solutions to effectively mitigate identity-related fraud and thefts. According to a study published by The Consumer Centinal Network, the volume of identity theft or fraud-related complaints across the United States increased to 1,432,695 in 2021. Thus, the rise in identity-related fraud and data breaches is expected to boost the digital identity market during the forecast period.

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The digital identity market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Type: Single-factor Authentication, Multi-factor Authentication
3) By Deployment Type: Cloud, On-Premises
4) By Organization Size: Large Enterprises, SMEs
5) By Vertical: BFSI, Retail and eCommerce, Government and Defense, Healthcare, IT and ITeS, Telecommunications, Energy and Utilities, Other Verticals

Major companies operating in the digital identity market are developing innovative technologies such as the Digital Identity Maturity Model and Assessment for Healthcare IT, Security, and Clinical Leadership. The Digital Identity Maturity Model and Assessment is a framework designed to help organizations, particularly in the healthcare sector, assess and improve their digital identity strategies. For instance, in April 2023, Imprivata, a US-based digital identity company for life and mission-critical industries, launched the First Digital Identity Maturity Model and the Digital Identity Maturity Assessment. Clinical leadership, IT, and security teams may rapidly evaluate the efficacy of their digital identity program using this interactive, self-service tool, which is based on the technologies and procedures presently in use. With actionable insights to concurrently drive improvements across all areas, the output is a tailored report that takes user outcomes, security, and compliance into account in accordance with the maturity model.

The digital identity market report table of contents includes:
1. Executive Summary