Overview and Scope
Digital identity solutions are open-standards-based online or networked identities that a person, business, or electronic equipment adopts or claims in cyberspace. It is also known as self-sovereign identity. They are used for finding cyber threats and reduce costs for enterprises.
Sizing and Forecast
The digital identity solutions market size has grown rapidly in recent years. It will grow from $33.34 billion in 2023 to $39.75 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to increased cyber threats, rise of online services, data breaches awareness, mobile device proliferation, financial sector embrace..
The digital identity solutions market size is expected to see rapid growth in the next few years. It will grow to $79.59 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to healthcare and telemedicine growth, cybersecurity concerns, remote work and digitalization, expansion of iot devices, biometric authentication growth.. Major trends in the forecast period include decentralized identity management, zero trust security models, biometric integration, focus on user experience, ai and behavioral analytics..
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Segmentation & Regional Insights
The digital identity solutions market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Solution Type: Identity Verification, Authentication, Identity Lifecycle Management, Other Types
3) By Identity Type: Biometrics, Non Biometrics
4) By Deployment Mode: On Premises, Cloud
5) By Vertical: BFSI, Retail And E-Commerce, Government And Defense, Healthcare, IT And Telecommunication, Energy And Utilities, Other Verticals
North America was the largest region in the digital identity solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the digital identity solutions market report during the forecast period. The regions covered in the digital identity solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Rising cybercrime and fraud are expected to propel the digital identity solutions market going forward. Cybercrime refers to a criminal act that uses or targets a computer, a computer network, or a networked device. Cybercrime is committed by both individuals and groups that aim to harm computers or networks for objectives other than financial gain. Digital identity solutions play a major role in combating cyber-crimes by achieving cybersecurity with stronger user authentication through facial, voiceband fingerprint recognition, so the rise in cybercrimes will propel market growth. For instance, in 2021, according to the Internet Crime Report 2021 by the Federal Bureau of Investigation, a US-based provider of intelligence and security services, the total number of complaints of cybercrime increased by 7% from 2020 to reach 847,376 complaints. Furthermore, in 2021, according to the ‘Cost of a Data Breach’ report by IBM Security, a US-based provider of enterprise security products and services, the data breach cost increased from $3.86 million in 2020 to $4.24 million in 2021. Therefore, rising cybercrime and fraud are driving the digital identity solutions market.
Key Industry Players
Major companies operating in the digital identity solutions market are focused on introducing advanced solutions, such as digital ID networks, to gain a competitive edge in the market. A digital ID network refers to a platform that acts as a bridge between organizations that need to verify identities and the organizations providing the verification, allowing consumers to reuse trusted digital identities. For instance, in October 2023, ConnectID, an Australia-based digital identity network, launched a digital ID network that allows users to safely authenticate themselves to outside parties without repeatedly disclosing any needless information. Customers can request that participating businesses use institutions they already trust with their data, such as banks, to verify information rather than providing proof of identification documentation. Customers will be able to choose which organizations they trust to retain their personal information and have more control over what data is shared and utilized thanks to this new service, which will also help them stop oversharing their data.
The digital identity solutions market report table of contents includes:
1. Executive Summary
- Digital Identity Solutions Market Characteristics
- Digital Identity Solutions Market Trends And Strategies
- Digital Identity Solutions Market – Macro Economic Scenario
- Global Digital Identity Solutions Market Size and Growth
.
- Global Digital Identity Solutions Market Competitive Benchmarking
- Global Digital Identity Solutions Market Competitive Dashboard
- Key Mergers And Acquisitions In The Digital Identity Solutions Market
- Digital Identity Solutions Market Future Outlook and Potential Analysis
- Appendix
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