New York, United States, Oct. 24, 2022 (GLOBE NEWSWIRE) -- The digital identity solutions market is expected to witness significant growth on account of escalating security threats and data vulnerabilities across industries. Leading companies are working on Blockchain-based digital identity verification, record attestation, and record sharing system to replace traditional identity systems. The global pandemic has alerted all businesses and citizens to practice social distancing and contactless activities, further driving the market growth.
Identity verification requires the user or customer to provide personal identity data. All sizes of organizations, such as BFSI, government, defense, and retail, are implementing their choice of deployment, further accelerating the market growth. Stringent regulations, need for Know Your Customer (KYC) compliance, and establishment of Anti-Money Laundering (AML) regulations drive the market growth.
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Impact of Covid-19
Businesses may now function contactlessly thanks to the advancement of digital identity solutions from passwords to biometric authentication methods like voice, handprint, retina, and fingerprint scanning. Digital solutions are now more important than ever thanks to the COVID-19 epidemic. To stop the spread of the infection, businesses everywhere are converting to contactless digital and scanning solutions.
Emerging Contactless Business Strategies and Social Distancing Techniques
For the companies in the market for digital identity solutions, the future promises a potential prospect for growth. The active players, on the other hand, are fervently creating innovative methods to assist clients and create improved risk profiles. Future scientific advancements are anticipated to open up new avenues for organisations that don't now have access to this type of client data to generate cash. With digital identity, businesses could expand beyond their core competencies and act as a middleman or as a service provider for the public sector. As well as extending non-financial consulting services, they can do away with third-party data mining in the assessment of consumer credit histories.
Report Scope
| Report Metric | Details |
| Market Size | USD 116.07 billion by 2030 |
| CAGR | 18.6% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Solution, Organization Size, Industry Vertical, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | NEC, Samsung SDS, Thales Group, GBG PLC, Telus Corp., IDEMIA, Tessi, ForgeRock, Jumio, Refinitiv, Duo Security (Cisco), AU10TIX, Imageware Systems, Verisec, Vintegris Tech, Smartmatic, Syntizen, IBM, RaulWalter |
| Key Market Opportunities | Future science is expected to unlock opportunities in terms of earning revenue from other businesses |
| Key Market Drivers | Rising Cybercrime and Fraud in the Healthcare and Banking Sectors |
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Regional Analysis
Due to the existence of major market players, the U.S. dominates the North American market for digital identity solutions. Digital verification is now required for all types of digital transactions under the Digital Signature and Electronic Authentication Act (SEAL), which was established by the U.S. Senate. For U.S. banks, Finastra, a fintech business, recently created an eSignature solution to cut down on paper use, storage costs, and courier expenses.
Key Highlights
- The global digital identity solutions market size is projected to reach USD 116.07 billion by 2030, growing at a CAGR of 18.6% during the forecast period (2022-2030).
- The solution category is being considerably driven by growing enterprise adoption of Bring Your Own Device (BYOD) trends.
- Due to a movement in consumer preference for on-premises solutions for usability, the on-premises deployment method sector is predicted to expand at a significant CAGR.
- North America's market for digital identity solutions is led by the United States, which is supported by the presence of major market participants.
Key Players
- NEC
- Samsung SDS
- Thales Group
- GBG PLC
- Telus Corp.
- IDEMIA
- Tessi
- ForgeRock
- Jumio
- Refinitiv
- Duo Security (Cisco)
- AU10TIX
- Imageware Systems
- Verisec
- Vintegris Tech
- Smartmatic
- Syntizen
- IBM
- RaulWalter
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Digital Identity Solutions Market: Segmentation
By Solution
- Biometric
- Non-Biometric
By Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
By Industry Vertical
- BFSI
- Retail
- Government and Defence
- Healthcare
- IT and Telecommunication
- Energy and Utilities
By Region
- North America
- Europe
- Asia-Pacific
- SAMEA
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Market Overview
3.1 Report Segmentation & Scope
3.2 Value Chain Analysis: Digital Identity Solutions Market
3.3 Key Market Trends
3.3.1 Drivers
3.3.2 Restraints
3.3.3 Opportunities
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of Substitution
3.4.4 Threat of New Entrants
3.4.5 Competitive Rivalry
3.5 Impact of Corona on the Market
3.6 Market Share Analysis
4 Solution Overview
4.1 Introduction
4.1.1 Market Size & Forecast, 2020-2030, (USD Million)
4.2 Biometrics
4.2.1 Market Size & Forecast, 2020-2030, (USD Million)
4.3 Non-Biometrics
4.3.1 Market Size & Forecast, 2020-2030, (USD Million)
5 Organization Size Overview
5.1 Introduction
5.1.1 Market Size & Forecast, 2020-2030, (USD Million)
5.2 Small and Medium-Sized Enterprises
5.2.1 Market Size & Forecast, 2020-2030, (USD Million)
5.3 Large Enterprises
5.3.1 Market Size & Forecast, 2020-2030, (USD Million)
6 Industry Vertical Overview
6.1 Introduction
6.1.1 Market Size & Forecast, 2020-2030, (USD Million)
6.2 BFSI
6.2.1 Market Size & Forecast, 2020-2030, (USD Million)
6.3 Retail
6.3.1 Market Size & Forecast, 2020-2030, (USD Million)
6.4 Government & Defence
6.4.1 Market Size & Forecast, 2020-2030, (USD Million)
6.5 Healthcare
6.5.1 Market Size & Forecast, 2020-2030, (USD Million)
6.6 IT & Telecommunication
6.6.1 Market Size & Forecast, 2020-2030, (USD Million)
5.7 Energy & Utilities
5.7.1 Market Size & Forecast, 2020-2030, (USD Million)
6.8 Others
6.8.1 Market Size & Forecast, 2020-2030, (USD Million)
7 Regional Analysis
7.1 Introduction
7.1.1 Market Size & Forecast, 2020-2030, (USD Million)
7.2 North America
7.2.1 Market Size & Forecast, 2020-2030, (USD Million)
7.2.2 The U.S.
7.2.2.1 By Solution
7.2.2.2 By Organization Size
7.2.3 Canada
7.2.3.1 By Solution
7.2.3.2 By Organization Size
7.2.4 Mexico
7.2.4.1 By Solution
7.2.4.2 By Organization Size
7.3 Europe
7.3.1 Market Size & Forecast, 2020-2030, (USD Million)
7.3.2 Germany
7.3.2.1 By Solution
7.3.2.2 By Organization Size
7.3.3 France
7.3.3.1 By Solution
7.3.3.2 By Organization Size
7.3.4 The U.K.
7.3.4.1 By Solution
7.3.4.2 By Organization Size
7.3.5 Italy
7.3.5.1 By Solution
7.3.5.2 By Organization Size
7.3.6 Spain
7.3.6.1 By Solution
7.3.6.2 By Organization Size
7.3.7 Benelux
7.3.7.1 By Solution
7.3.7.2 By Organization Size
7.3.8 Russia
7.3.8.1 By Solution
7.3.8.2 By Organization Size
7.3.9 The Rest of Europe
7.3.9.1 By Solution
7.3.9.2 By Organization Size
7.4 Asia-Pacific
7.4.1 Market Size & Forecast, 2020-2030, (USD Million)
7.4.2 Japan
7.4.2.1 By Solution
7.4.2.2 By Organization Size
7.4.3 China
7.4.3.1 By Solution
7.4.3.2 By Organization Size
7.4.4 Australia
7.4.4.1 By Solution
7.4.4.2 By Organization Size
7.4.5 India
7.4.5.1 By Solution
7.4.5.2 By Organization Size
7.4.6 South Korea
7.4.6.1 By Solution
7.4.6.2 By Organization Size
7.4.7 Southeast Asia
7.4.7.1 By Solution
7.4.7.2 By Organization Size
7.4.8 Taiwan
7.4.8.1 By Solution
7.4.8.2 By Organization Size
7.4.9 The Rest of Asia-Pacific
7.4.9.1 By Solution
7.4.9.2 By Organization Size
7.5 MEA
7.5.1 Market Size & Forecast, 2020-2030, (USD Million)
7.5.2 Saudi Arabia
7.5.2.1 By Solution
7.5.2.2 By Organization Size
7.5.3 South Africa
7.5.3.1 By Solution
7.5.3.2 By Organization Size
7.5.4 UAE
7.5.4.1 By Solution
7.5.4.2 By Organization Size
7.5.5 Egypt
7.5.5.1 By Solution
7.5.5.2 By Organization Size
7.5.6 The Rest of MEA
7.5.6.1 By Solution
7.5.6.2 By Organization Size
7.6 South America
7.6.1 Market Size & Forecast, 2020-2030, (USD Million)
7.6.2 Brazil
7.6.2.1 By Solution
7.6.2.2 By Organization Size
7.6.3 Argentina
7.6.3.1 By Solution
7.6.3.2 By Organization Size
7.6.4 Chile
7.6.4.1 By Solution
7.6.4.2 By Organization Size
7.6.5 Peru
7.6.5.1 By Solution
7.6.5.2 By Organization Size
7.6.6 The Rest of South America
7.6.6.1 By Solution
7.6.6.2 By Organization Size
8 Company Profile
8.1 NEC
8.1.1 Company Overview
8.1.2 Financial Performance
8.1.3 Recent Developments
8.1.4 Product Portfolio
8.2 Samsung SDS
8.2.1 Company Overview
8.2.2 Financial Performance
8.2.3 Recent Developments
8.2.4 Product Portfolio
8.3 Thales Group
8.3.1 Company Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Product Portfolio
8.4 GBG PLC
8.4.1 Company Overview
8.4.2 Financial Performance
8.4.3 Recent Developments
8.4.4 Product Portfolio
8.5 Telus Corp.
8.5.1 Company Overview
8.5.2 Financial Performance
8.5.3 Recent Developments
8.5.4 Product Portfolio
8.6 IDEMIA
8.6.1 Company Overview
8.6.2 Financial Performance
8.6.3 Recent Developments
8.6.4 Product Portfolio
8.7 Tessi
8.7.1 Company Overview
8.7.2 Financial Performance
8.7.3 Recent Developments
8.7.4 Product Portfolio
8.8 ForgeRock
8.8.1 Company Overview
8.8.2 Financial Performance
8.8.3 Recent Developments
8.8.4 Product Portfolio
8.9 Jumio
8.9.1 Company Overview
8.9.2 Financial Performance
8.9.3 Recent Developments
8.9.4 Product Portfolio
8.10 Refinitiv
8.10.1 Company Overview
8.10.2 Financial Performance
8.10.3 Recent Developments
8.10.4 Product Portfolio
Table of Content and Figure @ https://straitsresearch.com/report/digital-identity-solutions-market/toc
Key Developments
- In March 2020, the government of Singapore announced the transition to a digital facial recognition program in order to eliminate the need for ID cards by 2022.
- In March 2020, China Everbright Bank (CEB) announced a blockchain-based supply chain finance solution by Ant Financial. The Bank intends to improve security and eliminate fraudulent transactions by implementing the duo chain technology. The platform also allows users to complete identity verification and electronic signatures with CEB, while recording all relevant transactions to a distributed ledger for tracking purposes
- In June 2019, Quest Diagnostics, an American clinical laboratory, exposed close to potential 11.9 million patients' records. Quest's rival, LabCorp, was the target of a cyberattack that resulted in the company pulling parts of its IT system offline
- The U.N. and the World Bank’s have pledged to provide everyone with a legal identity by 2030
News Media
SMS and NFC to Drive Growth of the Global Mobile Payment Market
Global Signature Verification Market Size Worth USD 9,395 Million By 2030 | CAGR of 25%
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