Pune, Oct. 16, 2023 (GLOBE NEWSWIRE) -- “The Digital Identity Solution Market, as per the SNS Insider report, had a valuation of USD 27.3 billion in 2022 and is anticipated to reach USD 98.51 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 17.4% from 2023 to 2030.”
Market Overview
A digital identity solution is a technology-driven framework or system designed to establish and manage a person's or entities online identity securely and efficiently. It encompasses various methods and tools for authenticating, verifying, and controlling access to digital resources, services, and information in the digital realm. Digital identity solutions are crucial in today's interconnected world, where individuals and organizations rely heavily on online interactions and transactions. Digital identity solutions empower users to control how their personal information is shared and used. They allow individuals to grant or revoke consent for data sharing, enhancing privacy and compliance with data protection regulations like GDPR.
Market Analysis
The digital identity solution market has been experiencing significant growth in recent years, driven by a combination of technological advancements, regulatory changes, and evolving consumer preferences. With the rise in cyber threats and data breaches, organizations and individuals are becoming more concerned about the security of their digital identities. Digital identity solutions offer enhanced security features such as biometric authentication, multi-factor authentication (MFA), and encryption, making them essential for protecting sensitive information. The ongoing digital transformation across various industries has led to an increased need for digital identity verification. As more services and transactions move online, the demand for reliable and efficient digital identity solutions has surged. Advances in biometric technologies, such as facial recognition, fingerprint scanning, and voice recognition, have improved the accuracy and convenience of digital identity verification. These technologies are increasingly being integrated into digital identity solutions, boosting their adoption.
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Major Players Listed in this Report are:
The Key players are ForgeRock, Samsung SDS, Good Digital Identity, Thales, Telus, NEC, IDEMIA, OneSpan, Smartmatic, GBG, Tessi, Signicat, Hashcash Consultant, Duo Security, Daon, ImageWare, Jumio, iProov, ID R&D, Freja EID Group, Vintegris, Syntizen, and other players
Digital Identity Solution Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 27.3 Bn |
| Market Size by 2030 | US$ 98.51 Bn |
| CAGR | CAGR of 17.4 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Digital Identity Solution Market Study
- The market is poised for significant growth in the coming years, with the large organization segment at the forefront. Large organizations often operate across multiple regions and must adhere to various regulatory requirements related to data privacy and security. Digital identity solutions tailored to the needs of these organizations help ensure compliance with regulations like GDPR, HIPAA, and CCPA. This makes them an essential component of risk management strategies.
- In an era where online transactions and interactions have become the norm, the identity verification segment is set to dominate the market. From online banking to e-commerce, individuals engage in countless online transactions daily. Identity verification solutions play a pivotal role in ensuring that these transactions are secure and that users are who they claim to be.
Recent Developments
- Signicat, a leading provider of digital identity solutions, has announced the launch of its groundbreaking no-code platform, Mint, aimed at revolutionizing the way businesses manage and utilize digital identity. Mint is designed to address the challenges and complexities that organizations face in managing digital identities effectively.
- iProov, a leading player in the field of digital identity verification, has announced an exciting partnership with Cybernetica to pioneer innovative digital identity solutions. This collaboration marks a significant milestone in the realm of online identity verification and cybersecurity.
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Market Dynamics Analysis
The dynamics of the digital identity solution market are shaped by a complex interplay of drivers, restraints, challenges, and threats. On the driver's side, the increasing digitization of our lives, fueled by the adoption of smartphones, IoT devices, and online services, is propelling the demand for robust digital identity solutions. Moreover, the heightened awareness of cybersecurity risks and the need for secure and seamless user experiences are driving organizations and governments to invest in advanced identity verification technologies. Regulatory initiatives, such as GDPR and evolving privacy laws, are also acting as catalysts for innovation in this space. However, these drivers are counterbalanced by a set of restraints and challenges. The foremost challenge lies in balancing security and convenience, as users demand frictionless experiences while businesses need to ensure robust identity verification. Scalability and interoperability issues persist, especially in cross-border contexts, hindering the seamless exchange of digital identities. In addition to these internal dynamics, external threats loom large. Cyberattacks targeting digital identity systems, data breaches, and identity theft remain serious threats, necessitating constant innovation in security measures.
Digital Identity Solution Market Key Segmentation
By offerings
- Solutions
- Services
By organization size
- Large Organization
- SMEs
By Identity Type
- Biometric
- Non- biometric
By Solution Type
- Identity Verification
- Authentication
- Identity Lifecycle Management
- Other Solution Types
By Vertical
- BFSI
- Retail and eCommerce
- Government and defense
- Healthcare
- IT and ITeS
- Telecommunications
- Energy and Utilities
- Other
Key Regional Developments
North America is a key player in the digital identity solution market. They have well-established regulatory frameworks like GDPR and CCPA that prioritize data protection and privacy. The presence of major tech companies and a robust financial sector has driven innovation and investment in digital identity solutions. Europe is at the forefront of digital identity and data protection regulations. GDPR (General Data Protection Regulation) sets strict standards for handling personal data, influencing the development of secure identity solutions. Asia-Pacific is a diverse region with varying levels of digital identity adoption. Countries like India have launched ambitious projects like Aadhaar, while others are in the early stages of development.
Impact of Recession on Digital Identity Solution Market Share
While a recession can pose challenges to the digital identity solution market, it also presents opportunities for companies that can adapt to the changing economic landscape. The key to success in this market during a recession will be a combination of cost-effective solutions, robust cybersecurity measures, flexibility in pricing, and a keen understanding of evolving customer needs driven by remote work and regulatory changes.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Identity Solution Market Segmentation, By Offerings
9. Digital Identity Solution Market Segmentation, By organization Size
10. Digital Identity Solution Market Segmentation, By Identity Type
11. Digital Identity Solution Market Segmentation, By Solution Type
12. Digital Identity Solution Market Segmentation, By Vertical
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
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