Dublin, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The "Digital Identity Solutions Market by Offering (Solutions and Services), Solution Type (Identity Verification, Authentication), Identity Type (Biometric and Non-Biometric), Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Digital Identity Solutions market size is expected to grow from an estimated value of USD 27.9 Billion in 2022 to USD 70.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.4%
Some of the factors that are driving the market growth include the rise in identity and authentication frauds and integration of advanced technologies like AI/ML, Blockchain in digital identity solutions.
By offering, Solutions segment to account for a higher market share during the forecast period
The digital identity solutions market has solutions, which cater to different organizational needs. These solutions have provisions where organizations can easily maintain customer data that was previously collected or collected during the registration phase. Digital identity can help organizations reduce damages in terms of fraud, identity theft, and money laundering.
These solutions are designed to enhance security, streamline business processes, reduce cost, and enhance customer satisfaction. Customers across industries, such as IT, retail, healthcare, and BFSI, adopt digital identity solutions into their operations to reduce time and automate the customer onboarding process.
The solutions segment would be larger compared to the services segment due to the growing need to promote a seamless customer experience. There are many vendors in the market who are using biological traits, such as fingerprint, retina, facial trait, and voice pattern, to verify the individuals.
Digital Identity solutions are capable of processing multiple requests at the same time, and they also assist organizations in processing and verifying identities at scale accurately. A digital identity solution relies on the collection of metadata of the data, which is continuously collected. This metadata helps and trains the software over the period with complex patterns and the required results. This overall process optimizes the performance of digital identity solutions.
By identity type, biometrics to account for a larger market size during the forecast period
Digital identity solutions were traditionally evolved from passwords based to biometric authentication solutions, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. Biometric solutions follow lock and capture mechanisms to authenticate the individuals and enable access to a specific set of services.
The biometric solutions are more secure than the conventional keys (or keycards) and password systems. These solutions also use multi-factor authentication to add an extra layer of protection. The biometric solutions segment is growing at a significant rate due to the increasing demand for digital identity solutions, identity authentication, ID verification, and others, which include compliance management and fraud prevention.
Competitive landscape
Key players in the global digital identity solutions market include vendors, such as NEC Corporation (NEC), Samsung SDS, Thales Group, GB Group PLC (GBG), TELUS Communication (TELUS), Tessi, Daon, IDEMIA, ForgeRock, and Jumio.
| Report Attribute | Details |
| No. of Pages | 335 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $27.9 Billion |
| Forecasted Market Value (USD) by 2027 | $70.7 Billion |
| Compound Annual Growth Rate | 20.4% |
| Regions Covered | Global |
Premium Insights
- Increasing Number of Identity Thefts Across Verticals to Fuel Digital Identity Solutions Market Growth
- Solutions Segment to Account for Larger Market Share During Forecast Period
- Authentication Segment to Account for Larger Market Share During Forecast Period
- Single-Factor Authentication to Account for Larger Market Share During Forecast Period
- Biometric Segment to Account for Larger Market Share During Forecast Period
- On-Premises Deployment to Gain Larger Market Share During Forecast Period
- Large Enterprises to Have Larger Market Share During Forecast Period
- BFSI and North America to Account for Largest Market Shares in 2022
- Asia-Pacific to Emerge as Best Market for Investment in Next Five Years
Market Dynamics
Drivers
- Government Initiatives and Regulations Supporting Digital Id Transformation
- Rise in Id Wallet Solutions
- Boost in Usage of Online Services Offered by Commercial Businesses in Recent Years
- Rise in Identity and Authentication Fraud
Restraints
- Higher Cost for Deploying Digital Identity Solutions
- Lack of Information Security of Consumer Data
Opportunities
- Increased Integration of AI, ML, and Blockchain Technologies to Enhance Digital Identities
- Adopting Biometric Devices in Digital Identity Solutions
- Adopting Advanced Authentication Techniques Across Verticals
Challenges
- Threat of Privacy and Data Breach
Technology Analysis
- Blockchain
- Biometrics and Blockchain
- Authentication
- Out-Of-Band Authentication
- Baked-In Authentication
- Facial Liveness
Regulatory Landscape
- General Data Protection Regulation
- Electronic Identification, Authentication, and Trust Services
- Federal Information Processing Standards
- Essb 6280
- Personal Information Protection and Electronic Documents Act
- Criminal Justice Information System Security Policy
- Ffiec Authentication in an Internet Banking Environment Guidance
- Know Your Customer
- Anti-Money Laundering
- Fair and Accurate Credit Transaction Act
- Identity Theft Red Flags
- Regulatory Bodies, Government Agencies, and Other Organizations
Company Profiles
Key Players
- Nec
- Samsung Sds
- Thales
- Gbg
- Telus
- Tessi
- Daon
- Idemia
- Forgerock
- Imageware
- Jumio
- Iproov
- Id R&D
- Refinitiv
Other Players
- Onespan
- Smartmatic
- Freja Eid Group
- Vintegris
- Au10Tix
- Signicat As
- Raulwalter
- Duo Security
- Syntizen
- Hashcash Consultant
- Good Digital Identity
For more information about this report visit https://www.researchandmarkets.com/r/gkb0fj
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