Pune, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Digital Identity Solutions Market Size Analysis:
“The SNS Insider report indicates that the Digital Identity Solutions Market was valued at USD 32.4 billion in 2023 and is projected to grow to USD 142.6 billion by 2032, expanding at a CAGR of 17.90% over the forecast period of 2024-2032.”
Rising Demand for Secure Identity Verification Drives Growth in the Digital Identity Solutions Market
The Digital Identity Solutions Market has gained exceptional growth as there is a rise in the need for secure and efficient identity verification solutions in various sectors. Strong identity management systems, in particular, are now in demand as businesses in the e-commerce, healthcare, government, and financial services niches go digital. With the increasing number of digital transactions, the demand for reliable identity verification systems is more significant than ever. With the increasing incidence of cyber-attacks, data breaches, and identity theft, the demand for digital identity solutions that protect sensitive personal data and provide safe access to services has increased. Furthermore, regulation-based initiatives like GDPR, PSD2, and KYC regulations are pushing the implementation of digital identity systems.
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Major Players Analysis Listed in this Report are:
- Microsoft – Azure Active Directory
- IBM – IBM Security Identity Governance and Intelligence
- Oracle – Oracle Identity Management
- Ping Identity – PingOne for Enterprise
- Okta – Okta Identity Cloud
- Duo Security (Cisco) – Duo Security Multi-Factor Authentication
- Gemalto (Thales Group) – SafeNet Trusted Access
- SailPoint Technologies – IdentityNow
- IDEMIA – IDEMIA Identity Management
- Auth0 – Auth0 Identity Platform
- HYPR – HYPR Biometric Authentication
- ForgeRock – ForgeRock Identity Management
- OneSpan – OneSpan Identity Verification
Digital Identity Solutions Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 32.4 Billion |
| Market Size by 2032 | USD 142.6 Billion |
| CAGR | CAGR of 17.90% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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 Growth Drivers | • Increasing cyberattacks and identity theft incidents drive the need for robust digital identity solutions. • Innovations in AI, ML, and blockchain enhance the accuracy and security of identity management. |
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Digital Identity Solutions Market by Type: Centralized Leads with 65%, Decentralized to Grow Fastest in 2024-2032
The centralized segment had the largest market share in 2023 and accounted for around 65% of total revenue, attributed to the fact that most governments and large enterprises utilize such systems with centralized payment along with rapid advancement and growing adoption of systems as well as solutions in dedicated sectors. This trait makes such systems perfect for national ID-type applications and for organizations as a strong one-stop-identity-verification source especially for banking and enterprise access management.
Due to its features of privacy, security, and user ownership, the decentralization segment is predicted to reach the fastest CAGR during the forecast period. With blockchain-based solutions, these systems enable self-sovereign identities that are untameable — and this is a very attractive proposition to e-commerce, DeFi, and cross-border service sectors.
Digital Identity Solutions Market by Deployment: Cloud Leads with 52%, On-premise to Grow Fastest in 2024-2032
In 2023, the cloud segment dominated the market and held a revenue share of over 52% due to reasons such as scalability, easy implementation, and low cost. Organizations using Identity Cloud solutions need not own and maintain on-premise identity data; rather the identity data is remotely maintained and hosted as part of the Identity Cloud solution.
The on-premise segment is anticipated to exhibit the fastest CAGR over the forecast period, which can be credited to user-circulation-driven interest in organizations that demand high security, compliance, and data privacy. They offer full control over identity data which is important for banking, government, and defense.
Digital Identity Solutions Market by Deployment: Cloud Leads with 52%, On-premise to Grow Fastest in 2024-2032
The large enterprises segment accounted for more than 71% of revenue share in 2023, since large enterprises often demand system security for complex systems, a wide reach with a large customer base, and long-lasting identity management systems.
The Small and Medium Enterprises segment is projected to attain the fastest CAGR through 2032 owing to the growing need for cost-effective & scalable identity management systems. Employing these solutions will offer protection of customer data, transaction protection, and increased operational functional efficiency, which SMEs are gradually bridging towards.
Digital Identity Solutions Market Segmentation:
By Type
- Centralized
- Decentralized
By Deployment
- Cloud
- On-premises
- Hybrid
By Organization Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Application
- Authentication
- Authorization
- Access and Lifecycle Management
- Others (Accountability, Identity federation, etc.)
By Industry
- BFSI
- Automotive and Manufacturing
- Government and Public Services
- Energy and Resources
- Healthcare
- IT and Telecommunication
- Others
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Digital Identity Solutions Market Regional Analysis: North America Leads with 42%, Asia-Pacific to Grow Fastest by 2032
In 2023, North America held the majority of the digital identity solutions market and generated over 42% of revenue due to a comparatively advanced technological framework in addition to regulations and extensive penetration of digital services in the region. A more significant acknowledgment of the risk from cyber-insecurity, in addition to important technology vendors in the region, reinforces the overwhelming market in this component of the planet.
The highest CAGR during the forecast period has been registered for the Asia-Pacific, owing to the rise of digitalization, growing internet penetration, and expanding security scope beyond physical frontiers. The size and varied nature of this population, coupled with an unprecedented boom in mobile internet usage, represents just one aspect of the immense urgency for a dependable and secure identity verification solution in the region.
Major Digital Identity Solutions Upgrades: Microsoft, IBM, and Oracle Enhance Security and Compliance in 2024
In January 2024, Microsoft announced an upgrade to its Azure Active Directory, enhancing its identity verification capabilities for large enterprises and government organizations.
In February 2024, IBM launched new AI-driven identity governance tools as part of its IBM Security Identity Governance and Intelligence suite, aiming to improve security and compliance for businesses.
In March 2024, Oracle unveiled updates to its Oracle Identity Management platform, adding new features for biometric authentication and AI-powered fraud detection.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
3. Research Methodology
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Digital Identity Solutions Market Segmentation, by Deployment
8. Digital Identity Solutions Market Segmentation, By Type
9. Digital Identity Solutions Market Segmentation, By Application
10. Digital Identity Solutions Market Segmentation, By Enterprise Size
11. Digital Identity Solutions Market Segmentation, By Industry
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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