Redding, California, March 27, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Digital Identity Management Solutions Market by Type, Offering, Application, Identity Type, Authentication Type, Organization Size, Deployment Mode, Sector (BFSI, Retail & E-Commerce, Government & Defense, Healthcare, and Other Sectors) - Global Forecast to 2030,’ the global digital identity management solutions market is projected to reach $70.8 billion by 2030, at a CAGR of 15.4% from 2023 to 2030.
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A comprehensive digital identity management system allows an organization to seamlessly and securely manage the complete identity lifecycle of its workforce and devices through hardware, software, or service platforms. It provides notable benefits such as enhanced security, high accuracy, and better customer experience. Furthermore, digital identity management solutions enable mobile authentication & registration, eHealth & ePassports, eSign official digital documents, and securing shared resources.
The growth of the global digital identity management solutions market is driven by factors such as the increasing frequency & sophistication of authentication & identity frauds in the BFSI sector, government initiatives encouraging the adoption of digital identity management solutions, and the integration of biometric capabilities into mobile devices. Furthermore, the growing adoption of cloud-based digital identity management solutions and the increasing utilization of contactless biometric solutions are expected to create market growth opportunities.
However, the high capital requirements for deploying digital identity management solutions restrain the growth of this market. Additionally, misconceptions and a lack of knowledge regarding digital identity management solutions are major challenges for the players operating in this market.
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Impact of COVID-19 on the Digital Identity Management Solutions Market
The outbreak of the COVID-19 pandemic resulted in a global economic downturn. Lockdowns and quarantine restrictions were imposed across several countries, negatively impacting most industries, including the digital identity management solutions industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the digital identity management solutions market. Many digital identity management solution providers were under immense pressure on various fronts due to the COVID-19 pandemic. However, many countries around the world are shifting their focus from responding to the pandemic to economic recovery; hence, various growth opportunities are expected to emerge for the players operating in the digital identity management solutions market due to the surging demand for biometrics-enabled identity verification, authentication, and security solutions, and the growing popularity of zero trust security solutions.
The global digital identity management solutions market is segmented by type (identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, and digital ID wallet solutions), offering (hardware [scanners & readers, cameras, and smart cards, tokens], software, services [professional services, and managed services]), application (workforce identity management, customer identity management, citizen digital identity management, machine identity management, and other digital identity management applications [border control & fraud identification]), identity type(biometric solutions and non-biometric solutions), authentication type ( single-factor authentication and multi-factor authentication), organization size (small & medium-sized enterprises and large enterprises), deployment mode (on-premise deployment and cloud-based deployment), sector (BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utilities, tourism & hospitality, education, manufacturing, and other sectors). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on type, the global digital identity management solutions market is segmented into identity verification & authentication solutions, digital KYC & onboarding solutions, zero trust security solutions, and digital ID wallet solutions. In 2023, the identity verification & authentication solutions segment is estimated to account for the largest share of the global digital identity management solutions market. The segment’s large share is attributed to the increasing government initiatives aimed at launching identity verification programs, efforts from leading digital identity management solution providers to launch biometric authentication solutions, and the growing demand for biometric authentication solutions. This segment is also expected to grow at the highest CAGR during the forecast period.
Based on offering, the global digital identity management solutions market is segmented into hardware, software, and services. In 2023, the hardware segment is estimated to account for the largest share of the global digital identity management solutions market. The large market share of this segment is attributed to the rising investments by market players to make more efficient hardware solutions and the increasing integration of advanced technologies into hardware to make efficient solutions.
Based on application, the global digital identity management solutions market is segmented into workforce identity management, customer identity management, citizen digital identity management, machine identity management, and other digital identity management applications. In 2023, the workforce identity management segment is expected to account for the largest share of the global digital identity management solutions market. However, the customer identity management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing demand for cloud-based customer identity management solutions among organizations, the increasing demand for multi-factor authentication and access management among customers, and the rising need to manage customer user identities in large enterprises.
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Based on deployment mode, the global digital identity management solutions market is segmented into on-premise deployment and cloud-based deployment. In 2023, the on-premise deployment segment is expected to account for the larger share of the global digital identity management solutions market. The large market share of this segment is attributed to the high preference for on-premise deployments among large enterprises, security issues associated with cloud deployments, and the availability of trained IT professionals and supportive infrastructure. However, the cloud-based segment is projected to register the highest CAGR during the forecast period.
Based on sector, the global digital identity management solutions market is segmented into BFSI, retail & e-commerce, government & defense, healthcare, IT & telecommunications, energy & utility, tourism & hospitality, education, manufacturing, and sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global digital identity management solutions market. The large market share of this segment is attributed to the growing adoption of biometrics solutions for fraud prevention, the rising need to implement digital identity management solutions to strengthen authentication & access control, and the rising need for accurate identity-based IT solutions.
However, the healthcare segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the increasing need to track healthcare data to discover innovative procedures & treatments, the growing adoption of smart health cards, the increasing need to ensure better compliance with healthcare laws, and the growing need to lower administrative costs.
Based on geography, the global digital identity management solutions market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global digital identity management solutions market. Asia-Pacific’s major market share is attributed to the increasing demand for digital identities for the authentication of citizens, growing demand for digital identity management solutions for accessing government services and identification and efforts by leading market players to launch digital identity management solutions. This regional market is also projected to register the highest CAGR during the forecast period.
The key players operating in the global digital identity management solutions market are Thales Group (France), NEC Corporation (Japan), IDEMIA (France), GB Group plc (U.K.), ForgeRock, Inc. (U.S.), Samsung SDS Co., Ltd. (South Korea), ImageWare Systems Incorporated (U.S.), Signicat (Norway), Syntizen Technologies Pvt. Ltd. (India), HashCash Consultants(U.S.), Jumio Corporation (U.S.), Vintegris, S.L. (Spain), Daon, Inc. (U.S.), Cloudflare, Inc. (U.S.), and Refinitiv Limited (a part of London Stock Exchange Group Plc).
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Scope of the Report
Digital Identity Management Solutions Market, by Type
- Identity Verification & Authentication Solutions
- Digital KYC & Onboarding Solutions
- Zero Trust Security Solutions
- Digital ID Wallet Solutions
Digital Identity Management Solutions Market, by Offering
- Hardware
- Scanners & Readers
- Cameras
- Smart Cards
- Tokens
- Software
- Services
- Professional Services
- Managed Services
Digital Identity Management Solutions Market, by Application
- Workforce Identity Management
- Customer Identity Management
- Citizen Digital Identity Management
- Machine Identity Management
- Other Digital Identity Management Applications
Digital Identity Management Solutions Market, by Identity Type
- Biometric Solutions
- Non-biometric Solutions
Digital Identity Management Solutions Market, by Authentication Type
- Single-factor Authentication
- Multi-factor Authentication
Digital Identity Management Solutions Market, by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
Digital Identity Management Solutions Market, by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Digital Identity Management Solutions Market, by Sector
- IT & Telecommunications
- BFSI
- Government & Defense
- Manufacturing
- Retail & E-commerce
- Healthcare
- Energy & Utility
- Education
- Tourism & Hospitality
- Other Sectors
Digital Identity Management Solutions Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
-
- Latin America
-
- Mexico
- Brazil
- Rest of Latin America
-
- Middle East & Africa
-
- UAE
- Israel
- Rest of Middle East & Africa
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