Dublin, May 23, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Identity Solutions Market Size, Trends & Growth Opportunity, By Authentication Type, By Solution, By End User, By Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Digital Identify Solutions market was valued at USD 25 billion in 2021 and it is expected to reach at USD 116.07 billion in 2027 at a CAGR of 18.6 % during forecast period 2022-2027.
Companies Mentioned
- NEC
- Samsung SDS
- Thales Group
- GBG
- Telus
- IDEMIA
- ForgeRock
- Jumio
- Accertify
- Refinitiv
- Duo Security (Cisco)
Digital identify solutions are flexible and scalable which can help organizations in reducing costs as well as complex identify solutions. A digital Identify solution comprises biometrics and non-biometric solutions which provides extra layer of security to systems, devices, and data. It is widely used in various industries such as BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, and Others.
Market Drivers
Increase in identify and authentication fraud is the key driving factor which is expected to boost the global digital identify solutions market growth. Furthermore, integration of biometrics in smartphones will positively contribute the market growth. Moreover, rise in technological advancements and product launch activities by key players will propel the market growth during this forecast period.
For instance, in Refinitiv had launched new "Qual -ID" integrating digital Identify Technology to identify fraud and financial services. Qual-ID technology combines digital ID verification and document proofing. Also, in July 2020, Accertify had launched its new solution (Accertify Digital Identify) to help enterprises address the significant increase in account opening and account takeover frauds. This is a sophisticated API-based solution which empowers enterprises to trust and verify who is on the other side of digital interaction.
Market Restraints
However, high cost involved in deploying digital identify solution is the major challenging factor which is expected to hinder the global digital identify solutions market growth. Also, lack of information security of consumer data will affect the market growth during this analysis period.
Market Segmentation
By Authentication Type
- Single-Factor Authentication
- Multi-Factor Authentication
By Solution
- Biometric
- Non-Biometrics
By End User
- BFSI
- IT & Telecomm
- Retail
- Government & Defense
- Healthcare
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Digital Identify Solutions Market?
- What will be the growth rate from 2022 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
- What are the strategies adopted by key players?
For more information about this report visit https://www.researchandmarkets.com/r/kmw0pm
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