Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The "Digital Identity Solutions Market by Hardware (RFID Reader & Encoder, Hardware-based Tokens, Processor ID Cards), Solution Type (Identity Verification, Authentication, Identity Lifecycle Management) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global Digital Identity Solution market size is projected to grow from USD 42.12 billion in 2024 to USD 133.19 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.
The government initiatives and regulations including CCPA, GDPR, eIDAS, and HIPAA are supporting digital ID transformation globally leading to an increase in identity solutions market. In addition to this, the growth in ID wallet solutions such as Civic Key Pass identity wallet, SelfKey Identity Wallet, and Dock i.o's identity wallet, among others are set to give a serious push to digital identification schemes worldwide. Further a rise in usage of online services offered by commercial businesses in recent years, and an increase in cybercrimes specifically relevant to identity frauds and authentication are responsible for the heightened growth of the digital identity solutions market. 
With the increasing acceptance of digital ID programs, regulatory backing, and secure authentication requirements, the Asia-Pacific region is to grow at the highest CAGR in the digital identity solutions market. India's Aadhaar, the world's largest biometric system, and Singapore's Singpass provide millions of people access to secure services, while China's real-name regulations and face recognition technologies ensure compliance. Government laws such as KYC in India and Japan's My Number system also encourage the usage of digital IDs, backed up by frameworks such as Australia's Trusted Digital Identity Framework.
Moreover, rising cybercrime has increased the demand for fraud protection using sophisticated biometric solutions, which is predicted to expand more in the coming years. Also, high mobile penetration, particularly in Japan and South Korea, facilitates mobile-based digital IDs. APAC is a leader in AI and blockchain integration, as seen by developments such as Alipay's face recognition. Further, with 4.3 billion people, government-led programs like Digital India are driving financial inclusion, and the APAC digital identification market is expected to develop at a fast pace.
Research Coverage
The report provides a detailed segmentation of the Digital Identity Solution Market and delivers forecasts on its size across multiple dimensions. These dimensions include - by Offering (Solutions and Services), by Solution (Hardware and Software), by Services (Professional Services and Managed Services), by Solution Type (Identity Verification, Authentication, Identity Lifecycle Management, and Audit, Compliance, and Governance), by Deployment Mode (On-Premises and Cloud), by Organization Size (SMEs and Large Enterprises), by Vertical (BFSI, Government, Healthcare, Retail & E-Commerce, Telecommunications, IT & ITES, Energy and Utilities, Education, Manufacturing, and Other Verticals), and by Region (North America, Europe, Middle East & Africa, Asia Pacific, and Latin America).
The report also includes an in-depth competitive analysis of key market players, offering insights into their company profiles, product and business offerings, recent developments, and core market strategies.
Thales (France), NEC Corporation (Japan), IDEMIA (France), Samsung SDS (South Korea), Telus (Canada), HID Global (US), CrowdStrike (US), DXC Technologies (US), IBM (US), CyberArk (US), SailPoint Technologies (US), GBG Corporation (UK), Ping Identity (US), Jumio (US), Onespan (US), TESSI (France), ACI Worldwide (US), Shufti (UK), Duo Security (US), AU10TIX (Israel), Imprivata (US), Innovatrics (Slovakia), iProov (UK), Onfido ((UK), Persona (US), Regula (Latvia), Signicat (Norway), Incode Technologies (US), Smartmatic (UK), and Vintegris (Spain) are some of the key players operating in the Digital Identity Solution market.
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 Frauds
- Restraints
- Privacy Concerns in Digital Identity Solutions Adoption
- Opportunities
- Increased Integration of AI, ML, and Blockchain Technologies to Enhance Digital Identities
- Adoption of Biometric Devices in Digital Identity Solutions
- Adoption of Advanced Authentication Techniques Across Verticals
- Challenges
- High Costs Associated with Deployment of Digital Identity Solutions
- Difficulties in Addressing Complexities of Advanced Threats
- Impact of Generative AI on Digital Identity Solutions Market
Case Study Analysis
- Thales Helped Telecom Operator Provide Seamless and Convenient Digital Enrolment Journeys to Its Customers
- iProov's Genuine Presence Assurance Technology Enabled Users to Verify Their Identity Securely
- Veridas' Access Management Platform Helped Club Tennis Sabadell Increase Its Security Level
- Jumio Identity Verification Improved Global66's Onboarding Process
- Integration of Jumio's Automated Document Scanning and Authentication Solution NetVerify into MR Green's Website Enhanced Authentication
Additional Insights Covered in the Report
- Value Chain Analysis
- Ecosystem Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trends and Disruptions Impacting Customer Business
- Key Stakeholders & Buying Criteria
- Trade Analysis
- Regulatory Landscape
- Key Conferences & Events, 2024-2025
- Investment and Funding Scenario
Key Attributes
| Report Attribute | Details |
| No. of Pages | 408 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $42.12 Billion |
| Forecasted Market Value (USD) by 2030 | $133.19 Billion |
| Compound Annual Growth Rate | 21.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/bnhwvz
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