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Digital Identity Solutions Market expected to obtain $30.5 billion by 2024

03-10-2021 03:44 PM CET | IT, New Media & Software

Press release from: MarketsandMarkets™

Digital Identity Solutions Market

Digital Identity Solutions Market

According to a new market research report "Digital Identity Solutions Market by Solution (Biometrics and Non-Biometrics), Authentication Type, Deployment Mode (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024" published by MarketsandMarkets™, the digital identity solutions market size projected to grow from USD 13.7 billion in 2019 and expected to reach USD 30.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2019 to 2024.

Browse Full Report @ https://www.marketsandmarkets.com/Market-Reports/digital-identity-solutions-market-247527694.html

The increased focus on enhanced customer experience is anticipated to be a major driver, and the trend is expected to continue for the digital identity solutions industry. Additionally, the need of multi-purpose single digital identity and technological advancements in terms of Artificial Intelligence (AI), Machine Learning (ML), and blockchain have bolstered the potential use cases across verticals.

Browse in-depth TOC on "Digital Identity Solutions Market”
135- Tables
32- Figures
177- Pages

By solution, biometrics to hold a larger market size during the forecast period

Digital identity management solutions evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. The biometric features are unique for every individual. These solutions follow lock and capture mechanism to authenticate the individual and allow access to specific set of services. Biometric solutions are more secure than conventional passwords systems. These solutions also use multi-factor authentication to add an extra layer of protection. Hence, the biometrics segment is expected to be the fastest-growing segment during the forecast period.

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Retail and eCommerce vertical to be the fastest-growing vertical during the forecast period

The retail sector is rapidly implementing digital identity solutions to support business stability and improve the level of competitiveness. Retail is one of the top cost-conscious verticals and is the most targeted one for cyberattacks due to potential payouts and a huge number of monetary transactions Offered by credit card providers, such as Visa and MasterCard. In addition, the increasing complexities of supply chain, employees, channel partners, and customers are expected to force retailers to adopt managed authentication services. Retailers need stronger and faster authentication technologies for seamless flow of working. Digital identity solutions help improve customer experience and reduce cost and resource expenditure. Digital identities, such as face recognition help retailers proactively prevent organized retail crimes. Hence, digital identity solutions are gaining traction in the retail and eCommerce vertical to safeguard users from potential critical incidents and enhancing customer experience.

North America to hold the highest market share during the forecast period

North America has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the digital identity solutions market. The presence of key players is expected to be the major factor driving the growth of the market in this region. Companies, such as Telus Corp, ForgeRock, Jumio, Duo Security (Cisco), and Imageware Systems, along with several startups in the region, are offering digital identity solutions to cater to the needs of customers.

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Market Players

The major vendors covered in the digital identity solutions market include NEC (Japan), Samsung SDS (UK), Thales Group (France), GBG (UK), Telus (Canada), IDEMIA (France), Tessi (France), ForgeRock (US), Jumio (US), Refinitiv (UK), Duo Security (Cisco) (US), AU10TIX (Cyprus), Imageware Systems (US), Verisec (Sweden), vintegrisTech (Spain), Signicat (Norway), Smartmatic (UK), Syntizen (India), Intesa (IBM) (Italy), and RaulWalter(Estonia).

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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