Digital Identity Solution Market by Component (Solutions and Services), Global Opportunity Analysis and Industry Forecast, 2021-2027

Digital identity solutions comprise biometric authentication which includes facial recognition, fingerprint, handprint, retina or eye scan, and voice recognition. These biometric features or digital identities are unique for every individual. It follows lock & capture mechanisms to authenticate the individual and provide access to a specific set of services. Digital identity solutions are more secure than traditional identity verification solutions, which depend on static certifications. Traditionally, identity verification is done by direct human interaction and physical verification of documents issued by the government authority.

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Numerous benefits provided by digital identity solutions such as short time to process, high level of accuracy, upgraded security, lower operational costs, and better customer experience drive the growth of the digital identity solution market. Moreover, major shift toward digitization and rise in identity and authentication fraudfuel the market growth. However, the cost of devices and software required for installing digital identity solutionsare high which may restrain the adoption of digital identity solutions globally. Furthermore, an increase in the integration of Machine Learning (ML) and Artificial Intelligence (AI) with a digital identity solution system and rise in adoption of cloud-based identity verification system are expected to create lucrative growth opportunities in the market during the forecast period.

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The digital identity solution market is segmented on the basis of component, deployment mode, solution, authentication type, enterprise size, industry vertical, and region. By component, it is classified into solutions and services. The solution segment is further bifurcated into biometric & non-biometric. By deployment model, the market is categorized into the cloud and on-premise. By authentication type, it is classified into single-factor authentication and multi-factor authentication. By enterprise size, it is categorized into small & medium size and large size enterprises. By industry vertical, it is classified into BFSI, healthcare, travel & hospitality, government & defense, IT & telecommunication, retail & e-commerce, education, and others. By region, the digital identity solution market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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This report includes an in-depth profile of some key market players in the digital identity solution market. These top players are NEC Corporation, Samsung SDS America Inc., Thales Group, TELUS Corporation, Tessi, ForgeRock, Jumio, Duo security, Image ware systems Inc., andSyntizen Technologies Pvt. Ltd.

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Key Benefits For Stakeholders

The study provides an in-depth analysis of the digital identity solution market along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the digital identity solution market size is provided.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the market.
The quantitative analysis of the market from 2019 to 2027 is provided to determine the digital identity solution potential.

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