Digital Identity Solutions Market Latest Innovations, Future Scope And Market Trends 2021 – 2031

Digital Identity Solutions Market: Snapshot

The digital identity solutions market is estimated to observe considerable growth opportunities during the forecast period of 2021-2031. Inclination of various organizations and firms toward digitization has improved the growth prospects across digital identity solutions market to a substantial extent.

The utilization of reliable digital identity solutions can minimize human errors in verifying and cross-checking the identity of an individual. Further, digital identity solutions help deliver excellent customer experience, boost efficiency, and decrease costs. All these factors help in improving the growth opportunities across the digital identity solutions market.

Digital identity solutions are developed for governmental and non-governmental organizations to collect biographical data of individuals such as gender, name, address, and age electronically. It also collects biometric data. Precisely, it is the compilation of information about an individual in a digital form.

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The wave of digitalization has influenced advancements in numerous sectors and applications. As technologies flourish, the need for digital identity solutions increases. The accelerating need to include all the individuals on the planet under the purview of digital identification systems boosts growth prospects. Under the ID4D initiative of the World Bank, it aims to achieve the objective of providing everyone on the planet with a legal digital identity by 2030. Such initiatives add value to the digital identity solutions market growth trajectory.

The benefits derived from digital identity solutions are immense. These solutions automate process to make them seamless and more streamlined. They are helping in bridging the gap between security threats and digital presence. In addition, the solutions assure smooth transition from physical identification to digital identification. These factors bode well for the growth of digital identity solutions market.

Digital Identity Solutions Market: Competitive Prospects

Vendors in the digital identity solutions market are capitalizing on the expanding demand for digital identity solutions from large corporate companies and government bodies as well. The players are researching and developing novel systems for upgrading their solutions and making them more user-friendly.

Strategic collaborations are crucial for the vendors to expand their services and penetrate a larger consumer base. The collaborations help in strengthening the influence of the players. The alliance between Saviynt, one of the leading providers of enterprise cloud identity solutions and Deloitte is a classic instance. The digital identity solutions of Saviynt will now be available as a managed service with Deloitte.

Some well-established players in the digital identity solutions market are Samsung SDS, Tessi, ImageWare Systems, Vintegris, Duo Security, Good Digital Identity, Thales Group, and Smartmatic.

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Digital Identity Solutions Market: Recent Trends
Growing Need for Good Digital Governance Accelerates Growth Opportunities across Digital Identity Solutions Market

Digital governance is gaining prominence across many regions across the world. Many countries are strengthening their digital infrastructure to make the citizens eligible for reaping benefits from various government schemes and initiatives. The use of digital identities helps in verifying the identity and makes sure that the scheme has reached to the concerned citizen without any hindrance.

Integration of biometric digital ID ‘Aadhaar’ into various schemes and policies of the Indian Government is a classic instance of digital governance. Developed countries like the U.K. are also concentrating extensively on strengthening digital identity. It is planning to launch another digital identity scheme. Such developments help in strengthening the growth structure of the digital identity solutions market.

Biometric Integration in Smartphones Present Extensive Growth Opportunities

With the rising use of smartphones around the globe, technological advancements also continue to increase. Earlier, mobile phones were only protected by a simple password. With the changes in technology, smartphone manufacturers are integrating identity solutions across their devices to provide enhanced security to the consumers. These factors will have a positive impact on the growth of the identity solutions market.

Identity Solutions Market: Regional Landscape

North America’s identity solutions market is prognosticated to have a dominant growth-share between 2021 and 2031. The presence of numerous market players in the region and an increase in research and development activities across identity solutions will serve as prominent growth contributors. Identity solutions market in Asia Pacific will also observe rapid growth due to rising awareness. 

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