Digital Identity Solutions Market Highlights On Future Development 2031

Digital Identity Solutions Market: Overview

The rising cases of identity-related theft are projected to aid in expansion of the global digital identity solutions market. The increasing use of BYOD trend worldwide is also adding boost to the overall growth of the digital identity solutions market in the coming years.

The global digital identity solutions market is classified on the basis of component, solution type, authentication type, deployment type, verticals, organization size, and geography. In terms of solution type, the market is bifurcated into non-biometrics and biometrics. Based on authentication type, the market is divided into multi-factor authentication, and single-factor authentication. With respect to deployment type, the market is divided into on-premises, and cloud. As per classification by verticals, the market is grouped into energy & utilities, telecommunications, IT and ITeS, Healthcare, Government and Defense, BFSI, Retail & E-commerce, and others.

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The report is based on a comprehensive overview of the market and its growth parameters including driving, repelling, and challenging factors. It also highlights the impact of the novel COVID19 pandemic on this market and how will players gain impetus from this. Besides this, the report discusses the table of segmentation and mentions the list of dominating segment with factors attributing to its high growth. Furthermore, the report lists the key trends and innovations that have shaped the revenue rate of this market in the past and is likely to continue doing so in the coming years as well.

Digital Identity Solutions Market: Competitive Landscape

Companies operating in the global market for digital identity solutions are engaging in collaborative agreements with each other so as to gain an upper hand in the overall market competition. Besides this, players are also investing heavily on geographical expansion to improve their brand presence and attract higher revenues in the coming years.

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Notable players of the global digital identity solutions market include:

Good Digital Identity
HashCash Consutants
Duo Security
Syntizen
RaulWalter
Signicat
AU10TIX
Vintegris
Verisec
Smartmatic
OneSpan
Refinitiv
iProov
Jumio
ForgeRock
IDEMIA
Daon
TELUS
Thales Group
Samsung SDS
NEC
Others
Digital Identity Solutions Market: Notable Developments

Thales Group entered into collaboration with Augentic-INCM for attaining a national ID document contract in Cameroon and Sweden. The main objective of this partnership is to support the Republic of Cameroon in the modernization of the biometric passport and the process of its issuance.
What3words and GBG entered into strategic collaboration for improving location data for logistic and retailer companies to outreach niche markets with ease.
Digital Identity Solutions Market: Trends and Innovations

With the quick mechanical headways, the quantity of cell phone clients across the globe has expanded to a bigger degree, and the world is turning out to be more associated than any other time in recent memory. Previously, the customary secret key framework was the solitary secure method of confirmation. With enhancements in innovation, these secret word security frameworks are simpler to hack. Digital identity-based security, for example, biometric innovation and multifaceted confirmation, is a superior and secure method of verification than passwords. Most cell phones accessible in the market have a camera and validation alternatives, for example, finger impression acknowledgment and facial acknowledgment. More cell phone organizations are advancing toward carrying out these unique mark and facial acknowledgment innovation in their cell phones.

On the contrary, identity theft cases and cybercrimes are likely to pose major challenges for the market in the coming years. Additionally, the initial investment and maintenance costs of implementing digital identity solutions are also high, thereby causing concerns for businesses, thereby hindering the market in the coming years.

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Digital Identity Solutions Market: Geographical Insights

Geographically, the market for digital identity solutions is dominated by North America on account of the increasing adoption of advanced solutions in all business sectors in the developed nations such as Canada and the United States of America. Besides this, the increasing number of research and development activities and the increasing adoption of digital solutions for safety and security purposes are likely to help this market gain the largest revenue in the coming years.

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