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Digital Identity Solutions Market is predicted to reach USD 95.6 billion in 2029, registering 18.8% CAGR during 2022-2029 | Size, growth & Forecast
Digital Identity Solutions Market
Digital Identity Solutions Market was valued 24.1 billion in 2021 and is projected to grow at a significant CAGR 18.8% over the period, 2022-2029, reaching USD 95.6 billion in 2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/digital-identity-solutions-market/
The factors driving the growth of Digital Identity Solutions Market includes increasing incidences of identity related frauds across industry verticals, rise in the number of smartphone users around the world, Government invitees supporting digitalization and growing awareness about the benefits of digital identity solutions. As per the data available at Statista, the number of identity theft worldwide has increased from 429 in the second half of 2016 to 1,085 in the second half of 2017, which is pushing the demand for digital identity solutions across the globe. Moreover, integration of advanced technologies such as Artificial Intelligence (AI), Blockchain and Internet of Things (IoT) with digital identity solutions, advancement in biometrics and growing trend of Bring Your Own Device (BYOD), are some of the additional factors supplementing the Digital Identity Solutions Market size. In addition, the increasing investments by leading players on research and development, rise in the launch of innovative products, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
However, growth of the Digital Identity Solutions Market is hindered due to high cost of deploying digital identity solutions.
The leading players operating in the Digital Identity Solutions Market includes Jumio, Refinitiv, ForgeRock, NEC Technologies, Samsung SDS, GB Group plc, IDEMIA, Thales Group, Telus and Tessi among others.
Based on Authentication Type, the Multi-Factor Authentication segment is projected to expand at a robust CAGR over the forecast period
Multi-factor authentication provides multiple layers of protection, making it difficult for the unauthorized users to access database, is the major factor pushing growth of the segment.
Based on Organization Size, the Large Enterprises segment is predicted to grow at a significant CAGR during the forecast period
Digital identity solutions detect excess risk and risk outliers and enables large enterprises real-time access to employee's data, are some of the features propelling growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR over the forecast period
Growing demand for digital identity solution across industry verticals such as BSFI, Healthcare and IT & Telecom, technological advancements in digital identity solutions, rapid industrialization, rising per capita income and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2020, NEC Technologies partnered with SITA. Through this companies aim to leverage SITA Flex and SITA Smart Path along with NEC's identity management platform.
In 2019, Thales Group acquired Gemalto, an international security company, this acquisition was aimed at combining software applications of Gemalto with existing digital assets of Thales to develop a new leader in digital security.
In 2019, Refinitiv introduced its new digital identity solution, which provides reliable digital identity verification, anti-impersonation tests, screening via seamless API technology, and document authentication.
Market Segmentation
Segmentation by Solution
Biometrics
Non-Biometrics
Segmentation by Authentication Type
Single-Factor Authentication
Multi-Factor Authentication
Segmentation by Deployment Mode
On-Premises
Cloud
Segmentation by Organization Size
Small & Medium-Sized Enterprises
Large Enterprises
Segmentation by Vertical
Banking, Financial Services, & Insurance
Retail & Ecommerce
Government & Defense
Healthcare
IT & Telecom
Energy & Utilities
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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