Digital Identity Solutions Market Trends, Size, Growth and Forecast 2029

Market Overview
The Global Digital Identity Solutions Market size is growing at a high CAGR during the forecast period (2022-2029).

Information on an entity used by a computer system to represent an external agent is digital identity. Accessing computers and offering services to clients is made possible by digital identity systems. A digital identity solution is the compliance of information about an individual that exists in a digital form, encompassing all data ranging from the individual's date of birth to all behaviors on social media platforms.

The solutions have various advantages, including high accuracy & compliance, minimal operational costs, improved client experience and enhanced security. As they have a large workforce and accompanying networking equipment prone to identity-related threats, several businesses benefit from digital identification solutions.

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Market Dynamics
Biometrics integrated smartphones

The number of smartphone users global has surged due to rapid technology breakthroughs and the world is becoming more linked than ever before. The only secure authentication method was using a password key mechanism in the past. As technology advances, password security measures are becoming easier to exploit. Digital identity-based security, such as biometric technology and multi-factor authentication, is more secure than passwords. Most smartphones come with a camera and security features like fingerprint and facial recognition. Many smartphone manufacturers are incorporating fingerprint and facial recognition technologies into their devices.

These authentication systems are also popular among consumers because they are more secure. After all, only one person can unlock them. Smartphones will be even more useful shortly, thanks to increased online buying due to a boom in eCommerce and an increase in digital identity-based verification in sectors like BFSI and retail. As a result of convenience and reduced time consumption, digital identity-based authentication would eventually replace traditional password systems.

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Market Segmentation:
By Component
• Solutions
• Services
By Solutions
• Biometrics
• Non-Biometrics
• Others
By End-User
• BFSI
• Healthcare
• Retail & E-Commerce
• Education
• IT & IT Services
• Government

Competitive Landscape
Product launches, approvals and other organic growth tactics such as patents & events are being prioritized by several companies. Acquisitions, partnerships and collaborations were seen as inorganic growth tactics. With the rise in demand globally, market payers in the digital identity solutions market are expected to benefit from attractive growth prospects.

GBG and Sanci Address formed cooperation in June 2020 to improve retailer and logistics company location data for easier access to niche markets. In September 2020, Thales Group partnered with AUGENTIC-INCM to secure a substantial national ID document contract in Sweden and Cameroon. The agreement would benefit the Republic of Cameroon as it revolutionizes its biometric passport and issuance procedure.

Major global digital identity solutions market companies include NEC Corporation, Samsung SDS America Inc., Thales Group, TELUS group, ForgeRock, Jumio, Tessi, Duo security, Image ware systems Inc. and Syntizen technologies Pvt. Ltd.

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