Digital Identity Solutions Market Size in 2023 To 2029 | NEC (Japan), Samsung SDS (South Korea), Thales (France), Telus (Canada), IDEMIA (France), GBG (UK), Tessi (France), Daon (US), ForgeRock (US)

The global Digital Identity Solutions (DIS) market is anticipated to witness significant growth, expanding from USD 34.5 billion in 2023 to USD 83.2 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. The market's growth trajectory is driven by several key factors. Firstly, increased government initiatives supporting digital identification in transportation contribute to market expansion. Secondly, there is a rise in identity and authentication fraud, which further fuels the demand for robust digital identity solutions. However, it is important to note that the high cost associated with deploying digital identity solutions may hinder market growth to some extent. Despite this challenge, the overall market outlook remains positive, driven by the increasing need for secure and reliable digital identification solutions across various industries.

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Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like NEC (Japan), Samsung SDS (South Korea), Thales (France), Telus (Canada), IDEMIA (France), GBG (UK), Tessi (France), Daon (US), ForgeRock (US) and among others in the DIS market strategies.

Financial institutions are increasingly recognizing the value and advancements of technologies in enhancing the customer experience and protecting themselves and their customers from security breaches. They understand the potential of digital identity solutions in combating the threats of fraud and identity theft. Customers are demanding anytime, anywhere banking, leading BFSI organizations to deploy services such as internet banking, mobile banking, and stock trading through web and mobile applications. The rising instances of identity theft and fraud further drive the demand for robust digital identity solutions in the BFSI sector.

In addition, regulatory compliance requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, compel financial institutions to adopt advanced digital identity solutions for secure customer onboarding and transaction verification. These solutions help meet regulatory obligations while ensuring the integrity and security of customer data. By leveraging digital identity technologies, financial institutions can enhance their operational efficiency, streamline processes, and provide a secure and seamless experience to their customers while adhering to regulatory guidelines.

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In the digital identity solutions market, vendors offer digital identity services to assist customers in efficiently utilizing and maintaining their digital identity solutions. These services are crucial as they support the proper functioning of software-based solutions. Some vendors focus on providing managed services in this market, while others may outsource these services.

Digital identity services encompass technical support services that involve the effective integration of digital identity solutions. They require technical expertise to maintain and update digital identity software. The demand for these services is directly correlated with the level of adoption of digital identity solutions. As the adoption of digital identity solutions increases, there is a greater need to secure business-sensitive applications from unauthorized access. Managed services are employed to reduce operational overhead and risk and help organizations manage complex network infrastructure.

By offering digital identity services, vendors play a vital role in ensuring the smooth operation and maintenance of digital identity solutions, thereby enabling organizations to enhance security, streamline processes, and protect against unauthorized access to critical applications.

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This release was published on openPR.