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Digital Identity Market Insights 2023, Industry Overview, Growth Factors And Trends Forecast To 2032
Digital Identity Global Market
The Business Research Company's Digital Identity Global Market Report 2023 identifies increase in instances of identity-related fraud and data breaches as the major driver for the Digital Identity market's growth in the forecast period. Industries across the globe are adopting advanced digital identity solutions to effectively mitigate identity-related fraud and thefts. According to a study published by The Consumer Centinal Network, the volume of identity theft or fraud-related complaints across the United States increased by 113% from 2019 to 2020. Thus, the rise in identity-related fraud and data breaches is expected to boost the digital identity market during the forecast period.
The global digital identity market size grew from $23.63 billion in 2022 to $27.19 billion in 2023 at a compound annual growth rate (CAGR) of 15.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital identity market size is expected to grow to $48.51 billion in 2027 at a CAGR of 15.6%.
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Major competitors in the Digital Identity market are NEC Corporation, Samsung SDS, Thales Group, GBG, Telus, Tessi, IDEMIA, ForgeRock, Jumio, ImageWare Systems, iProov, Daon, ID R&D, Refinitiv.
A key trend in the Digital Identity market includes The partnership among the companies. The companies operating in the digital identity market are focusing on partnering with a technology-based player for the development of innovative technologies and enhancement of existing products to increase customer experience and performance. For instance, In April 2022, Blinking, a Serbia-based provider of digital identity and onboarding solutions partnered with IPification, a Hong Kong-based provider of mobile IP address-based authentication, user verification, and fraud prevention services to further improve the capabilities and performance of their platform. in May 2020, Ontology, an operator of high-performance enterprise blockchain and distributed collaboration platform partnered with Sphericity, a Germany-based provider of decentralized digital identity solutions for the development of innovative digital identity solutions. The partnership is focused on delivering enterprise solutions for cross-border supply chain and resilience.
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https://www.thebusinessresearchcompany.com/report/digital-identity-global-market-report
The Digital Identity market is segmented -
1) By Component: Solutions, Services
2) By Type: Single-factor Authentication, Multi-factor Authentication
3) By Deployment Type: Cloud, On-Premises
4) By Organization Size: Large Enterprises, SMEs
5) By Vertical: BFSI, Retail and eCommerce, Government and Defense, Healthcare, IT and ITeS, Telecommunications, Energy and Utilities, Other Verticals
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Digital Identity market.
The Business Research Company's "Global Digital Identity Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Digital Identity Market Include:
1. Executive Summary
2. Digital identity Market Characteristics
3. Digital identity Market Trends And Strategies
4. Digital identity Market - Macro Economic Scenario
5. Digital identity Market Size And Growth
……
27. Digital identity Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Digital identity Market
29. Digital identity Market Future Outlook and Potential Analysis
30. Appendix
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