Global Digital Identity Solutions Market Set to Surge, Expected to Reach USD 77,283.7 Million by 2030 | IGR

The Global Digital Identity Solutions Market, which recorded a valuation of USD 21,679.5 million in 2022, is poised for exceptional growth, projected to reach USD 77,283.7 million by 2030, with a robust CAGR of 17.51% during the forecast period.

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Digitalization Sparks Market Growth

The ongoing digital transformation of both public and private organizations in developing nations is driving the rapid expansion of the digital identity solutions market. As organizations transition from analog to digital operations, digital identity solutions play a pivotal role in seamlessly converting stakeholder identity data into a digital format. Moreover, the rising concerns surrounding fraud and identity theft are significant catalysts propelling market growth. With the surge in identity theft and data breaches in recent years, there is a heightened demand for safeguarding individuals from such cyber threats.

Epidemic Rise in Identity Theft and Fraud

Identity theft and fraud have witnessed an alarming surge, particularly with the increasing popularity of e-commerce, online public services, and social media. The rapid exchange of personal information and data online has escalated the risk of falling victim to cybercrime. In the United States alone, over 4.7 million cases of fraud and identity theft were reported in 2020, marking a staggering 45% increase from the previous year, according to the Federal Trade Commission's Consumer Sentinel Network Data Book. Identity theft emerged as the leading category among fraud complaints, constituting 30% of total fraud cases in the U.S. Similar trends were observed in Europe, where identity theft accounted for 33% of reported fraud cases, as per the European Commission Survey on Fraud Experiences by Consumers. Countries like the UK, Ireland, Denmark, and the Netherlands faced substantial challenges related to identity theft, resulting in multibillion-dollar losses. The escalating risk of cyber threats has led organizations to adopt digital identity solutions as a preventive measure, securing sensitive consumer data and driving market growth.

Digitalization Trend

The global trend toward digitalization is prevalent across various sectors, including public organizations, healthcare, transportation, logistics, and manufacturing. As these industries continue to modernize and adapt to evolving access control policies, the demand for digital identity solutions is expected to soar. Organizations are heavily investing in enhancing digital experiences and services, aiming to improve brand loyalty and customer retention. Digital identity capabilities play a crucial role in acquiring, converting, and retaining customers, offering a unified view of customer needs and trends across all channels. The healthcare sector, for instance, has witnessed significant digital transformation, with a substantial percentage of physicians and hospitals adopting electronic health records (EHR). The resulting demand for healthcare identity management solutions further boosts the growth of the digital identity solutions market. Additionally, the COVID-19 pandemic accelerated digital progress worldwide, with remote work, increased business automation, and a surge in online transactions reinforcing the pivotal role of digital identity solutions in facilitating this transformation.

Lack of Standardization a Key Challenge

While governments worldwide have introduced legislation to protect private data, many regulations lack specific standards for managing consumer and organizational identity data. This lack of clarity often deters organizations from systematically managing identity data, posing a challenge to market growth. Guidelines and policies associated with privacy protection regulations are frequently vague, failing to outline protocols for identity data management. As a result, the absence of standardized identity management measures mandated by privacy regulations is expected to hinder market expansion.

AI and ML Integration Offer Growth Prospects

Artificial intelligence (AI) technologies, including machine learning (ML), are making significant strides in various industry verticals globally. Digital identity solutions providers are harnessing the power of AI to enhance access security and maintain identity integrity. AI enables a more nuanced approach to role-based access, reducing the risk of privileged access abuse. Machine learning algorithms can discern subtle changes in user behavior, automating authentication for low-risk access scenarios. Furthermore, ML-integrated digital identity solutions excel in detecting anomalies, and distinguishing normal user interactions from suspicious ones. The adoption of AI technologies in digital identity solutions offers substantial growth opportunities for market players.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Digital Identity Solutions Market Highlights

2.2. Digital Identity Solutions Market Projection

2.3. Digital Identity Solutions Market Country Highlights

Chapter 3. Global Digital Identity Solutions Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.3. Analysis of COVID-19 impact on the Digital Identity Solutions Market

3.4. Porter's Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.5.1. IGR-Growth Matrix Analysis by Component

3.5.2. IGR-Growth Matrix Analysis by Deployment

3.5.3. IGR-Growth Matrix Analysis by Authentication Type

3.5.4. IGR-Growth Matrix Analysis by Enterprise Size

3.5.5. IGR-Growth Matrix Analysis by End User

3.5.6. IGR-Growth Matrix Analysis by Region

3.6. Value Chain Analysis of Digital Identity Solutions Market

Chapter 4. Digital Identity Solutions Market Macro Indicator Analysis

Chapter 5. Global Digital Identity Solutions Market by Component

5.1. Solutions

5.1.1. Biometrics

5.1.2. Non-biometrics

5.2. Services

Chapter 6. Global Digital Identity Solutions Market by Deployment

6.1. Cloud

6.2. On-premise

Chapter 7. Global Digital Identity Solutions Market by Authentication Type

7.1. Single-factor Authentication

7.2. Multi-factor Authentication

Chapter 8. Global Digital Identity Solutions Market by Enterprise Size

8.1. Large Enterprises

8.2. Small & Medium Enterprises (SMEs)

Chapter 9. Global Digital Identity Solutions Market by End User

9.1. BFSI

9.2. IT & Telecommunication

9.3. Healthcare

9.4. Government and Defense

9.5. Energy and Utilities

9.6. Others

Chapter 10. Global Digital Identity Solutions Market by Region 2023-2030

10.1. North America

10.1.1. North America Digital Identity Solutions Market by Component

10.1.2. North America Digital Identity Solutions Market by Deployment

10.1.3. North America Digital Identity Solutions Market by Authentication Type

10.1.4. North America Digital Identity Solutions Market by Enterprise Size

10.1.5. North America Digital Identity Solutions Market by End User

10.1.6. North America Digital Identity Solutions Market by Country

10.2. Europe

10.2.1. Europe Digital Identity Solutions Market by Component

10.2.2. Europe Digital Identity Solutions Market by Deployment

10.2.3. Europe Digital Identity Solutions Market by Authentication Type

10.2.4. Europe Digital Identity Solutions Market by Enterprise Size

10.2.5. Europe Digital Identity Solutions Market by End User

10.2.6. Europe Digital Identity Solutions Market by Country

10.3. Asia-Pacific

10.3.1. Asia-Pacific Digital Identity Solutions Market by Component

10.3.2. Asia-Pacific Digital Identity Solutions Market by Deployment

10.3.3. Asia-Pacific Digital Identity Solutions Market by Authentication Type

10.3.4. Asia-Pacific Digital Identity Solutions Market by Enterprise Size

10.3.5. Asia-Pacific Digital Identity Solutions Market by End User

10.3.6. Asia-Pacific Digital Identity Solutions Market by Country

10.4. RoW

10.4.1. RoW Digital Identity Solutions Market by Component

10.4.2. RoW Digital Identity Solutions Market by Deployment

10.4.3. RoW Digital Identity Solutions Market by Authentication Type

10.4.4. RoW Digital Identity Solutions Market by Enterprise Size

10.4.5. RoW Digital Identity Solutions Market by End User

10.4.6. RoW Digital Identity Solutions Market by Sub-region

Chapter 11. Company Profiles and Competitive Landscape

11.1. Competitive Landscape in the Global Digital Identity Solutions Market

11.2. Companies Profiles

11.2.1. Thales Group

11.2.2. Samsung SDS

11.2.3. NEC Corporation

11.2.4. Jumio Corporation

11.2.5. GB Group plc

11.2.6. Telus Corporation

11.2.7. Signicat AS

11.2.8. Freja eID Group AB

11.2.9. Víntegris S.L.U.

11.2.10. ABC Technologies B.V. (Au10tix)

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of Digital Identity Solutions.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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