Digital Identity Management Solutions Market to be Worth $70.8 billion by 2030 by Meticulous Research®

A recently published market research report titled "Global Forecast to 2030: Digital Identity Management Solutions Market" indicates that the digital identity management solutions market is poised to achieve a valuation of $70.8 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 15.4% from 2023 to 2030.

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A robust digital identity management system empowers organizations to efficiently and securely oversee the complete lifecycle of identities for both their workforce and devices, leveraging hardware, software, or service platforms. These systems offer significant advantages such as heightened security, enhanced accuracy, and improved customer experiences. Moreover, they facilitate various functionalities including mobile authentication and registration, eHealth and ePassports, eSignatures for official digital documents, and securing shared resources.

The growth of the digital identity management solutions market is propelled by several factors including the escalating frequency and sophistication of authentication and identity frauds within the Banking, Financial Services, and Insurance (BFSI) sector, government initiatives promoting the adoption of digital identity management solutions, and the integration of biometric capabilities into mobile devices. Additionally, the rising adoption of cloud-based digital identity management solutions and the increasing utilization of contactless biometric solutions present opportunities for market growth.

However, challenges such as high capital requirements for deploying digital identity management solutions and misconceptions coupled with a lack of knowledge regarding these solutions pose hurdles for market players.

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The BFSI sector, heavily reliant on IT infrastructure for delivering services such as mobile and online banking, faces significant challenges with identity fraud during financial transactions. With continuous advancements in technology, financial institutions are experiencing unprecedented rates of data breaches and identity frauds. For example, digital fraud attempts against financial services companies surged by 150% in 2021, as reported by TransUnion (U.S.). To combat these challenges, banks and financial institutions are investing substantially in digital identity management solutions to safeguard customers and digital assets against manipulation and fraud. For instance, Axis Bank Limited (India) partnered with MinkasuPay (India) to offer customers a secure net banking payment experience through biometric fingerprint and face ID authentication solutions.

Key developments in this space include:

In January 2022, the Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) launched Tech Sprint to develop solutions for financial institutions and regulators to enhance digital identity proofing processes.
In November 2021, IDEMIA partnered with Federal Bank Limited in India to enable biometric authentication for bank employees.
The global digital identity management solutions market is segmented by type, offering, application, identity type, authentication type, organization size, deployment mode, and sector. The study also assesses industry competitors and provides analyses at both regional and country levels.

Based on type, the market includes identity verification and authentication solutions, digital Know Your Customer (KYC) and onboarding solutions, zero trust security solutions, and digital ID wallet solutions. The identity verification and authentication solutions segment is estimated to hold the largest market share in 2023 and is expected to exhibit the highest CAGR during the forecast period.

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Regarding offerings, the market comprises hardware, software, and services. The hardware segment is estimated to dominate the market in 2023 due to increased investments in efficient hardware solutions and the integration of advanced technologies into hardware.

Application-wise, workforce identity management is projected to hold the largest share in 2023, with the customer identity management segment expected to register the highest CAGR during the forecast period.

Biometric solutions are anticipated to dominate the identity type segment, while multi-factor authentication is expected to lead in authentication type.

In terms of deployment mode, the on-premise deployment segment is expected to hold the larger share in 2023, though cloud-based deployment is projected to exhibit the highest CAGR during the forecast period.

Sector-wise, the Information Technology and Telecommunications (IT & Telecom) segment is expected to hold the largest share in 2023, while the healthcare sector is anticipated to register the highest CAGR during the forecast period.

Geographically, Asia-Pacific is projected to account for the largest share of the market in 2023 and is expected to exhibit the highest CAGR during the forecast period.

Key players in the global digital identity management solutions market include Thales Group, NEC Corporation, IDEMIA, GB Group plc, ForgeRock, Inc., Samsung SDS Co., Ltd., ImageWare Systems Incorporated, Signicat, Syntizen Technologies Pvt. Ltd., HashCash Consultants, Jumio Corporation, Vintegris, S.L., Daon, Inc., Cloudflare, Inc., and Refinitiv Limited.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/digital-identity-management-solutions-market-5443

Scope of the Report

Digital Identity Management Solutions Market, by Type

Identity Verification & Authentication Solutions
Digital KYC & Onboarding Solutions
Zero Trust Security Solutions
Digital ID Wallet Solutions

Digital Identity Management Solutions Market, by Offering

Hardware
Scanners & Readers
Cameras
Smart Cards
Tokens
Software
Services
Professional Services
Managed Services

Digital Identity Management Solutions Market, by Application

Workforce Identity Management
Customer Identity Management
Citizen Digital Identity Management
Machine Identity Management
Other Digital Identity Management Applications
Digital Identity Management Solutions Market, by Identity Type

Biometric Solutions
Non-biometric Solutions

Digital Identity Management Solutions Market, by Authentication Type

Single-factor Authentication
Multi-factor Authentication

Digital Identity Management Solutions Market, by Organization Size

Small & Medium-sized Enterprises
Large Enterprises
Digital Identity Management Solutions Market, by Deployment Mode

On-premise Deployment
Cloud-based Deployment

Digital Identity Management Solutions Market, by Sector

IT & Telecommunications
BFSI
Government & Defense
Manufacturing
Retail & E-commerce
Healthcare
Energy & Utility
Education
Tourism & Hospitality
Other Sectors

Digital Identity Management Solutions Market, By Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of Middle East & Africa

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

This release was published on openPR.