Digital Credential Management Software Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033

The digital credential management software market size has grown rapidly in recent years. It will grow from $2.03 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to regulatory compliance requirements, cloud computing adoption, emergence of IoT devices, industry specific demand, rising concerns for data security.

The digital credential management software market size is expected to see rapid growth in the next few years. It will grow to $3.76 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The growth in the forecast period can be attributed to adoption of zero trust security model, decentralized identity management, mobile centric solutions, continued emphasis on regulatory compliance, privacy preserving technologies. Major trends in the forecast period include biometric authentication advancements, rise of risk based authentication, evolution of self-sovereign identity, focus on credential lifecycle management, enhanced user experience solutions.

Market Overview -
Digital credential management software refers to platforms designed to securely store, manage, distribute, and authenticate digital identities, credentials, and certificates. This software streamlines the secure issuance, tracking, and management of digital certificates and credentials across an organization's infrastructure.

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Growing Cloud Adoption Fuels The Digital Credential Management Software Market
The growing adoption of cloud services is expected to propel the growth of the digital credential management software market going forward. Cloud services refer to a broad category of computing resources and applications delivered over the internet on a subscription basis. Cloud services are rising due to their ability to facilitate remote work, enable digital transformation, and support modern businesses' scalability and agility needs. Cloud services are utilized in digital credential management software to provide secure and scalable storage, access, and management of digital identities and certificates across distributed environments. For instance, in February 2024, according to reports published by AAG IT, a UK-based IT services company, Infrastructure as a Service (IaaS) public cloud service revenue increased from $343 billion in 2021 to $415 billion in 2022. Therefore, the growing adoption of cloud services is driving the growth of the digital credential management software market.

Competitive Landscape -
Major companies operating in the digital credential management software market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Salesforce Inc., Thales Group, Symantec Corporation , Atlassian Corporation Plc, Okta Inc., HID Global Corporation, RSA Security LLC, Entrust Corporation, CyberArk Software Ltd., SailPoint Technologies Holdings Inc., Ping Identity Corporation, Centrify Corporation, OneLogin Inc., Vottun, SimpleCert, Portfolium Inc., Sertifier, Concentric Sky, MyKnowledgeMap, Auth0 Inc.

Innovative Technologies Shaping The Digital Credential Management Landscape
Major companies operating in the digital credential management software market are developing innovative technologies, such as the Decentralized Identity and Credential Exchange (DICE) platform, to increase their profitability in this market. The Decentralized Identity and Credential Exchange (DICE) platform is designed to facilitate the secure and efficient exchange of digital identities and credentials between different entities or organizations. For instance, in February 2023, Wipro Limited, an India-based information technology company, launched the Decentralized Identity and Credential Exchange (DICE) platform, which leverages blockchain technology to enable the issuance and verification of tamper-proof digital credentials. This platform allows users to securely and efficiently share private information online without contacting the issuing organization for verification. By utilizing blockchain, DICE ID stores credential structures securely, ensuring privacy while allowing quick verification. The platform is designed to revolutionize credential exchange, providing a trustworthy solution for industries such as healthcare, education, and freelancers.

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Key Segments -
The digital credential management software market covered in this report is segmented -
1) By Component: Software, Service
2) By Deployment Mode: Cloud Based, On Premises
3) By Application: Large Enterprises, Small And Medium Sized Enterprises
4) By End Use Industry: Education, Healthcare, Banking Financial Services And Insurance (BFSI), Government, Information Technology And Telecommunication, Other End-Use Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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