Digital Identity Solutions Market Expands with Advanced Technologies, Market Trends, and Competitive Insights

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Digital Identity Solutions Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $79.59 billion In 2028 At A CAGR Of 19.0%.

The digital identity solutions market size has grown rapidly in recent years. It will grow from $33.34 billion in 2023 to $39.75 billion in 2024 at a compound annual growth rate (CAGR) of 19.2%. The growth in the historic period can be attributed to increased cyber threats, rise of online services, data breaches awareness, mobile device proliferation, financial sector embrace..

The digital identity solutions market size is expected to see rapid growth in the next few years. It will grow to $79.59 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to healthcare and telemedicine growth, cybersecurity concerns, remote work and digitalization, expansion of iot devices, biometric authentication growth.. Major trends in the forecast period include decentralized identity management, zero trust security models, biometric integration, focus on user experience, ai and behavioral analytics..

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Digital Identity Solutions Market Major Segments
The digital identity solutions market covered in this report is segmented -

1) By Offering: Solutions, Services
2) By Solution Type: Identity Verification, Authentication, Identity Lifecycle Management, Other Types
3) By Identity Type: Biometrics, Non Biometrics
4) By Deployment Mode: On Premises, Cloud
5) By Vertical: BFSI, Retail And E-Commerce, Government And Defense, Healthcare, IT And Telecommunication, Energy And Utilities, Other Verticals

Key Driver - Increasing Cybercrime And Fraud Boosts Growth In The Digital Identity Solutions Market

Rising cybercrime and fraud are expected to propel the digital identity solutions market going forward. Cybercrime refers to a criminal act that uses or targets a computer, a computer network, or a networked device. Cybercrime is committed by both individuals and groups that aim to harm computers or networks for objectives other than financial gain. Digital identity solutions play a major role in combating cyber-crimes by achieving cybersecurity with stronger user authentication through facial, voiceband fingerprint recognition, so the rise in cybercrimes will propel market growth. For instance, in 2021, according to the Internet Crime Report 2021 by the Federal Bureau of Investigation, a US-based provider of intelligence and security services, the total number of complaints of cybercrime increased by 7% from 2020 to reach 847,376 complaints. Furthermore, in 2021, according to the 'Cost of a Data Breach' report by IBM Security, a US-based provider of enterprise security products and services, the data breach cost increased from $3.86 million in 2020 to $4.24 million in 2021. Therefore, rising cybercrime and fraud are driving the digital identity solutions market.

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Prominent Trend - Technological Advancements Drive Innovation In The Digital Identity Solutions Market

Technological advancements are a key trend gaining popularity in the market for digital identity solutions. Major companies operating in the digital identity solutions market are focused on developing new technological solutions to strengthen their position in the market. For instance, in January 2022, Samsung SDS Co. Ltd., a South Korea-based provider of information technology services, launched the S3B512C, a smart and all-in-one new fingerprint security IC. With its uniquely designed fingerprint sensor, Secure Element (SE)and Secure Processor, payment cards now have an additional layer of authentication and security. The new security IC is the first all-in-one security chip solution available in the market that can read biometric data from a fingerprint sensor, store and authenticate encrypted data with a tamper-proof SE (Secure Element) and process and analyze data with a Secure Processor.

Digital Identity Solutions Market Players
Major companies operating in the digital identity solutions market report are NEC Corporation, Samsung SDS Co. Ltd., Thales Group, GB Group Plc., Telus Communications Inc., Tessi International, Daon Inc., IDEMIA, ForgeRock Inc., ImageWare Systems Inc., Jumio, Refinitiv, Víntegris S.L.U., RaulWalter LLC, Duo Security Inc., Syntizen Technologies Pvt. Ltd., Sum and Substance Ltd., Socure Inc., Trulioo Information Services Inc., BioCatch Ltd. , Winding Tree Technologies SA, PXL Vision AG, Airside Mobile Inc., Ping Identity Corporation, Onfido Ltd., Signicat AS, Acuant Inc., Veriff OU, Mitek Systems Inc., OneSpan Inc., IPROOV LIMITED, Yoti Ltd., Evernym Software Private Limited .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the digital identity solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the digital identity solutions market report during the forecast period. The regions covered in the digital identity solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Identity Solutions Market Report Structure
3. Digital Identity Solutions Market Trends And Strategies
4. Digital Identity Solutions Market - Macro Economic Scenario
5. Digital Identity Solutions Market Size And Growth
…..
27. Digital Identity Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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