Digital Identity Solutions Market revenue is expected to grow at 16.3 % through 2022 to 2029, reaching nearly US$ 77.90 Bn.

Digital Identity Solutions Market Growth Projection

In 2021, the Digital Identity Solutions market was valued at USD 23.27 billion and is anticipated to expand at a robust CAGR of 16.3% from 2022 to 2029, aiming to reach USD 77.90 billion by the end of the forecast period. This exponential growth underscores the escalating demand for secure and reliable identity verification systems worldwide.

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Driving Forces Behind Market Expansion

The integration of biometric technologies in smartphones has revolutionized identity verification, offering enhanced security over traditional password systems. With features like fingerprint and facial recognition becoming commonplace in smartphones, biometric authentication is emerging as a preferred method due to its convenience and superior security measures.

Challenges and Opportunities

While the adoption of digital identity solutions promises heightened security against cyber threats, the high initial investment remains a significant barrier, particularly for SMEs. Despite this challenge, increasing incidents of cyber-attacks and identity frauds are compelling organizations of all sizes to prioritize robust identity management solutions.

Digital Identity Solutions Market Report Scope and Research Methodology:

This market report unveils the hidden secrets of the industry, providing a roadmap for informed decision-making. It's a treasure trove of knowledge, dissecting market size, regional trends, and price fluctuations. It even analyses the delicate balance between supply and demand, ensuring you understand the forces shaping the market. But it doesn't stop there! This report also delves into the competitive landscape, profiling the key players and their strategies. It dissects their revenue streams, partnerships, and joint ventures, giving you a clear picture of who's who and how they influence each other. Looking to the future, the report acts like a crystal ball, examining the factors expected to propel the market forward or hinder its growth. You'll gain a balanced perspective, understanding the potential roadblocks and opportunities that lie ahead.

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Digital Identity Solutions Market Segmentation:

by Component

• Solutions
• Services

by Solution Type

• Biometrics
• Non-Biometrics

The biometrics segment dominated the market in 2021, capturing a significant share of 16.3%. This growth is attributed to the escalating demand for high-security solutions across various sectors, including finance, healthcare, and government.

by Authentication Type

• Single-factor Authentication
•Multi-factor Authentication

by Deployment Type

• Cloud
• On-Premises

Cloud-based solutions led the market with over 65.0% share in 2021, driven by their scalability, accessibility, and cost-efficiency. On-premises solutions, valued for their stringent data control and security measures, also contributed significantly to the market landscape.

by Organisation Size

• Large Enterprise
• SMEs

Large enterprises constituted the largest segment in 2021, accounting for 16.3% of the market share. These enterprises are leveraging digital identity solutions to safeguard extensive networks and sensitive data against evolving cyber threats.

by Vertical

• BFSI
• Retail and ecommerce
• Government and Defense
• Healthcare
• IT and ITeS
• Telecommunications
• Energy and Utilities
• Other Verticals

Digital Identity Solutions Market Key Players:

• NEC
• Samsung SDS
• Thales Group
• GBG
• TELUS
• Tessi
• Daon
• IDEMIA
• ForgeRock
• Jumio
• iProov
• ID R&D
• Refinitiv
• ImageWare Systems
• OneSpan
• Smartmatic
• Verisec
• Vintegris
• AU10TIX
• Signicat
• RaulWalter
• Duo Security
• Syntizen
• HashCash Consultants
• Good Digital Identity

Regional Insights

North America emerged as the frontrunner in 2021, commanding a substantial market share of 16.3%. The region's dominance is attributed to robust investments in cybersecurity infrastructure, strategic partnerships, and continuous advancements in digital identity technologies.

Recent Developments

In June 2021, GBG and Sanci Address formed a partnership to enhance location data accessibility for retailers and logistics companies, expanding niche market access.

IDEMIA collaborated with Oklahoma in November 2021 to introduce a mobile phone-based driver's license, advancing digital identity solutions in public services.

Thales Group's partnership with AUGENTIC-INCM in September 2021 secured a significant contract for national ID documents in Sweden and Cameroon, underscoring global advancements in biometric technology adoption.

Conclusion

The Digital Identity Solutions market is poised for dynamic growth, driven by technological innovation, rising cybersecurity concerns, and increasing regulatory compliance requirements. As stakeholders navigate challenges and seize opportunities, the market is set to redefine identity verification standards across industries globally.

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Table of Content: Digital Identity Solutions Market:

The Big Picture: Market size, overview, and key points.
Our Focus: Specific areas, timeframe, and scope we'll explore.
Market Players: Who are the big businesses and up-and-comers?
Market Size: How much money is flowing in this market?
Market Breakdown: Different types of products/services and their segments.
Competition Check: How easy (or tough) is it to compete in this market?
Who's Buying?: Understanding the customer base and their needs.
Global Market: How does this market differ around the world?
Decision Time: Making informed choices in this market.
Market Shifts: What's driving changes in the market?
Future Look: Emerging trends that will shape the market.
The Sellers: Who are the major companies selling in this market?
Competition Analysis: Strengths and weaknesses of the key players.
Key questions answered in the Digital Identity Solutions Market are:

What is Digital Identity Solutions?
What was the Digital Identity Solutions market size in 2022?
What is the growth rate of the Digital Identity Solutions Market?
Which are the factors expected to drive the Digital Identity Solutions market growth?
What are the different segments of the Digital Identity Solutions Market?
What growth strategies are the players considering to increase their presence in Digital Identity Solutions?
What are the upcoming industry applications and trends for the Digital Identity Solutions Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Digital Identity Solutions Market?
What is the demand pattern of the Digital Identity Solutions Market?
What major challenges could the Digital Identity Solutions Market face in the future?
What segments are covered in the Digital Identity Solutions Market?
Who are the leading companies and what are their product portfolios in the Digital Identity Solutions Market?
What segments are covered in the Digital Identity Solutions Market?
Who are the key players in the Digital Identity Solutions market?
Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations
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