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Digital identity Global Market Reach $54.67 Billion By 2028, Key Factors behind Market's Exponential Growth
Digital identity Global Market
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According to The Business Research Company's, The digital identity market size has grown rapidly in recent years. It will grow from $26.43 billion in 2023 to $30.17 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to increasing cybersecurity concerns, regulatory compliance requirements, rise in online transactions, identity theft and fraud prevention, user convenience and experience.
The digital identity market size is expected to see rapid growth in the next few years. It will grow to $54.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to emergence of decentralized identity, biometric authentication adoption, expansion of digital services, health and safety use cases. Major trends in the forecast period include biometric data privacy regulations, AI-powered identity verification, identity-as-a-service (IDaaS), multi-factor authentication (MFA) evolution, cross-industry collaboration on digital identity standards.
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Market Drivers and Trends:
An increase in instances of identity-related fraud and data breaches is contributing to the growth of the digital identity market. Identity fraud is a crime in which someone wrongfully obtains and uses other individuals' data in some way that involves fraud and deception for economical gain. Industries across the globe are adopting advanced digital identity solutions to effectively mitigate identity-related fraud and thefts. According to a study published by The Consumer Centinal Network, the volume of identity theft or fraud-related complaints across the United States increased to 1,432,695 in 2021. Thus, the rise in identity-related fraud and data breaches is expected to boost the digital identity market during the forecast period.
The partnership among the companies is a key trend gaining popularity in the digital identity market. The companies operating in the digital identity market are focusing on partnering with a technology-based player for the development of innovative technologies and enhancement of existing products to increase customer experience and performance. For instance, In April 2022, Blinking, a Serbia-based provider of digital identity and onboarding solutions partnered with IPification, a Hong Kong-based provider of mobile IP address-based authentication, user verification, and fraud prevention services to further improve the capabilities and performance of their platform. in May 2020, Ontology, an operator of high-performance enterprise blockchain and distributed collaboration platform partnered with Sphericity, a Germany-based provider of decentralized digital identity solutions for the development of innovative digital identity solutions. The partnership is focused on delivering enterprise solutions for cross-border supply chain and resilience.
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Major Key Players of the Market:
NEC Corporation, Thales Group, Samsung SDS, Telus Corporation, Okta Inc., RSA Security LLC, Ping Identity Corporation, GB Group plc, MDClone Ltd., ForgeRock Inc., Centrify Corporation, BioCatch Ltd., Keyfactor Inc., iProov Ltd., OneLogin Inc., Socure Inc., Sum&Substance Ltd., Auth0 Inc., Idaptive LLC, SEON Technologies AG, Usercentrics GmbH, LoginID Inc., Authlete Inc., ID-Pal Limited, DIRO - Internet Original Documents Inc., Xage Security Inc., iDenfy Ltd., Winding Tree Technologies Pte. Ltd., IdRamp Inc., NewBridge Technologies Inc., Entrust Corporation, SecureAuth Corporation, Evernym Inc., Jumio Corporation, Mitek Systems Inc., Acuant Inc., Transmit Security, Signicat AS, HYPR Corporation, Prove Identity Inc.
Digital identity Market 2024 Key Insights:
• The digital identity market size is expected to see rapid growth in the next few years. It will grow to $54.67 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%.
• Surge In Identity-Related Fraud Spurs Rapid Growth In The Digital Identity Market
• Strategic Collaborations Drive The Digital Identity Market
• North America was the largest region in the digital identity market in 2023
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