Digital identity Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers

What combination of drivers is leading to accelerated growth in the digital identity market?
The surge in cases of identity-related fraud and data violations is fueling the growth of the digital identity market. Identity fraud, a crime typified by wrongful acquisition and use of other people's data involving deceit and fraud for financial advantage, is on the rise. To combat this, industries worldwide are increasingly turning to sophisticated digital identity solutions. For example, the Identity Theft Resource Center (ITRC), a non-profit organization based in the US, reported that the number of data compromises in 2023 had risen to 3,205, marking a 78% increase from 1,801 in 2022. Consequently, the upswing in identity-related fraud and data violations is likely to stimulate the digital identity market throughout the projected period.

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What is the projected compound annual growth rate (CAGR) of the digital identity market from 2025 to 2034, and what factors influence it?
The size of the digital identity market has seen an accelerated expansion in the past few years. The market which is projected to be $29.52 billion in 2024 is anticipated to rise to $33.36 billion in 2025, resulting in a compound annual growth rate (CAGR) of 13.0%. Factors such as rising cybersecurity issues, mandatory regulatory compliance, increase in online transactions, prevention of identity theft and fraud, and enhancement of user convenience and experience have contributed to the growth in the past period.

In the forthcoming years, the digital identity market is anticipated to escalate speedily, reaching $65.61 billion in 2029 with a compound annual growth rate (CAGR) of 18.4%. The predicted growth during the forecast period is due to the rise of decentralized identity, adoption of biometric authentication, expansion of digital services, and applications in health and safety sectors. The impending forecast period also projects to witness certain key trends such as regulatory measures for biometric data privacy, AI-assisted identity verification, evolution of identity-as-a-service (IDaaS), advancements in multi-factor authentication (MFA), and a cooperative approach across various industries towards digital identity standards.

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How are the latest trends influencing the growth of the digital identity market?
Collaboration among businesses is an increasingly prevalent trend within the digital identity sector. Companies within this industry are honing in on alliances with tech-based entities to foster technological innovation and enhance product offerings, with the ultimate aim of boosting user experience and functional performance. For instance, in April 2022, Blinking, a digital identity and onboarding solutions company based in Serbia, joined forces with IPification, a mobile IP address-based authentication, user verification, and fraud prevention service provider located in Hong Kong, with the intention of augmenting their platform's capabilities and performance. In May 2020, Ontology, a high-operational enterprise blockchain and distributed collaboration platform operator, collaborated with Sphericity, a Germany-situated decentralized digital identity solutions provider. Their shared goal was the creation of cutting-edge digital identity solutions, with a particular focus on providing enterprise solutions for cross-border supply chains and resilience.

What are the major segments of the digital identity market and their role in driving growth?
The digital identity market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Type: Single-factor Authentication, Multi-factor Authentication
3) By Deployment Type: Cloud, On-Premises
4) By Organization Size: Large Enterprises, SMEs
5) By Vertical: BFSI, Retail And E-Commerce, Government And Defense, Healthcare, IT And ITeS, Telecommunications, Energy And Utilities, Other Verticals

Subsegments:
1) By Solutions: Identity Verification Solutions, Access Management Solutions, Authentication Solutions, Digital Identity Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Managed Services

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Which regions are key players in the growth of the digital identity market?
North America was the largest region in the digital identity market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital identity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the digital identity market?
Major companies operating in the digital identity market include NEC Corporation, Thales Group, Samsung SDS, Okta Inc., RSA Security LLC, Ping Identity Corporation, GB Group plc, ForgeRock Inc., Centrify Corporation, BioCatch Ltd., Keyfactor Inc., iProov Ltd., OneLogin Inc., Socure Inc., Sum&Substance Ltd., Auth0 Inc., Idaptive LLC, SEON Technologies AG, LoginID Inc., Authlete Inc., ID-Pal Limited, DIRO - Internet Original Documents Inc., iDenfy Ltd., IdRamp Inc., Entrust Corporation, SecureAuth Corporation, Evernym Inc., Jumio Corporation, Mitek Systems Inc., Acuant Inc., Transmit Security, Signicat AS, HYPR Corporation, Prove Identity Inc.

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What Is Covered In The Digital identity Global Market Report?

•Market Size Forecast: Examine the digital identity market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the digital identity market for a structured understanding.
•Key Players Overview: Analyze major players in the digital identity market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital identity market.
•Segment Contributions: Evaluate how different segments drive overall growth in the digital identity market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital identity market.
•Industry Challenges: Identify potential risks and obstacles affecting the digital identity market.
•Competitive Landscape: Review strategic developments in the digital identity market, including expansions, agreements, and new product launches.

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