Press release
Digital identity Market Size Forecasted To Achieve $65.61 Billion By 2029 With Steady Growth
Digital identity
What Is the Expected Digital identity Market Size During the Forecast Period?
The expansion of the digital identity market has been swift and notable in the past years. The growth is expected to surge from $29.52 billion in 2024 to $33.36 billion in 2025, with a compound annual growth rate (CAGR) standing at 13.0%. The previously observed growth is attributable to factors like the escalating concerns regarding cybersecurity, regulatory compliance necessities as well as the surge in online transactions, prevention of identity theft and fraud, and the user convenience and experience.
In the coming years, the digital identity market is anticipated to experience accelerated expansion, reaching a value of $65.61 billion in 2029, with a compound annual growth rate (CAGR) of 18.4%. Factors contributing to the growth projected in this timeframe include the rise of decentralized identity, adoption of biometric authentication, growth in digital services, and the increase in health and safety use cases. Forecasted trends include regulations concerning biometric data privacy, identity validation powered by AI, identity-as-a-service (IDaaS), evolution of multi-factor authentication (MFA), and collaboration across industries on digital identity standards.
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What Are the High-Growth Segments in the Digital identity Market?
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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What Key Drivers Are Expected to Influence Future Digital identity Market Growth?
The expansion of the digital identity market is being fuelled by a surge in identity-related fraud and data breach incidents. Essentially, identity fraud is a criminal act where someone illegitimately acquires and uses another person's information, usually involving fraudulent activities and deception for financial benefit. To combat identity-related fraud and theft, industries worldwide are adopting cutting-edge digital identity solutions. The Identity Theft Resource Center (ITRC), a non-profit organization based in the US, reported in January 2024 that data compromises had escalated to 3,205 in 2023, a 78% increase from the 1,801 compromises in 2022. Consequently, the upsurge in identity-related fraud and data breaches is projected to bolster the digital identity market in the coming years.
Which Companies Hold the Largest Share Across Different Digital identity Market Segments?
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.
What Are the Latest Developing Trends in the Digital identity Market?
The increasing collaborations among corporations is a significant trend being witnessed in the digital identity market. Entities active in this market are concentrating on forming alliances with technology-enabled organizations to design pioneering technologies and boost existing products, thus augmenting client experience and efficiency. For instance, Blinking, a Serbia-based company that provides digital identity and onboarding solutions, teamed up with IPification, a Hong Kong-based organization offering mobile IP authentication, user verification, and fraud prevention services in April 2022, aiming to strengthen their platform. Furthermore, in May 2020, Ontology, a high-performance enterprise blockchain and dispersed collaboration service, collaborated with Sphericity, a Germany-based decentralized digital identity solutions provider. The goal of this collaboration is to deliver enterprise solutions for cross-border supply chain and improve resilience.
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What Are the Emerging Geographies for The Digital identity Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital identity Market?
2. What is the CAGR expected in the Digital identity Market?
3. What Are the Key Innovations Transforming the Digital identity Industry?
4. Which Region Is Leading the Digital identity Market?
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