Strategic Forecast for the Digital Identity Solutions Industry: Market Outlook 2025-2034

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Digital Identity Solutions Market Size Growth Forecast: What to Expect by 2025?
The market for digital identity solutions has experienced swift expansion in the past few years. The market, which is projected to be worth $38.93 billion in 2024, is expected to escalate to $45.96 billion in 2025, representing a compound annual growth rate (CAGR) of 18.1%. The notable growth during the historic period can be associated with a surge in cyber threats, booming online services, heightened awareness of data breaches, widespread use of mobile devices, and the financial sector's acceptance.

How Will the Digital Identity Solutions Market Size Evolve and Grow by 2029?
Forecasts predict phenomenal growth in the digital identity solutions market size in the upcoming years, with an expected worth of $96.19 billion by 2029, ballooning at a compound annual growth rate (CAGR) of 20.3%. This projected surge during the forecast period is largely due to factors such as the proliferating healare and telemedicine sector, increasing cybersecurity threats, the shift to remote working and digitalization, a boom in IoT devices, and the rise of biometric authentication. The forecast period also identifies key trends like decentralized identity management, zero trust security frameworks, the integration of biometrics, emphasis on user experience, and the adoption of artificial intelligence (AI) and behavioral analytics.

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What Drivers Are Propelling the Growth of Digital Identity Solutions Market Forward?
The increasing occurrence of cybercrime and fraud is predicted to drive growth in the digital identity solutions market. Cybercrime refers to any illegal activity that targets or employs a computer, a computer network, or a networked device. This type of crime is perpetrated by individuals or groups with the intent of compromising computers or networks for reasons not solely tied to financial gain. Digital identity solutions can help fight these crimes through improved cybersecurity by means of enhanced user authentication via facial, voice, and fingerprint recognition. Consequently, an increase in cybercrimes will boost the market. For example, in February 2023, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported that they received 76,000 cybercrime reports in 2022, a 13% increase from the previous year. Therefore, the upward trend in cybercrime and fraud is currently fuelling the growth of the digital identity solutions market.

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Which Emerging Trends Are Transforming the Digital Identity Solutions Market in 2025?
In the digital identity solutions market, one predominant trend is the continual technological advancements. Major industry players are intensely concentrating on innovating new technological solutions to solidify their market presence. For example, in January 2022, Samsung SDS Co. Ltd., an information technology services provider in South Korea, initiated the rollout of the S3B512C, a new all-encompassing fingerprint security IC. This intelligent security chip features a specially designed fingerprint sensor, Secure Element (SE) and Secure Processor which together, bring an extra floor of security and verification to payment cards. The security IC stands as the market's first all-in-one security chip solution capable of reading biometric data off a fingerprint sensor, securely storing and validating encrypted data via a tamper-proof SE (Secure Element), and appropriately processing and examining data using a Secure Processor.

What Are the Key Segments in the Digital Identity Solutions Market?
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, Healare, IT And Telecommunication, Energy And Utilities, Other Verticals

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

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Who Are the Key Players Shaping the Digital Identity Solutions Market's Competitive Landscape?
Major companies operating in the digital identity solutions market include 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, Syntizen Technologies Pvt. Ltd., Sum and Substance Ltd., Socure Inc., Trulioo Information Services Inc., BioCatch Ltd. , 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

What Geographic Markets Are Powering Growth in the Digital Identity Solutions Market?
North America was the largest region in the digital identity solutions market in 2024. 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

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