Growing Cloud Adoption Fuels The Digital Credential Management Software Market Driving Market Acceleration in the Digital Credential Management Software Industry, 2025

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How Large Will the Digital Credential Management Software Market Size By 2025?
The market size of digital credential management software has seen a swift increase in the past few years. It is projected to rise from $2.29 billion in 2024 to $2.6 billion in 2025, with a compound annual growth rate (CAGR) of 13.5%. The unprecedented growth during the past period is due to factors like regulatory compliance needs, adoption of cloud computing, the surge of IoT devices, demand specific to particular industries, and increasing worries about data security.

How Big Is the Digital Credential Management Software Market Size Expected to Grow by 2029?
In the coming years, the market size for digital credential management software is projected to undergo swift expansion. The industry is forecasted to balloon to $4.26 billion by 2029, representing a compound annual growth rate (CAGR) of 13.1%. The anticipated growth during this time period is due to factors such as the application of the zero trust security model, decentralized identity management, mobile-focused solutions, sustained focus on regulatory compliance, and the advancement of privacy preserving technologies. Key trends expected during this forecast period include the progress in biometric authentication, the increase of risk-based authentication, the development of self-sovereign identity, a concentration on credential lifecycle management, and advanced solutions for improving user experience.

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Which Key Market Drivers Powering Digital Credential Management Software Market Expansion and Growth?
Increasing utilization of cloud services is anticipated to drive the expansion of the digital credential management software market. Cloud services, a multifaceted classification of computing resources and applications obtained via the internet through a subscription model, are gaining popularity, primarily due to their capability to enable remote working, catalyze digital transformation, and address the demands for scalability and agility of contemporary businesses. Digital credential management software applies cloud services to ensure safe and scalable storage, access, and organization of digital identities and certificates across diverse environments. For example, AAG IT, an IT service company based in the UK, reported in February 2024 that Infrastructure as a Service (IaaS) public cloud service revenue grew from $343 billion in 2021 to $415 billion in 2022. Consequently, the escalating adoption of cloud services is fueling the expansion of the digital credential management software market.

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Which Fast-Growing Trends Are Poised to Disrupt the Digital Credential Management Software Market?
Key businesses in the digital credential management software market are focusing on the creation of breakthrough technologies like the Decentralized Identity and Credential Exchange (DICE) platform to boost their market revenues. The DICE platform is engineered to support the safe and efficient trade of digital identities and credentials among varied bodies or organisations. For example, in February 2023, Wipro Limited, which is based in India and is a key player in the IT industry, unveiled the DICE platform that utilises blockchain technology to facilitate and verify the generation of tamper-resistant digital credentials. This platform opens up avenues for users to share sensitive data online without needing to reach out to the credential-issuing body for validation. By harnessing the power of blockchain, DICE ID keeps credential structures protected, helping to maintain privacy while speeding up verification. The platform aims to fundamentally transform credential exchange, presenting a reliable answer for sectors such as healthcare, education, and freelancing.

What Are the Emerging Segments in the Digital Credential Management Software Market?
The digital credential management software market covered in this report is segmented -

1) By Component: Software, Service
2) By Deployment Mode: Cloud Based, On Premises
3) By Application: Large Enterprises, Small And Medium Sized Enterprises
4) By End Use Industry: Education, Healthcare, Banking Financial Services And Insurance (BFSI), Government, Information Technology And Telecommunication, Other End-Use Industries

Subsegments:
1) By Software: Credential Issuance And Verification Solutions, Identity And Access Management (Iam) Software, Digital Wallet Solutions, Certificate Management Software, Multi-Factor Authentication (Mfa) Software, Single Sign-On (Sso) Solutions, Biometric Authentication Software, Public Key Infrastructure (Pki) Software, Password Management Software, Blockchain-Based Credential Solutions
2) By Service: Consulting Services, Implementation And Integration Services, Managed Services, Support And Maintenance Services, Credential Lifecycle Management Services, Identity Verification Services, Security Auditing And Compliance Services, Training And Education Services, Cloud Migration And Data Management Services

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Who Are the Global Leaders in the Digital Credential Management Software Market?
Major companies operating in the digital credential management software market are Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Salesforce Inc., Thales Group, Symantec Corporation, Atlassian Corporation Plc, Okta Inc., HID Global Corporation, RSA Security LLC, Entrust Corporation, CyberArk Software Ltd., SailPoint Technologies Holdings Inc., Ping Identity Corporation, Centrify Corporation, OneLogin Inc., Vottun, SimpleCert, Portfolium Inc., Sertifier, Concentric Sky, MyKnowledgeMap, Auth0 Inc.

Which are the Top Profitable Regional Markets for the Digital Credential Management Software Industry?
North America was the largest region in the digital credential management software market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the digital credential management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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