Global Digital Credential Management Software Market Expected to Achieve 11.7% CAGR by 2029: Growth Forecast Insights

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What Will the Digital Credential Management Software Industry Market Size Be by 2025?
In recent years, there has been a swift expansion in the size of the digital credential management software market. A growth from $2.29 billion in 2024 to $2.58 billion in 2025, marking a compound annual growth rate (CAGR) of 12.6%, is expected. This significant increase during the historic period stems from factors such as regulatory compliance mandates, the rise in cloud computing adoption, the introduction of IoT devices, specific industrial demand, and escalating worries about data security.

What's the Long-Term Growth Forecast for the Digital Credential Management Software Market Size Through 2029?
The market size for digital credential management software is predicted to witness a significant surge in the coming years, reaching $4.01 billion in 2029 with a compound annual growth rate (CAGR) of 11.7%. The growth during the prediction period may be due to the implementation of the zero trust security model, decentralized identity control, mobile-focused solutions, ongoing focus on regulatory compliance, and privacy protection technologies. Key trends anticipated during this period include advancements in biometric authentication, the rise of risk-based authentication, the emergence of self-sovereign identity, attention to credential lifecycle management, and improved user experience solutions.

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What Are the Key Growth Drivers Fueling the Digital Credential Management Software Market Expansion?
The continual increase in the use of cloud services is anticipated to fuel the expansion of the digital credential management software market. Broadly speaking, cloud services encompass a variety of internet-delivered computing resources and applications sold under a subscription model. Their popularity continues to grow due to their capacity to promote remote working, facilitate digital transformation, and cater to the demands for scalability and agility in contemporary businesses. The digital credential management software makes use of cloud services to ensure secure, scalable storage, access, and management of digital identities and certificates across a wide range of environments. As an example, AAG IT, a UK IT services firm, indicated in their February 2024 report that the revenue from Infrastructure as a Service (IaaS) public cloud service rose from $343 billion in 2021 to $415 billion in 2022. As a result, the ongoing trend of increased cloud service adoption is catalyzing the expansion of the digital credential management software market.

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What Are the Key Trends Driving Digital Credential Management Software Market Growth?
Leading businesses in the digital credential management software market are focusing on pioneering advanced technologies like the Decentralized Identity and Credential Exchange (DICE) platform, with the goal of boosting their market profitability. The DICE platform is engineered to enable a safe and seamless swap of digital identities and credentials among varying entities or establishments. An example is Wipro Limited, an IT firm based in India, which unveiled the DICE platform in February 2023, using blockchain technology for the issuing and scrutiny of incorruptible digital credentials. This platform equips users with the ability to confidentially proceed with sharing personal details online without the need for verification from the credential issuing body. By implementing blockchain, DICE ID offers safe storage for credential constructs, offering privacy and allowing for speedy verification. The platform aims to transform the exchange of credentials, supplying a reliable solution to sectors like healthcare, education and freelancers.

How Is the Digital Credential Management Software Market Segmented?
The digital credential management softwaremarket 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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Which Companies Are Leading the Charge in Digital Credential Management Software Market Innovation?
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 Regions Are Leading the Global Digital Credential Management Software Market in Revenue?
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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