Press release
An Overview of Segmentation, Market Dynamics, and Competitive Landscape in the Digital Identity Market
Digital identity Market
Anticipated Expansion of the Digital Identity Market Through 2030
The digital identity market is projected to grow substantially over the next several years, reaching a market size of $75.88 billion by 2030. This growth is expected to occur at a compound annual growth rate (CAGR) of 18.1%. Factors fueling this expansion include the adoption of blockchain-based identity systems, a rising preference for passwordless authentication methods, the development of digital public infrastructure, stricter regulatory compliance demands, and the broader availability of cross-border digital services. Key trends predicted to shape the market involve biometric identity verification, decentralized digital identity frameworks, the growing use of multi-factor authentication, cross-platform identity interoperability, and enhanced privacy-focused identity management solutions.
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Top Companies Leading the Digital Identity Market
The digital identity landscape is shaped by a group of prominent companies that are driving innovation and adoption. Notable players 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, and Prove Identity Inc.
Recent Strategic Acquisition to Enhance Digital Identity Capabilities
In May 2023, Onfido, a US-based identity verification service provider, acquired Airside Mobile, Inc., a technology firm specializing in privacy-centric digital identity sharing, for an undisclosed sum. This acquisition aims to create a streamlined, user-controlled digital identity solution that supports a "verify once, share anywhere" approach across various platforms and services, enhancing user convenience and security.
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Innovative Trends Transforming the Digital Identity Sector
Leading organizations in the digital identity space are harnessing cutting-edge frameworks to improve the maturity and effectiveness of identity management, particularly within the healthcare industry. One example is the development of the Digital Identity Maturity Model and Assessment, a tool designed to help institutions evaluate and enhance their digital identity programs.
In April 2023, Imprivata, a US-based digital identity company serving critical sectors like healthcare, launched the first Digital Identity Maturity Model alongside a Digital Identity Maturity Assessment tool. This interactive, self-service model enables IT, clinical leadership, and security teams to quickly gauge the performance of their identity management systems. It generates tailored reports with actionable insights that take into account user experience, security, and compliance, helping organizations advance their identity strategies holistically.
Comprehensive Breakdown of the Digital Identity Market Segments
The global digital identity market is divided into several key segments for detailed analysis:
1) By Component: Solutions and Services
2) By Type of Authentication: Single-factor Authentication and Multi-factor Authentication
3) By Deployment: Cloud-based and On-Premises Solutions
4) By Organization Size: Large Enterprises and Small to Medium Enterprises (SMEs)
5) By Industry Vertical: Banking, Financial Services, and Insurance (BFSI); Retail and E-Commerce; Government and Defense; Healthcare; IT and ITeS; Telecommunications; Energy and Utilities; and Other Verticals.
Further subcategories within the components include:
- Solutions: Identity Verification Solutions, Access Management Solutions, Authentication Solutions, and Digital Identity Platforms
- Services: Consulting Services, Implementation Services, Support and Maintenance Services, and Managed Services
This segmentation provides a detailed framework for understanding the diverse offerings and applications within the digital identity market.
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