Overview and Scope
Digital identity solutions are open-standards-based online or networked
identities that a person, business, or electronic equipment adopts or claims in
cyberspace. It is also known as self-sovereign identity. They are used for
finding cyber threats and reduce costs for enterprises.
Sizing and Forecast
The digital identity solutions market size has grown rapidly in recent years.
It will grow from $33.34 billion in 2023 to $39.75 billion in 2024 at a
compound annual growth rate (CAGR) of 19.2%.
The growth in the historic period
can be attributed to increased cyber threats, rise of online services, data
breaches awareness, mobile device proliferation, financial sector embrace..
The digital identity solutions market size is expected to see rapid growth in
the next few years. It will grow to $79.59 billion in 2028 at a compound annual
growth rate (CAGR) of 19.0%. The growth
in the forecast period can be attributed to healthcare and telemedicine growth,
cybersecurity concerns, remote work and digitalization, expansion of iot
devices, biometric authentication
growth.. Major trends in the forecast period include decentralized identity
management, zero trust security models, biometric integration, focus on user
experience, ai and behavioral analytics..
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Segmentation & Regional Insights
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,
Healthcare, IT And Telecommunication, Energy And Utilities, Other Verticals
North America was the largest region in the digital identity solutions market
in 2023. 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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Major Driver Impacting Market Growth
Rising cybercrime and fraud are expected to propel the digital identity
solutions market going forward. Cybercrime refers to a criminal act that uses
or targets a computer, a computer network, or a networked device. Cybercrime is
committed by both individuals and groups that aim to harm computers or networks
for objectives other than financial gain. Digital identity solutions play a
major role in combating cyber-crimes by achieving cybersecurity with stronger
user authentication through facial, voiceband fingerprint recognition, so the
rise in cybercrimes will propel market growth. For instance, in 2021, according
to the Internet Crime Report 2021 by the Federal Bureau of Investigation, a
US-based provider of intelligence and security services, the total number of
complaints of cybercrime increased by 7% from 2020 to reach 847,376 complaints.
Furthermore, in 2021, according to the 'Cost of a Data Breach' report by IBM
Security, a US-based provider of enterprise security products and services, the
data breach cost increased from $3.86 million in 2020 to $4.24 million in 2021.
Therefore, rising cybercrime and fraud are driving the digital identity
solutions market.
Key Industry Players
Major companies operating in the digital identity solutions market are focused
on introducing advanced solutions, such as digital ID networks, to gain a
competitive edge in the market. A digital ID network refers to a platform that
acts as a bridge between organizations that need to verify identities and the
organizations providing the verification, allowing consumers to reuse trusted
digital identities. For instance, in October 2023, ConnectID, an
Australia-based digital identity network, launched a digital ID network that
allows users to safely authenticate themselves to outside parties without
repeatedly disclosing any needless information. Customers can request that
participating businesses use institutions they already trust with their data,
such as banks, to verify information rather than providing proof of
identification documentation. Customers will be able to choose which
organizations they trust to retain their personal information and have more
control over what data is shared and utilized thanks to this new service, which
will also help them stop oversharing their data.
The digital identity solutions market
report table of contents includes:
1. Executive Summary
2. Digital
Identity Solutions Market Characteristics
3. Digital
Identity Solutions Market Trends And Strategies
4. Digital
Identity Solutions Market - Macro Economic Scenario
5. Global
Digital Identity Solutions Market Size and Growth
.
31. Global
Digital Identity Solutions Market Competitive Benchmarking
32. Global
Digital Identity Solutions Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Digital Identity Solutions Market
34. Digital
Identity Solutions Market Future Outlook and Potential Analysis
35.
Appendix
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