Digital Identity Solutions Market worth $83.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 10, 2023 /PRNewswire/ -- Greater industry adoption, technology advancements like blockchain and biometrics, as well as a focus on privacy and legal compliance will all contribute to the market for digital identity solutions having a bright future. In deciding the growth and influence of the market, cooperation and interoperability will be crucial.

The global Digital Identity Solutions Market size is projected to grow from USD 34.5 billion in 2023 to USD 83.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period, according to a new report by MarketsandMarkets™. The rise in identity and authentication fraud and increased integration of AI, ML, and blockchain to enhance digital identities drives the growth of the DIS market. Moreover, the high cost associated with the deployment of digital identity solutions may hinder market growth.

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458 - Tables
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344 - Pages

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Scope of the Report

Based on the organization size, the large enterprises segment is expected to hold the largest market share during the forecasted period.

The adoption of digital identity solutions is driven by enhanced security needs for secure authentication and access control in large enterprises. Large enterprises were the early adopters of digital identity solutios to their employees. Additionally, there are no budget constraints in large organizations; therefore, these organizations can adopt the on-premises-based digital identity solution. Organizations are increasingly enhancing their businesses' productivity across regions by adopting digital identity solutions. Additionally, the solution can detect access risk, excess risk, and risk outliers. Hence, large enterprises are expected to increasingly adopt digital identity solutions that comply with various standards and regulations.

By identity type, the biometric segment to hold a larger market size during the forecast period

The need for biometric solutions is driven by the demand for a seamless experience for the customer. Digital identity solutions traditionally evolved from passwords to biometric authentication, such as fingerprint, facial recognition, retina or eye scan, handprint, and voice recognition. Lock and capture mechanisms are followed by biometric solutions to authenticate the individuals and enable access to a specific set of services. Compared to conventional keys (or keycards) and password systems, biometric solutions are more secure. These solutions also use multi-factor authentication to add an extra layer of protection. Increasing demand for digital identity solutions, identity authentication, ID verification, and others, including compliance management and fraud prevention, is driving the growth of the biometric solutions segment.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

Asia Pacific includes big developing economies, such as Australia, China, Japan, India, Singapore, and South Korea. With the increase in technological innovations, the Digital Identity Solutions Market is witnessing high growth opportunities in this region. Developing countries, such as India, use digital identities to authenticate their citizens, whereas developed countries use digital identities for more advanced applications, including accessing government services and identification. Various vendors are trying to fulfill the demand for digital identity in the Asia Pacific. For example, ForgeRock, a global digital identification provider, continues its development throughout Asia and the local availability of its ForgeRock identification Cloud from two additional data centers in Hong Kong and Indonesia. With this expansion, ForgeRock's Identity cloud is now available in 17 countries globally. Such expansions are strengthening the growth of digital identity solutions in the Asia Pacific.

The widespread technology implementation across verticals, such as BFSI, retail and eCommerce, and healthcare, in terms of mobility and cloud computing, has led to the increase in customer base and internet users, compliance regulations, and mobile usage, eventually leading to the need to deploy digital identity solutions.

Top Key Companies in Digital Identity Solutions Market:

NEC (Japan), Samsung SDS (South Korea), Thales (France), Telus (Canada), IDEMIA (France), GBG (UK), Tessi (France), Daon (US), ForgeRock (US), ImageWare (US), Jumio (US), iProov (UK), ID R&D (US), Refinitiv (UK), OneSpan (US), Smartmatic (UK), Freja EID Group (Sweden), Vintegris (Spain), AU10TIX (Israel), Signicat (Norway), Duo Security (US), Syntizen (India), Hashcash Consultant (US), Good Digital Identity (Czech Republic) are the key players and other players in the DIS market.

Recent Developments

• In May 2023, iProov partnered with Wultra to provide iProov's biometric solutions suite as part of its portfolio of digital banking solutions.
• In March 2023, Thales announced a partnership with the Finnish police. The National Police Board of Finland is planning to launch new biometric travel and digital ID documents.
• In November 2022, ForgeRock launched a cloud-native digital identity governance solution. The new ForgeRock Identity Governance increases enterprise efficiency by combining its digital identity and access management platform.
• In November 2022, NEC launched a touchless, multimodal biometric authentication terminal. This terminal integrates face recognition technology with iris recognition technology to provide high levels of authentication.
• In November 2022, GoTyme Bank partnered with Daon. GoTyme Bank will utilize Daon's IdentityX platform to enable digital identity capture and authentication in its mobile app.

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Digital Identity Solutions Market Advantages:

• User experiences can be made simple and convenient by using digital identity solutions. Users no longer need to remember several usernames and passwords in order to access multiple online services and applications because they only require one set of credentials. Productivity rises and user happiness is increased by this seamless experience.
• Strict regulatory requirements involving identity verification and data protection apply to a variety of industries, including finance, healthcare, and government. Digital identification solutions help organisations comply with these rules by putting in place strong security measures and offering audit trails and reporting capabilities.
• Privacy-enhancing technologies are used to prioritise user privacy in digital identification systems. To safeguard user data, they frequently use strategies like pseudonymization, encryption, and anonymization. The danger of data breaches and unauthorised data use is lower since users have more control over the personal information they exchange with different service providers.
• Organisations may save money by using digital identity solutions. They lessen the need for conventional, tangible identification documents that can be expensive to acquire and verify, including passports and driver's licences. Digital identification systems also automate a number of identity-related tasks, lowering operating expenses and manual labour.
• Fighting identity fraud and online scams requires the use of digital identity solutions. In order to safeguard people and organisations from unauthorised access and impersonation attacks, modern authentication techniques and real-time identity verification procedures are used.
• Solutions for digital identity are very scalable and flexible for a range of user populations and use cases. They can manage varying authentication requirements across multiple channels, including web, mobile, and IoT devices, and they can accommodate millions of users.

Report Objectives

• To define, describe, and forecast the Digital Identity Solutions Market by offering (solutions and services), solution type, identity type, organization size, vertical, and region
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing market growth
• To analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of the segments concerning five main regions: North America, Europe, Middle East and Africa (MEA), Asia Pacific (APAC), and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments, such as acquisitions, product developments, and partnerships, in the market

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