The digital identity enables apps, systems, and services to identify the individual or anyone they are interacting with. Its capabilities comprise privilege access management, blockchain and biometrics, and identity & access management. The growing digitization has brought efficiency and ease across various complex processes. However, with the growing digitization, there is always a risk in breach of any personal information and breach of security. Therefore, the demand for digital identity solutions is rising as it allows devices to identify who they are interacting with.
The global digital identity solutions market size is anticipated to reach over USD 33 Billion by 2025. This can be attributed to the increasing integration of biometrics in smartphones and numerous industries. Also, increasing the focus of organizations on enhancing customer experience is one of the crucial factors driving the market growth.
However, the lack of consumer data security is anticipated to hamper the market growth. Furthermore, the growing adoption of authentication solutions across numerous industry verticals is anticipated to create lucrative opportunities for the market in the upcoming years. Also, the integration of advanced technologies such as ML and AI is anticipated to provide major growth opportunities to the market in upcoming years.
Key Segments of the global Digital Identity Solutions Market
Authentication Type Overview, 2018-2025 (USD Billion)
- Single-Factor Authentication
- Multi-Factor Authentication
Solutions Overview, 2018-2025 (USD Billion)
End Users Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Government & Defense
Regional Overview, 2018-2025 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global digital identity solutions market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global digital identity solutions market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the digital identity solutions industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on authentication type, solutions, and end-users. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global digital identity solutions market. The report will benefit every stakeholder involved in the digital identity solutions market.
- Managers within the digital identity solutions industry looking to publish recent and forecasted statistics about the global digital identity solutions market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global digital identity solutions market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
As technology is developing conventional access management systems are becoming stationary and outdated. With the dynamic environment, organizations need robust solutions to prevent or safeguard their own as well as their customers’ data. As the number of services, devices, things, and people continues to grow exponentially, managing the identity lifecycle is becoming critical. Also, it is becoming very crucial to confirm that the right access has been given to the right device, person, or thing. Therefore, the need for comprehensive and dynamic digital identity platform and solutions is rising across the globe. Also, with the planned, correct security & identity measures, enterprises can build better business strategies that can further result in better revenue opportunities.
Authentication Type Segment
Based on the authentication type segment, the market is divided into multi-factor and single-factor authentication. The multi-factor authentication segment is expected to gather the highest market growth during the forecast period. However, the single-factor authentication segment dominated the digital identity solutions market in 2019.
Based on the solutions, the market is segmented into the biometric and non-biometrics solutions. The biometrics solutions segment dominated the market in 2019 and it is expected to dominate the market throughout the forecast period 2020-2025. The growth of this segment is mainly attributed to the extra layer of the security provided by them.
End users Segment
Based on end-users, the market is bifurcated into AR and VR gaming zones, arcade studios, skill/competition games, physical play activities, and others. In 2019, the BFSI segment captured the highest market revenue and is anticipated to dominate the digital identity solutions market throughout the forecast period. On the contrary, the healthcare industry is anticipated to gather the highest growth rate throughout the forecast period.
The North America region dominated the overall market in 2019 and it is expected to do so throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the presence of major market players and growing investment in research & development of technologies associated with digital identity solutions. However, the Asia-Pacific region is anticipated to experience the highest growth rate during the forecast period. The growth of this region is mainly accredited to the increasing sophisticated levels of cyber frauds in this region.
The major players of the global Digital Identity Solutions Market are IDEMIA, ForgeRock, Imageware Systems, Jumio, NEC, Samsung SDS, Signicat, Telus, Tessi, and Thales Group. Moreover, the other potential players in the digital identity solutions market are Refinitiv, Jumio, AU10TIX, Verisec, and Smartmatic. The recognized companies are coming up with innovative and new entertainment technologies and solutions. For instance, In November 2019, IDEMIA announced an agreement with Morocco’s National Security Government Department (NSGD). In this agreement, IDEMIA would provide a secured digital identity online services platform along with the national electronic ID cards for the country.