Increasing focus of organizations on enhancing customer experience is the major factor driving the demand for the digital identity solutions market
The global digital identity solutions market size is anticipated to reach over USD 33 billion by 2025. Also, it is expected to capture a CAGR of over 16% during the forecast period 2020-2025. The digital identity solutions are extremely flexible and scalable. It can help businesses in reducing costs as well as complex identity solutions. As it comprises biometrics and non-biometric solutions it provides an extra layer of security to devices, systems, and data.
The existing and future digital identity solutions market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the digital identity solutions market opportunities throughout the forecast period. Factors such as the increasing integration of biometrics in smartphones and numerous industries. Besides, increasing the focus of organizations on enhancing customer experience is also one of the crucial factors driving 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.
The report also highlights numerous aspects of the global digital identity solutions industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the digital identity solutions industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The digital identity solutions market has robust competition across the well-established as well as newly emerging players. Also, the digital identity solutions industry players are targeting prospective markets to seize a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on the authentication type segment, the market is divided into single-factor authentication and multi-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.
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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America