A recent report published by Infinium Global Research on the digital identity solutions market provides an in-depth analysis of segments and sub-segments in the global as well as regional digital identity solutions market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional digital identity solutions market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global digital identity solutions market. According to the report, the global digital identity solutions market is projected to grow at a CAGR of 16.6% over the forecast period of 2021-2027, growing from nearly USD 16 billion in 2020 to about USD 46.3 billion in 2027.
Developments in the field of electronics and information technology have changed the way several industry verticals operate. One of the emerging applications of software and information technology is digital identity solutions. The digital identity solutions authenticate the identity of individuals by their unique biometrics such as facial features, fingerprint, handprint, retina, and voice. The process of identity verification is traditionally done by human interaction and authentication of identity documents issued by the government authority. Compared to such traditional identity verification methods, digital identity solutions are more accurate and effective. The digital identity solutions offer higher accuracy, better compliance, lower operational costs, improved customer experience, and enhanced security. Furthermore, the market players are working with government authorities, and multinational organizations to develop novel digital identity solutions.
The outbreak of the novel coronavirus compelled people to stay inside their homes to avoid infection. Thus, people adopted online methods of daily routine such as banking and paying. This, in turn, drove the use of digital identity solutions across various sectors. Moreover, many industry verticals adopted work-from-home culture in order to adapt according to the changing lifestyle during pandemics. The remote working environment increased the demand for seamless management of the identities of employees and other business stakeholders. Digital identity solutions helped many public and private organizations to manage the stakeholders’ identity data securely and efficiently during the period of pandemics. However, the spread of COVID-19 severely affected the global economy, disrupting the sales of various end-use industries. Lower revenue of the organizations led to lower spending on digital identity solutions. Nevertheless, as the pandemic crisis subsided, the market size increased rapidly due to economic stability.
The growing concerns regarding fraud and identity theft are expected to majorly drive the growth of the digital identity solutions market. The incidences of identity theft and fraud have increased over the past few years. The consumer and employee are prone to identity theft and data breaches. Thus, the demand to protect such individuals has increased in the recent past. Moreover, the rise in the digitalization of many public and private organizations is anticipated to boost market growth. Organizations are becoming digitalized by transforming their functions from analog to digital. Digital identity solutions help organizations seamlessly transform the identity data of their stakeholders into digital format. However, the lack of standardization of identity authentication solutions is one of the key challenges for the market. On the other hand, the growing adoption of advanced technologies such as AI, big data, and IoT in digital identity solutions is expected to offer growth opportunities during the forecast period.
In terms of geography, North America generated the largest revenue in the digital identity solutions market. Countries such as the US, and Canada are majorly driving the growth of the digital identity solutions market in North America. The higher digitization across industries such as healthcare, banking, financial services and insurance (BFSI), and government organizations is mainly contributing to the dominance of North America in the global market. On the other hand, Asia Pacific is anticipated to witness a rapid growth in the market owing to growing threats of fraud to many organizations. Moreover, the improving economic conditions and rapid industrialization in Asian countries are expected to boost the demand for digital identity solutions over the forecast period.
The report on global digital identity solutions market covers segments such as component, deployment, authentication type, enterprise size, and end user. On the basis of component, the sub-markets include solutions, and services. On the basis of deployment, the sub-markets include cloud, and on-premise. On the basis of authentication type, the sub-markets include single-factor authentication, and multi-factor authentication. On the basis of enterprise size, the sub-markets include large enterprises, and small & medium enterprises (SMEs). On the basis of end user, the sub-markets include BFSI, IT & telecommunication, healthcare, government and defense, energy and utilities, and others.
The report provides profiles of the companies in the market such as Thales Group, Samsung SDS, NEC Corporation, Jumio Corporation, GB Group plc, Telus Corporation, Signicat AS, Freja eID Group AB, Víntegris S.L.U., and ABC Technologies B.V. (Au10tix).
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the digital identity solutions market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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