Press release
Digital Identity Solutions Market worth $83.2 billion by 2028
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. 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.
Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=247527694
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 solutions. They have a vast workforce and associated networking devices susceptible to identity-related risks. Organizations have offices across regions, forcing them to provide their solution through real-time data access 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.
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.
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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=247527694
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 solutions. They have a vast workforce and associated networking devices susceptible to identity-related risks. Organizations have offices across regions, forcing them to provide their solution through real-time data access 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.
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.
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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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