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Increased integration of biometrics in smartphones is driving the overall growth of the digital identity solutions market
The global digital identity solutions market size is projected to grow from USD 13.7 billion in 2019 to USD 30.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2019 to 2024. The market growth is driven by various factors, such as rising identity and authentication frauds, increased integration of biometrics in smartphones, and increased focus on enhanced end-to-end customer experience, which have contributed considerable share in to the digital identity solutions ecosystemmarket.
Among By authentication type, the multi-factor authentication segment to grow at the highestat a higher CAGR in the digital identity solutions market during the forecast period
Multi-factor authentication provides more than 1 one method of authentication to users for users to confirm the user’s identitytheir identity and provide access to sources. This method includes 2 two or more credential details of the user, such as password, security token, and biometric verification. It is further bifurcated into 2,3,4, factor authentication. The overall aim of multi-factor authentication is to provide multiple layers of device protection, so that it would be more difficult for unauthorized users to access the networks, databases, and systems. Even if one of the elements were broken, the hackers would still have to break 1 one or 2 two more credentials to access the targeted devices. Therefore, multi-factor authentication is expected to grow at a higher CAGR during the forecast period.
Among By deployment mode, the cloud segment to grow at the highest CAGRat a higher rate, as compared to the on-premises segment, during the forecast period
In the cloud-based deployment,cloud deployment mode, instead of implementing the software solution on the local hardware, businesses subscribe to the solution hosted on a third-party remotely located server. By opting for cloud-based solutions, Organizations organizations can avoid costs related to maintenance of infrastructure and technical staff. The cloud-basedCloud-based platforms are beneficial for organizations that have strict budgets for security investments. Small and Medium-sized Enterprises (SMEs) deploy their identity verification solutions on the cloud, as it saves them from investing their capital on security infrastructures. Hence, the cloud deployment segment is expected to grow at a highestat a higher CAGR.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has a great scope for the growth in of the digital identity solutions market. The digital identity solutions market in APAC is anticipated to grow significantly, due to huge governmental government investments in securing the identities of their citizens, increased public awareness about identity and authentication related frauds, and the amalgamation of technologies, such as Artificial Intelligence (like AI), Machine Learning (ML), and blockchain with digital identities.
The fast expansion of regional enterprises in APAC is another crucial variant contributing to the growth of the digital identity solutions market. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup profiles of the primary participants are as follows:
- By Company Type: Tier 1–25%, Tier 2–40%, and Tier 3–35%
- By Designation: C-level Executives– 30%, D-level – 35%, and Others – 35%
- By Region: North America – 40%, Europe – 25%, APAC – 25%, RoW – 10%
Major vendors offering digital identity solutions solutions include NEC (Japan), Samsung SDS (UK), Thales Group (France), GBG PLC (UK), Telus Corp. (Canada), IDEMIA (France), Tessi (France), ForgeRock (US), Jumio(US), Refinitiv(UK), Duo Security(Cisco) (US), AU10TIX(Cyprus), Imageware Systems (US), Verisec (Sweden), Vintegris Tech (Spain), Signicat (Norway), Smartmatic (UK), Syntizen (India), Intesa (IBM) (Italy), and RaulWalter (Estonia). The study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
The market study covers the digital identity solutions market size across segments. It aims at estimating the market size and the growth potential of this market across segments categorized into components, application areas, verticals, and regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall digital identity solutions market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.