Digital Identity Solutions Market Expected to Reach $55.99 billion by 2030| Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-06-24  

     

As per Business Intelligence Insights (BII) study, the global Digital Identity Solutions Market attained revenue growth of USD 23.10 billion in 2021 and it is projected to reach around USD 55.99 billion by 2030, growing at a 15.90% CAGR.

Biometric authentication, which includes facial recognition, fingerprint, handprint, retina or eye scan, and voice recognition, is included in digital identity solutions. Every individual's biometric traits or digital identities are unique. It uses lock and capture techniques to authenticate users and grant them access to a limited set of services. Traditional identity verification methods, which rely on static certifications, are less secure than digital identity solutions. Traditionally, identity verification has been accomplished by direct human interaction and physical examination of government-issued documents. The digital identity solution market is growing due to numerous advantages provided by digital identity solutions, such as quick processing times, high accuracy, improved security, lower operational costs, and improved customer experience. Furthermore, the industry is growing due to a substantial move toward digitization and an increase in identity and authentication fraud.

However, the most significant challenge that enterprises face today is a scarcity of qualified security personnel, which makes it difficult for them to achieve their mandated and developing cybersecurity requirements. Several companies hire people to identify and assess potential cyber dangers, but these individuals lack the necessary skills. Companies that require cybersecurity services are discovering a severe shortage of competent personnel, leaving them vulnerable to identity-related assaults. This necessitates comprehensive and better security professional training to close the skill gap and provide the necessary skills for spotting and assessing identity-related attacks.

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Digital Identity Solutions Market : Companies Mentioned

•  NEC (Japan)
•  Samsung SDS (South Korea)
•  Thales Group (France)
•  GBG (UK)
•  TELUS (Canada)
•  Tessi (France)
•  Daon (US)
•  IDEMIA (France)
•  ForgeRock (US)
•  Jumio (US)
•  iProov (UK)
•  ID R&D (US)
•  Refinitiv (UK)
•  ImageWare Systems (US)
•  OneSpan (US)
•  Smartmatic (UK)
•  Verisec (Sweden)
•  Vintegris (Spain)
•  AU10TIX (Cyprus)
•  Signicat (Norway)
•  RaulWalter (Estonia)
•  Duo Security (US)
•  Syntizen(India)
•  HashCash Consultants (US)
•  Good Digital Identity (Czech Republic)

Key Highlights of the Report

•    In 2021, the cloud sector will create the greatest revenue in the global market based on deployment type. Cloud-based identifying keys are growing more popular as a result of their advantages, such as ease of use, lower installation and maintenance costs. Furthermore, cloud-based identity solutions are more secure than on-premises systems in terms of data security and sharing identification. As a result, large enterprises and small businesses are mostly using cloud-based digital identification solutions, which is expected to contribute to significant segmental growth. On the other hand, on-premises digital identification solutions make for a significant share of the overall market. When compared to cloud systems, this can be linked to characteristics like greater flexibility and control, which could fuel segment expansion in the future.

•    Biometrics is predicted to hold the largest market share by component over the projection period. Biometrics solutions can collect a person's unique biometric characteristics and offer access to a set of services. As a result, they are thought to be safer than traditional authentication methods. Because of the promising security approach given by these solutions, as well as the requirement for permitted access in companies and data-sensitive places, the demand for biometric solutions has expanded.

   Geogaphically, Asia-Pacific is likely to lead the market. The increased need for identification, combined with the rising incidence of cyber frauds, has led to the deployment of these solutions across the region. Furthermore, individual governments are concentrating their efforts on protecting national citizens' identities, resulting in considerable investments in such solutions. This helps to propel the market forward.

•    The report contains qualitative and quantitative research on the global Digital Identity Solutions Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

By Component
•  Solutions
•  Services 

By Solution Type
•  Biometrics
•  Non-Biometrics 

By Authentication Type 
•  Single-factor Authentication
•  Multi-factor Authentication

By Mode of Deployment Type
•  Cloud
•  On-Premises 

By Organization Size
•  Large Enterprise
•  SMEs

By Verticals
•  BFSI
•  Retail and eCommerce
•  Government and Defense
•  Healthcare
•  IT and ITeS
•  Telecommunications
•  Energy and Utilities
•  Other Verticals 

By Region
•  North America
o  U.S.
o  Canada
•  Europe
o  Germany
o  U.K.
o  France
o  Italy
o  Spain
o  Rest of Europe
•  Asia Pacific
o  China
o  India
o  Japan
o  Rest of Asia Pacific
•  Latin America
o  Brazil
o  Mexico
o  Rest of Latin America
•  Middle East and Africa
o  UAE
o  South Africa
o  Rest of Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Digital Identity Solutions Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Digital Identity Solutions Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Digital Identity Solutions Market Forecast Report 2022- 2030 - Order Now!

About Us

Business Intelligence Insights is the global provider of market intelligence, consultancy services, and syndicated & customized reports. We are focused on assisting business leaders and suppliers in making decisions by providing timely and insightful market research and consulting services. We offer global, and regional expertise in technology, industry, opportunities, trends, industry analysis, market data, and strategic guidance. Our analysis and insight help business professionals, executives, and investors make fact-based technology decisions and achieve their key business objectives. Our reports are featured distinct research approaches, rigorous methodologies, and comprehensive sector coverage.

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