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Market Size in USD Billion
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2024 –2031 |
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USD 33.15 Billion |
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USD 140.64 Billion |
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Global Digital Identity Solution Market, By Identity Framework (Centralized and Decentralized), Web Type (Web 2 and Web 3), End-User (Enterprise and Individual), Offering (Solution and Services), Solution Type (Authentication, Identity Verification, Identity Lifecycle Management, and Others), Identity Type (Biometric and Non-Biometric), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium Enterprise), Vertical (Banking, Financial Services, and Insurance, IT and Telecommunication, Government and Defense, Retail and E-Commerce, Healthcare, Energy and Utilities, Media and Entertainment, Travel and Hospitality, Gaming, and Others) – Industry Trends and Forecast to 2031.
The digital identity solution market is witnessing significant growth due to rapid innovations such as biometric authentication and blockchain integration. These technologies are reshaping security standards, enhancing user convenience, and reducing identity fraud risks. This evolution fosters trust, streamlines access to services, and empowers businesses with robust digital identity management solutions tools, catalyzing growth in the digital ecosystem.
The global digital identity solution market size was valued at USD 33.15 billion in 2023, is projected to reach USD 140.64 billion by 2031, with a CAGR of 19.8% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Identity Framework (Centralized and Decentralized), Web Type (Web 2 and Web 3), End-User (Enterprise and Individual), Offering (Solution and Services), Solution Type (Authentication, Identity Verification, Identity Lifecycle Management, and Others), Identity Type (Biometric and Non-Biometric), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium Enterprise), Vertical (Banking, Financial Services, and Insurance, IT and Telecommunication, Government and Defense, Retail and E-Commerce, Healthcare, Energy and Utilities, Media and Entertainment, Travel and Hospitality, Gaming, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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NEC Corporation (Japan), Thales (France), Okta (U.S.), Cisco Systems, Inc. (U.S.), IDEMIA (France), Oracle (U.S.), Microsoft (U.S.), IBM (U.S.), Avanade Inc. (U.S.), SAMSUNG (South Korea), Smartmatic (U.S.), OneSpan (U.S.), TELUS International (Canada), AU10TIX (Israel), iProov (U.K.), Ontology (China), Worldcoin (U.S.), Energy Web (Switzerland), Syntizen Technologies Pvt. Ltd. (India), and Alethea AI (U.S.)
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Market Opportunities
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Market Definition
A digital identity solution is a system that verifies and manages an individual's identity online. It typically involves authentication methods such as biometrics, passwords, or tokens to grant access to digital services securely. These solutions aim to protect personal data, prevent identity theft, and streamline online interactions, enhancing security and user experience in the digital realm.
Drivers
Consumers expect seamless and convenient access to online services without compromising security. Digital identity solutions provide authentication methods that balance security with user experience. For instance, facial recognition enables users to unlock smartphones securely with just a glance, offering both convenience and robust security. Such solutions streamline user experience while ensuring stringent authentication measures, meeting the evolving expectations of modern digital consumers.
The rapid surge in e-commerce transactions underscores the critical need for robust identity verification solutions to thwart fraud and fortify trust between businesses and consumers. For instance, online retailers implement stringent authentication measures, such as two-factor authentication and biometric verification, to validate the identity of customers and safeguard against unauthorized access or fraudulent activities, ensuring secure and seamless online shopping experiences.
Opportunities
As the IoT ecosystem expands, there's a need for secure digital identities for devices to ensure secure communication and data exchange, driving the adoption of digital identity solutions in IoT applications. For instance, in smart home systems, each connected device, such as thermostats or cameras, requires a unique digital identity to authenticate and authorize access to the network. Digital identity solutions enable secure interactions between these devices, protecting user privacy and preventing unauthorized access to sensitive data in IoT environments.
Advancements in biometrics and AI present a significant opportunity for the digital identity solutions market. Biometrics, such as fingerprint or facial recognition, combined with AI analysis, enable more secure and convenient authentication methods. For instance, facial recognition technology used in smartphones allows users to unlock their devices seamlessly, enhancing user experience while bolstering security against unauthorized access. This integration is poised to revolutionize digital identity verification with efficiency and reliability.
Restraints/Challenges
User adoption concerns, including worries about data privacy, security breaches, and potential misuse of personal information, pose significant barriers to the global digital identity solution market. Despite the benefits such as enhanced security and efficiency, such apprehensions deter both individuals and organizations from embracing these solutions, impeding market growth.
The substantial initial investments and high annual charges associated with digital identity solutions pose significant financial challenges for organizations, particularly smaller ones and those in developing economies. This cost factor can impede adoption and hinder market growth, emphasizing the need for more affordable and accessible solutions to address evolving demands in digital identity management.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
The market is segmented on the basis of vertical, end-user, identity type, identity framework, web type, organization size, solution type, offering, and deployment mode. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Identity Framework
Web Type
End-User
Offering
Solution Type
Identity Type
Deployment Mode
Organization Size
Vertical
The market is analysed and market size insights and trends are provided by country, vertical, end-user, identity type, identity framework, web type, organization size, solution type, offering, and deployment mode as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe is expected to dominate the market for advanced digital identity solution due to the robust economies of countries such as Germany, fostering investment opportunities. The U.K.'s tech ecosystem, notably in London, and France's emphasis on data privacy under GDPR further drive innovation in this sector.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
SKU-
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
The market is segmented based on , By Identity Framework (Centralized and Decentralized), Web Type (Web 2 and Web 3), End-User (Enterprise and Individual), Offering (Solution and Services), Solution Type (Authentication, Identity Verification, Identity Lifecycle Management, and Others), Identity Type (Biometric and Non-Biometric), Deployment Mode (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium Enterprise), Vertical (Banking, Financial Services, and Insurance, IT and Telecommunication, Government and Defense, Retail and E-Commerce, Healthcare, Energy and Utilities, Media and Entertainment, Travel and Hospitality, Gaming, and Others) – Industry Trends and Forecast to 2031. .
The Global Digital Identity Solution Market size was valued at USD 33.15 USD Billion in 2023.
The Global Digital Identity Solution Market is projected to grow at a CAGR of 19.8% during the forecast period of 2024 to 2031.
The major players operating in the market include NEC Corporation , Thales , Okta , Cisco SystemsInc. , IDEMIA , Oracle , Microsoft , IBM , Avanade Inc. , SAMSUNG , Smartmatic , OneSpan , TELUS International , AU10TIX , iProov , Ontology , Worldcoin , Energy Web , Syntizen Technologies Pvt. Ltd. , and Alethea AI .
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
