Global Digital Identity Solution Market Size To Worth USD 31.8 Billion By 2033 | CAGR of 17.08 %
Category: Information & TechnologyGlobal Digital Identity Solution Market Size To Worth USD 31.8 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Digital Identity Solution Market size was valued at USD 31.8 Billion in 2023 and is Expected to reach USD 153.9 Billion by 2033, Growing at a CAGR of 17.08 % from 2023 to 2033
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Browse key industry insights spread across 237 pages with 110 Market data tables and figures & charts from the report on the "Global Digital Identity Solution Market Size, Share, and COVID-19 Impact Analysis, By Component (Solution and Services), By Identity Type (Biometric and Non-Biometric), By Solution Type (Identity Verification, Authentication, Identity Lifecycle Management, and Other), By Organization Size (Large Enterprise and SMEs), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/digital-identity-solution-market
The industry that provides tools and services for securely maintaining and verifying the online identities of clients or companies is known as the digital identity solutions market. These solutions offer safe access to online services, apps, and transactions while facilitating user authentication and preventing fraud. The expansion of online services, the rise in mobile devices, and growing government demands for stronger authentication methods. Identity verification processes are becoming more scalable and user-friendly as a result of the growing use of technologies like blockchain and artificial intelligence (AI), which also improve their security, speed, and dependability. Digital identification solutions provide a trustworthy identity and provide a much higher degree of assurance. They are the upcoming generation of solutions for identity administration and governance. Modern technologies like blockchain, AI, face-based biometrics, and machine learning (ML) are used by these solutions to verify that a person is who they say they are. Since identification and payments are now inseparable, the payments industry faces both exciting new prospects and challenges, which makes digital identity solutions even more necessary. However, one major obstacle to the broad adoption of sophisticated digital identity solutions is the low level of digital literacy among some demographics, which hinders their growth trajectory. Users' comprehension and confidence in the dependability of these systems are impeded by their unfamiliarity with complex technological procedures and security precautions, which discourages them from actively embracing such solutions.
The solution segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the component type, the global digital identity solution market is classified into solution and service. Among these, the solution segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. Many vendors provide digital identity solutions as an integrated platform or tool that integrates with the company's infrastructure. Vendors also help organizations incorporate necessary technology into their current infrastructure by providing hardware and services. Digital identity solutions aim to improve security, streamline business processes, reduce costs, and boost customer satisfaction.
The biometric segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the identity type, the global digital identity solution market is categorized into biometric and non-biometric. Among these, the biometric segment accounted for the highest share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. Increasing usage of biometric technology, such as fingerprint, face, and iris recognition, which offer greater accuracy, security, and simplicity than more traditional identification methods like passwords. Biometric technologies are becoming crucial for safe identity verification in sectors including government, healthcare, and finance, largely because of growing concerns about identity fraud and data breaches.
The authentication segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period.
Based on the solution type, the global digital identity solution market is divided into identity verification, authentication, identity lifecycle management, and other. Among these, the authentication segment dominates the market in 2023 and is projected to grow at a notable CAGR during the forecast period. Industries are growing emphasis on cybersecurity and data protection. As the use of digital services, cloud computing, and remote work increased, companies prioritized robust authentication systems to safeguard sensitive data and prevent unauthorized access. Multi-factor authentication (MFA), biometric authentication, and advanced identity verification approaches all experienced rapid growth as businesses sought to increase security without sacrificing seamless user experiences.
The large enterprise segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period.
Based on the organization size, the global digital identity solution market is categorized into large enterprises and SMEs. Among these, the large enterprise segment held a dominant share in 2023 and is expected to grow at a notable CAGR during the forecast period. Large enterprises are among the first to use digital identification solutions due to their extensive workforce and network equipment that is vulnerable to identity-related risks. Businesses with offices in different regions are being compelled to provide their employees with access to real-time data and are gradually using digital identification solutions in an effort to boost corporate efficiency across regions. The solution can also access risk and find risk outliers.
North America is anticipated to hold the largest share of the global digital identity solution market over the projected timeframe.
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North America is anticipated to hold the largest share of the global digital identity solution market over the predicted timeframe. The growth can be attributed to its strong regulatory framework (such as HIPAA), a highly established technological environment, and financial compliance requirements that compel businesses to prioritize safe identity verification. A proactive response to cybersecurity threats and a culture that appreciates advanced authentication methods, which ensure compliance, data protection, and greater confidence in online transactions, are also factors speeding up the adoption of these solutions in the region.
The Asia Pacific region is expected to grow the fastest during the forecast period. This is due to the region's fast digital transformation and the expansion of internet services. Leading the way were countries like China, India, and Japan, which accelerated government services, e-commerce, and banking by implementing extensive digital identification systems. With programs like India's Aadhaar, one of the largest biometric ID systems in the world, the region has shown its commitment to safe digital identification solutions.
Major key players in the digital identity solution market include NEC Corporation, Thales, GB Group plc (‘GBG’), TELUS, Tessi, Daon, Inc., IDEMIA, ForgeRock, Inc., IMAGEWARE, Jumio, Other.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In October 2024, Buenos Aires launched QuarkID, a digital identity system utilizing zero-knowledge proofs to enhance privacy and streamline document verification for its 3.6 million residents. Integrated into the miBA app, QuarkID allows secure identity verification without disclosing personal information, thereby reducing identity theft risks. Operating on Ethereum's ZKsync Era, it supports over 60 document types, including IDs and utility bills. The initiative aims to lower government operational costs while expanding accessibility to digital services.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global digital identity solution market based on the below-mentioned segments:
Global Digital Identity Solution Market, By Component Type
- Solution
- Services
Global Digital Identity Solution Market, By Identity Type
- Biometric
- Non-biometric
Global Digital Identity Solution Market, By Solution Type
- Identity Verification
- Authentication
- Identity Lifecycle Management
- Other
Global Digital Identity Solution Market, By Organization Size
- Large Enterprises
- SMEs
Global Digital Identity Solution Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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