Digital Identity Solutions Market is rising due to Convenience and Contactless Transactions in the forecast period 2024-2028
Global Digital Identity Solutions Market
is rising due to Self-Sovereign Identity (SSI) and Decentralized Identity in
the forecast period 2024-2028.
According to TechSci Research report, “Global
Digital Identity Solutions Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028. Global Digital
Identity Solutions Market was valued at USD 27.97Billion in 2022 and is
anticipated to project robust growth in the forecast period with a CAGR of
17.31% through 2028. The Global Digital Identity Solutions Market is
experiencing remarkable growth due to several key drivers that are transforming
the digital landscape. These drivers are propelling the adoption of digital
identity solutions across various industries and are shaping the way
individuals and organizations manage and secure their digital identities. Here
are the major drivers for the Global Digital Identity Solutions Market: The
ongoing digital transformation across industries, including finance,
healthcare, e-commerce, and government, is a significant driver for digital
identity solutions. As more services and transactions move online, the need for
robust digital identity verification and authentication becomes paramount.
The Global Digital Identity Solutions Market is
currently in the midst of a remarkable growth phase, driven by a multitude of
factors that are revolutionizing how individuals and organizations conduct
digital transactions and interact in the online world. Digital identity
solutions, standing at the forefront of this transformative wave, are playing a
pivotal role in reshaping the landscape of identity verification,
authentication, and security. This analysis explores the key drivers propelling
the expansion and adoption of digital identity solutions across various
industries and sectors.
Digital identity solutions have become central to
addressing the evolving needs of businesses and consumers alike. In an era
where the online realm is an integral part of daily life, the importance of
secure and efficient identity verification cannot be overstated. Digital
identity solutions offer a seamless and user-friendly approach, allowing
individuals to verify their identities and gain access to services with ease.
From online banking and e-commerce to healthcare and government services,
digital identities are becoming the cornerstone of secure and convenient
transactions.
The proliferation of digital devices, especially
smartphones, has significantly contributed to the widespread adoption of
digital identity solutions. With the ubiquity of smartphones, individuals have
a powerful tool at their fingertips to manage and prove their digital
identities. Mobile applications and biometric authentication methods, such as
fingerprint and facial recognition, have made digital identity verification
faster, more secure, and highly accessible.Security and privacy are paramount
in the digital world, and digital identity solutions are at the forefront of
addressing these concerns. These solutions employ advanced encryption
techniques and multi-factor authentication to ensure that individuals' personal
information is safeguarded and only accessible to authorized parties. This
robust approach to security not only protects individuals from identity theft
and fraud but also instills trust in online transactions and services.Digital
identity solutions also play a crucial role in enabling financial inclusion.
They bridge the gap between individuals who may not have traditional forms of
identification, such as government-issued IDs, and the services they need. This
inclusivity extends beyond financial services to areas like healthcare,
education, and social services, ensuring that a wider population can access and
benefit from these services.
Furthermore, the data generated by digital identity
solutions is a valuable resource for businesses and organizations. This
data-driven approach provides insights into consumer behavior, preferences, and
trends, enabling businesses to tailor their offerings and marketing strategies
effectively. It also facilitates the creation of personalized experiences,
loyalty programs, and targeted advertising, ultimately enhancing customer
engagement and loyalty. In conclusion, the Global Digital Identity Solutions
Market is undergoing a profound transformation, driven by the imperative to
provide secure, efficient, and inclusive identity verification and
authentication solutions. Digital identity technology has firmly established
itself as an indispensable tool for businesses seeking to excel in the digital
age, enabling innovation, trust-building, and enhanced user experiences. As the
digital landscape continues to evolve, digital identity solutions will remain
at the forefront, shaping the future of identity verification and unlocking new
dimensions of security and convenience in the digital world.
The dominating segment in the Global Digital Identity
Solutions Market by end-user is Banking, Financial Services, and Insurance
(BFSI).The BFSI sector is one of the most regulated industries in the world,
and digital identity solutions play a critical role in helping BFSI
organizations comply with regulations and protect their customers' data.
Digital identity solutions can help BFSI organizations to: Authenticate
customers: Digital identity solutions can help BFSI organizations to
authenticate their customers in a secure and convenient manner. This is
important for preventing fraud and protecting customer accounts.
Browse over 26 market data Figures
spread through 91 Pages and an in-depth TOC on "Digital Identity Solutions Market”.
Comply with regulations: Digital identity solutions
can help BFSI organizations to comply with regulations such as Know Your
Customer (KYC) and Anti-Money Laundering (AML). These regulations require BFSI
organizations to verify the identity of their customers and track their
transactions.
Reduce fraud: Digital identity solutions can help BFSI
organizations to reduce fraud by detecting and preventing fraudulent
activities, such as account takeover and identity theft.
Improve customer experience: Digital identity
solutions can help BFSI organizations to improve the customer experience by
making it easier for customers to access their accounts and services. For
example, digital identity solutions can be used to enable single sign-on, which
allows customers to log in to multiple BFSI services with a single username and
password.
Some of the key benefits of digital identity solutions
for the BFSI sector include:Improved security: Digital identity solutions can
help BFSI organizations to improve the security of their systems and data by
protecting against unauthorized access and fraud.
Reduced costs: Digital identity solutions can help
BFSI organizations to reduce costs by automating manual processes and improving
efficiency.
Enhanced customer experience: Digital identity
solutions can help BFSI organizations to enhance the customer experience by
making it easier for customers to access their accounts and services.Improved
regulatory compliance: Digital identity solutions can help BFSI organizations
to improve their regulatory compliance by providing evidence that they are
verifying the identity of their customers and tracking their transactions.The
BFSI segment is expected to continue to dominate the global digital identity
solutions market over the forecast period. This growth will be driven by the
factors mentioned above, as well as the increasing adoption of digital identity
solutions by small and medium-sized BFSI organizations.
Major companies operating in Global Digital
Identity Solutions Market are:
- Gemalto N.V.
- IDEMIA
- MorphoTrust USA
- NEC Corporation
- Daon
- ForgeRock
- Jumio
- Okta, Inc.
- Ping Identity
- RSA Security LLC
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“North America's dominance in the Global Digital
Identity Solutions Market can be attributed to a combination of several key
factors and market dynamics that have positioned the region as a leader in the
field of digital identity solutions. Below, we'll explore the reasons behind
North America's prominence in this market:
North America, particularly the United States, has a
long history of technological innovation and a robust ecosystem of tech
companies and startups. This culture of innovation has driven the development
and adoption of cutting-edge digital identity solutions. Leading tech hubs like
Silicon Valley serve as epicenters for research and development in identity
verification, biometrics, and cybersecurity technologies.
The regulatory environment in North America,
especially in the United States and Canada, has been conducive to the growth of
digital identity solutions. Regulatory bodies have recognized the importance of
secure and reliable identity verification in various sectors, including
financial services, healthcare, and government. This has led to the
establishment of standards and regulations that promote the use of digital
identity solutions.
North America boasts a large and diverse market with a
wide range of industries and businesses. This diversity has created a strong
demand for versatile digital identity solutions that can cater to different
sectors, from finance and healthcare to e-commerce and government services. As
a result, North American companies have developed and offered a broad spectrum
of identity verification and authentication solutions to meet these diverse
needs.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Digital
Identity Solutions Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Component (Solution,
Services), By Identity Type (Biometric, Non-biometric), By Solution Type
(Identity Verification, Authentication, Identity Lifecycle Management, Other),
By End-user (Banking, Financial Services, and Insurance, Retail and Ecommerce,
Travel & Hospitality, Government and Defence, IT and Telecommunication,
Others), By Region, By Competition”, has evaluated
the future growth potential of Global Digital Identity Solutions Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Digital Identity Solutions Market.
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