DELRAY BEACH, Fla., Oct. 30, 2024 /PRNewswire/ -- The global Digital Identity Solutions Market size is projected to grow from USD 42.12 billion in 2024 to USD 133.19 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, according to a new report by MarketsandMarkets.
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380 - Tables
265 - Figures
350 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2030 |
Base year considered | 2023 |
Forecast period | 2024-2030 |
Forecast units | Value (USD Billion) |
Segments Covered | Offering, Solution, Services, Solution Type, Deployment mode, Organization Size, Vertical, and Region |
Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Companies covered | Major vendors in the global Digital Identity Solutions Market are Thales (France), NEC Corporation (Japan), IDEMIA (France), Samsung SDS (South Korea), Telus (Canada), HID Global (US), AU10TIX (Israel), CrowdStrike (US), DXC Technologies (US), IBM (US), CyberArk (US), , SailPoint Technologies (US), GBG Corporation (UK), Ping Identity (US), Jumio (US), OneSpan (US), TESSI (France), ACI Worldwide (US), Shufti (UK), Duo Security (US), , AU10X (Israel), Imprivata (US), Innovatrics (Slovakia), iProov (UK), Onfido ((UK), Persona (US), Regula (Latvia), Signicat (Norway), Incode Technologies (US), Smartmatic (UK), and Vintegris (Spain). |
The growth of the Digital Identity Solutions Market is observed due to factors such as the rise in cybercrimes specifically related to digital authentication and identity related frauds, the need to comply with stringent regulations such as GDPR, CCPA, and eIDAS, and an increased innovation in technologies such as biometric authentication and AI which has brought maximum convenience and security to the users.
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By Solution, the Hardware segment account for the largest market size during the forecast period.
The hardware segment dominates the Digital Identity Solutions Market because of the increasing demand for biometric authentication hardware, such as fingerprint scanners and facial recognition systems, addresses stringent security requirements against identity fraud and cyber threats, offering more robust protection compared to software solutions. In addition to this, the integration of advanced and emerging technologies like IoT and AI into hardware is fueling the demand, enabling secure identity management across various applications. Additionally, the rising adoption of biometric techniques in sectors such as retail and e-commerce boosts the growth potential of the hardware segment as it enhances secure and seamless identity verification for fraud prevention and customer convenience.
By deployment mode, the cloud segment is to grow at the highest CAGR during the forecast period.
The cloud segment provides flexibility, scalability, and cost-effectiveness, making it an excellent choice for enterprises managing identity services. The cloud-based model enables seamless integration with current IT infrastructure and improves accessibility across varios devices, making it ideal for remote and hybrid work situations. Furthermore, the growing use of cloud services, along with advances in AI and machine learning for identity verification and authentication, is accelerating the need for cloud-based digital identity solutions. Furthermore, legal requirements for safe data handling, as well as increased cybersecurity concerns, are driving firms to adopt sophisticated cloud-based identity management.
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By region, North America is projected to have the largest market during the forecast period.
North America is projected to have the largest market size in the Digital Identity Solutions Market because of the presence of a large number of vendors such as IBM, CrowdStrike, and DXC Technology as well as due to the region's advanced technological infrastructure. North America has strict regulations like HIPAA and CCPA which pushes organizations to maintain a secure environment by deploying robust cybersecurity solutions and services. In addition to this, the growing cases of identity-related fraud and cybercrimes in the region are driving the region's market growth.
Top Key Companies in Digital Identity Solutions Market:
The report profiles key players such as Thales (France), NEC Corporation (Japan), IDEMIA (France), Samsung SDS (South Korea), Telus (Canada), HID Global (US), CrowdStrike (US), DXC Technologies (US), IBM (US), CyberArk (US).
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