Digital Identity Solutions Market Report Probes the USD Billion Size, Share, Growth Report and Future Analysis by 2032

Key Insights

The Digital Identity Solutions Market size was valued at USD 26.15 USD Billion in 2023 and is projected to reach USD 85.80 USD Billion by 2032, exhibiting a CAGR of 18.5 % during the forecast period. The digital identity solutions market has to do with a foolproof way of confirming and managing particular digital identities through different platforms. It offers the use of biometrical and multifactor authentication also identity verification, access management and lifecycle management. Examples are rather diverse and cover sectors such as finance, healthcare, e-commerce, government and cybersecurity just to name a few. Types range from reliant to non-dependent and self-issued identity systems. Technologies such as blockchain, biometrics, AI and cryptography which are used to secure oneself, information and data can be termed crucial drivers of the emergence of the cybersecurity sector. These solutions thus beef up security, facilitate authentication and on top, prevent identity theft, comply with regulations and finally bring in personalization for the users’ sake, rendering added security, user convenience, detection of fraud, compliance, and seamless digital interaction. 

Digital Identity Solutions Trends

• Increasing adoption of cloud-based digital identity solutions
• Growing demand for strong authentication and authorization mechanisms
• Rising concerns over data privacy and security
• Government regulations and compliance requirements driving adoption

Driving Forces: What's Propelling the Digital Identity Solutions Market

• Spiking demand for seamless and secure access to online services and platforms

• Heightened awareness and concerns surrounding identity theft and fraudulent activities

• Growing adoption of digital identity solutions by businesses to enhance customer experiences, streamline processes, and ensure regulatory compliance

• Government initiatives and regulations aimed at promoting digital identity adoption and ensuring data protection

Challenges and Restraints in Digital Identity Solutions Market

• Limited interoperability and integration challenges between different digital identity solutions

• Ongoing concerns and discussions around privacy and data security in the context of digital identity

• High upfront implementation costs associated with digital identity solutions, particularly for large-scale deployments

Emerging Trends in Digital Identity Solutions

• Use of blockchain technology for identity management
• Adoption of AI and machine learning for identity verification
• Development of decentralized identity solutions

Growth Catalysts in Digital Identity Solutions Industry

• Increasing adoption of digital identity solutions by small and medium enterprises (SMEs)
• Growing demand for digital identity solutions in emerging economies
• Government investments in digital identity infrastructure

Market Segmentation: Digital Identity Solutions Analysis

Type:

• Centralized
• Decentralized

Deployment:

• Cloud
• On-premises
• Hybrid

Enterprise Type:

• Small and Medium Enterprises (SMEs)

Application:

• Authentication
• Authorization
• Access and Lifecycle Management
• Others (Accountability, Identity federation, etc.)

Industry:

• BFSI
• Automotive and Manufacturing
• Energy and Resources
• Healthcare
• IT and Telecommunication
• Others (E-commerce, etc.)

Leading Players in the Digital Identity Solutions Market

• IBM Corporation 
• Thales
• NEC Corporation 
• SailPoint Technologies, Inc. 
• Samsung Group 
• Saviynt Inc. 
• TELUS Communications Inc.
• ImageWare Systems, Inc.
• Daon, Inc.

Significant Developments in Digital Identity Solutions Sector

• November 2023: Certn acquired Trustmatic, a leading European remote ID verification provider, to strengthen its biometric Know Your Customer (KYC) capabilities.

• October 2023: KONA I and IDEX Biometrics partnered to launch global biometric cards, including recycled PVC and metal options, for banks worldwide.

• September 2023: Thales introduced a significant integration between its CipherTrust Cloud Key Management's Hold Your Key (HYOK) solution and Oracle Cloud Infrastructure (OCI), now available across 45 global countries, including Oracle EU Sovereign Cloud.

• September 2023: Cionlabs collaborated with Fingerprint Cards AB to develop innovative biometric door locks and embedded applications in India.

• August 2023: Journey.ai Inc. expanded its cybersecurity suite through a collaboration with Avaya, integrating biometric authentication capabilities into Avaya Hybrid Cloud Services (HCS).

Comprehensive Coverage Digital Identity Solutions Market Report

The comprehensive market report on Digital Identity Solutions provides a detailed analysis of:

• Market trends and drivers
• Challenges and restraints
• Competitive landscape
• Emerging technologies
• Market segmentation
• Geographic analysis
• Growth opportunities

Regional Insight

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Recent Mergers & Acquisition

• ForgeRock to Acquire RDC
• SailPoint Acquires SecZetta to Strengthen Identity Security

Regulation

• NIST Identity Framework for the Internet of Things
• EU General Data Protection Regulation (GDPR)

Patent Analysis

• Biometric Identity Verification System and Method
• Blockchain-Based Digital Identity Management System

Analyst Comment

The digital identity solutions market is expected to continue growing at a rapid pace in the coming years. This growth will be driven by the increasing demand for secure and convenient access to online services, as well as the growing awareness of identity theft and fraud.