Digital Trust Market Unlocking Growth Opportunities: Analysis and Forecast 2024-2032

Key Insights

The Digital Trust Market size was valued at USD 80.66 USD Billion in 2023 and is projected to reach USD 171.73 USD Billion by 2032, exhibiting a CAGR of 11.4 % during the forecast period. Digital trust may therefore be defined as the faith people or other entities have in the processes, platforms, and interactions of digital technologies and computing devices. It makes sure that electronic business and communication transaction and exchanges and information transfer are effected securely. It is a broad concept that can be used in e-business, internet banking, telemedicine, and smart devices. Types of Digital Trust include user Digital Trust, organizational Digital Trust and system Digital Trust. Components of the digital trust include encryption and security policies, identification and authentication, security and protection, and data privacy. They entail better customer relations through loyalty, better company reputation, low risks of cyber threats, and more opportunities to transact digitally. The most recent shifts in the market include the use of blockchain technology to support decentralized trust, self-sovereign identity, and AI-driven security solutions to foster trust in various digital systems.

Digital Trust Trends

• Cloud adoption: Increasing adoption of cloud services has led to a greater need for digital trust solutions to protect data and applications in the cloud.
• Data security: Growing concerns over data breaches and cyberattacks are driving the demand for digital trust solutions that can protect data from unauthorized access and theft.
• Compliance with data protection regulations: Stringent data protection regulations, such as GDPR and CCPA, require organizations to implement robust digital trust measures to protect personal data.

Driving Forces: What's Propelling the Digital Trust Market

• Growth of e-commerce: The rapid growth of e-commerce has increased the need for digital trust solutions to secure online transactions and protect customer data.
• Adoption of digital transformation: Organizations are increasingly adopting digital transformation initiatives, which require robust digital trust solutions to secure data and applications.
• Government initiatives: Governments worldwide are implementing regulations and initiatives to promote digital trust and protect citizen data.

Challenges and Restraints in Digital Trust Market

• Lack of awareness: Some organizations may not be fully aware of the importance of digital trust and the potential risks of neglecting it.
• Technical complexities: Implementing digital trust solutions can be technically complex and may require specialized expertise.
• Cost: Implementing digital trust solutions can be expensive, which may be a barrier for some organizations.

Emerging Trends in Digital Trust

• Artificial intelligence (AI) and machine learning (ML): AI and ML are being used to enhance digital trust solutions by detecting anomalies, identifying threats, and automating security processes.
• Blockchain technology: Blockchain technology is being used to create secure and tamper-proof digital trust solutions.
• Zero trust security: Zero trust security is a security model that assumes no trust and verifies every user and device before granting access to resources.

Growth Catalysts in Digital Trust Industry

• Growing demand for data protection: Increasing concerns over data privacy and security are driving the demand for digital trust solutions.
• Government regulations: Stringent data protection regulations are mandating organizations to implement robust digital trust measures.
• Advancements in technology: Technological advancements, such as AI and blockchain, are making digital trust solutions more effective and affordable.

Market Segmentation: Digital Trust Analysis

Solution

• Fraud Detection And Prevention
• Data Encryption and Security
• Identity And Access Management
• Digital Signatures and Certificate
• Endpoint Security
• Cloud Security
• Risk and Compliance Management
• Others

Deployment

• Cloud
• On-premises

Enterprise Type

• Large Enterprises
• Small & Medium Enterprises

End-user

• BFSI
• Government
• Retails
• Healthcare
• IT & Telecom
• Manufacturing
• Energy & Utility
• Others

Leading Players in the Digital Trust Market

• Microsoft Corporation
• Amazon Web Services, Inc.
• IBM Corporation
• Cisco Systems, Inc.
• Oracle Corporation
• Thales Group
• DigiCert, Inc.
• ForgeRock, Inc.
• RSA Security LLC
• Entrust

Significant developments in Digital Trust Sector

• October 2023: California-based Jumio, an AI solution provider, announced a collaboration with NextWealth to introduce a digital trust solution catering to identity verification services. The companies are focused on offering reliable and safer internet.
• September 2023: DigiCert launched a new digital trust management solution in India to boost corporate infrastructure and enhance customer data security. The DigiCert ONE platform helps secure users, devices, servers, and others.
• May 2023: Garrigues announced the acquisition of 51% of EAD Trust stakes, a Spain-based digital trust service provider, to establish itself in upcoming regulations of European Unions. EAD Trust offers electronic identification and trust services, and with its acquisition, Garrigues aims to enhance decision-making capabilities.
• January 2023: Italy-based Tinexta’s InfoCert acquired 65% of U.K.-based Ascertia to offer secured communication and authentication in compliance with ETSI standards and eIDAS regulations. The company aims to expand through global partnerships and digital transformation.
• November 2022: Amazon Web Services, Inc. announced a partnership with Atos Group to boost digital transformation for easy cloud migration. With the expedition of cloud adoption, the companies aim to offer secure, flexible, and sustainable solutions.

Comprehensive Coverage Digital Trust Market Report

• Historical Data: 2017 - 2021
• Forecast Period: 2022 - 2028
• Unit: USD billion
• Market Analysis: Porter's Five Forces Analysis, SWOT Analysis, PEST Analysis
• Segmentation Analysis: Solution, Deployment, Enterprise Type, End-user
• Regional Analysis: North America, Europe, Asia Pacific, Latin America, Middle East and Africa
• Company Profiles: Detailed profiles of leading players in the digital trust market.

Regional Insight

North America is the largest market for digital trust solutions, followed by Europe and Asia Pacific. The growing adoption of cloud services and the implementation of stringent data protection regulations are driving the market growth in these regions.

Recent Mergers & Acquision

• May 2023: Garrigues acquired 51% of EAD Trust stakes.
• January 2023: Tinexta’s InfoCert acquired 65% of Ascertia.

Regulation

• GDPR (General Data Protection Regulation)
• CCPA (California Consumer Privacy Act)

Patent Analysis

• Number of patents filed: 1,500+
• Top patent holders: Microsoft Corporation, IBM Corporation, Cisco Systems, Inc.

Analyst Comment

The digital trust market is expected to witness significant growth in the coming years due to the increasing adoption of cloud services, growing concerns over data breaches and cyberattacks, and the need for compliance with data protection regulations. However, challenges such as lack of awareness, technical complexities, and cost may hinder the market growth.