Digital Identity Solutions Industry Projections, 2020-2024 - Increased Adoption of the Cloud-Based Digital Identity Solutions, Wide Adoption of Authentication Across Verticals
DUBLIN, March 10, 2020 /PRNewswire/ -- The "Digital Identity Solutions Market by Solution (Biometrics and Non-Biometrics), Authentication Type, Deployment Mode (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global digital identity solutions market size is projected to grow from USD 13.7 billion in 2019 to USD 30.5 billion by 2024, at a CAGR of 17.3% from 2019 to 2024.
The market growth is driven by various factors, such as rising identity and authentication frauds, increased integration of biometrics in smartphones, and increased focus on enhanced end-to-end customer experience, which have contributed considerable share into the digital identity solutions ecosystem market.
By authentication type, the multi-factor authentication segment to grow at a higher CAGR in the digital identity solutions market during the forecast period
Multi-factor authentication provides more than 1 one method of authentication for users to confirm the user's identity and provide access to sources. This method includes 2 two or more credential details of the user, such as password, security token, and biometric verification. It is further bifurcated into 2,3,4, factor authentication. The overall aim of multi-factor authentication is to provide multiple layers of device protection, so that it would be more difficult for unauthorized users to access the networks, databases, and systems. Even if one of the elements were broken, the hackers would still have to break 1 one or 2 two more credentials to access the targeted devices. Therefore, multi-factor authentication is expected to grow at a higher CAGR during the forecast period.
By deployment mode, the cloud segment to grow at the highest CAGR, as compared to the on-premises segment, during the forecast period
In the cloud-based deployment, instead of implementing the software solution on the local hardware, businesses subscribe to the solution hosted on a third-party remotely located server. By opting for cloud-based solutions, organizations can avoid costs related to the maintenance of infrastructure and technical staff. The cloud-based platforms are beneficial for organizations that have strict budgets for security investments. Small and Medium-sized Enterprises (SMEs) deploy their identity verification solutions on the cloud, as it saves them from investing their capital on security infrastructures. Hence, the cloud deployment segment is expected to grow at a higher CAGR.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific (APAC) has a great scope for growth in the digital identity solutions market. The digital identity solutions market in APAC is anticipated to grow significantly, due to huge governmental investments in securing the identities of their citizens, increased public awareness about identity and authentication-related frauds, and the amalgamation of technologies, such as Artificial Intelligence (like AI), Machine Learning (ML), and blockchain with digital identities.
The fast expansion of regional enterprises in APAC is another crucial variant contributing to the growth of the digital identity solutions market. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Digital Identity Solutions Market
4.2 Market By Authentication Type, 2019
4.3 Market By Organization Size, 2019
4.4 Digital Identity Solutions Market, Market Share of Top Three Industry Verticals and Top Three Regions, 2019
4.5 Market By Deployment Mode, 2019
4.6 Market, Top Three Industry Verticals
4.7 Market Investment Scenario
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Identity and Authentication Frauds
5.2.1.2 Integration of Biometrics in Smartphones
5.2.1.3 Increased Focus to Enhance End to End Customer Experience
5.2.2 Restraints
5.2.2.1 Higher Cost Involved in Deploying Digital Identity Solutions
5.2.2.2 Lack of Information Security of Consumer Data
5.2.3 Opportunities
5.2.3.1 Integration of AI, ML, and Blockchain Technologies to Enhance Digital Identities
5.2.3.2 Increased Adoption of the Cloud-Based Digital Identity Solutions
5.2.3.3 Wide Adoption of Authentication Across Verticals
5.2.4 Challenges
5.2.4.1 Threat of Privacy and Data Breach
5.2.4.2 Lack of Skilled Security Professionals
5.3 Use Cases
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
6 Digital Identity Solutions Market, By Solution
6.1 Introduction
6.2 Biometrics
6.3 Non-Biometrics
7 Market By Authentication Type
7.1 Introduction
7.2 Single-Factor Authentication
7.3 Multi-Factor Authentication
8 Digital Identity Solutions Market, By Deployment Mode
8.1 Introduction
8.2 On-Premises
8.3 Cloud
9 Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises
10 Digital Identity Solutions Market, By Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.3 Retail and Ecommerce
10.4 Government and Defense
10.5 Healthcare
10.6 IT and Telecom
10.7 Energy and Utilities
10.8 Others
11 Digital Identity Solutions Market, By Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia Pacific
11.5 Middle East and Africa
11.6 Latin America
12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Innovators
12.2.4 Emerging Companies
12.3 Competitive Scenario
12.3.1 New Product Launches and Product Enhancements
12.3.2 Partnerships and Collaborations
12.3.3 Mergers and Acquisitions
13 Company Profiles
13.1 NEC
13.2 Samsung SDS
13.3 Thales Group
13.4 GBG
13.5 Telus
13.6 IDEMIA
13.7 Tessi
13.8 ForgeRock
13.9 Jumio
13.10 Refinitiv
13.11 Duo Security (Cisco)
13.12 AU10TIX
13.13 Imageware Systems
13.14 Verisec
13.15 Vintegris Tech
13.16 Signicat AS
13.17 Smartmatic
13.18 Syntizen
13.19 Intesa
13.20 RaulWalter
13.21 Right-To-Win
For more information about this report visit https://www.researchandmarkets.com/r/u0bi7x
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