Digital Identity Solutions Market to be Worth $98,638.6 Million by 2030: Grand View Research, Inc.

SAN FRANCISCO, Jan. 24, 2023 /PRNewswire/ -- The global digital identity solutions market size is expected to reach USD 98,638.6 million by 2030 and is expected to expand at 17.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The upsurge in identity-related fraudulent activities, data breaches, and the requirement to abide by various upcoming regulatory frameworks are expected to drive the growth of the market.

Key Industry Insights & Findings from the report:

• The on-premises segment led the market in 2022 with a valuation of USD 16,894 million. The need to secure confidential and private data within the organization drives the demand.
• The services segment is expected to grow at the fastest CAGR of 19.0% during the forecast period. Despite the faster growth rate, the solutions are expected to hold the larger share of total revenues.
• North America is expected to grow at a significant CAGR of 15.4% during the forecast period, owing to the factors such as the rise in identity and authentication frauds and the presence of key vendors in the region.

Read 117 page market research report, "Digital Identity Solutions Market Size, Share & Trends Analysis Report By Component, By Solution, By Identity Type, By Biometric, By Solution Type, By Authentication, By Deployment, By Vertical, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Digital Identity Solutions Market Growth & Trends

One of the key factors driving the digital identity solutions industry is focused on improving the end-to-end customer experience. Enterprises have a large workforce and many vital resources; knowing the identity of these resources before providing access to them is the earliest consideration. As a result, businesses with multiple establishments are compelled to use digital identity solutions to validate the identity of their personnel accessing data.

The growing demand for good digital governance is expected to drive the market for digital identity solutions. Many regions of the world are seeing an increase in the importance of digital management. Many nations are enhancing their digital infrastructure so that people can benefit from various government initiatives and activities. Utilizing digital IDs speeds up the delivery of the scheme to the intended recipient and helps with identification verification.

For instance, in October 2021, Socure, a global supplier of digital identity verification and fraud solutions, announced the launch of its public sector division. The company intends to improve access to government digital services while also eliminating digital fraud.

Organizations must adapt and evolve their approach to identity and access management processes due to a change in corporate values and recognize its importance. Digital identification solutions that assist enterprises in preventing identity theft and identifying fraudsters have been developed in response to this requirement.

For instance, in July 2022, to enhance digital identity efforts, Mastercard announced the acquisition of Ekata, a supplier of global identity verification solutions. Through AI-powered identity verification and a commitment to strong data management principles, new capabilities strengthen trust in every interaction.

Digital Identity Solutions Market Segmentation

Grand View Research has segmented the global digital identity solutions market based on component, identity type, solution type, deployment, organization size, vertical, and region: 

Digital Identity Solutions Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

• Solutions
• Hardware
• Software
• Services

Digital Identity Solutions Market - Identity Type Outlook (Revenue, USD Million, 2017 - 2030)

• Biometric
• Fingerprint Recognition
• Facial Recognition
• Iris Recognition
• Voice Recognition
• Palm/Hand Recognition
• Others
• Non-biometric

Digital Identity Solutions Market - Solution Type Outlook (Revenue, USD Million, 2017 - 2030)

• Identity Verification
• Authentication
• Single-factor Authentication
• Multi-factor Authentication
• Identity Lifecycle Management
• Other

Digital Identity Solutions Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-premises
• Cloud

Digital Identity Solutions Market - Organization Size Outlook (Revenue, USD Million, 2017 - 2030)

• SMEs
• Large Enterprises

Digital Identity Solutions Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)

• Banking, Financial Services, and Insurance
• Retail and Ecommerce
• Travel & Hospitality
• Government and Defense
• Healthcare
• IT and Telecommunication
• Energy and Utilities
• Others

Digital Identity Solutions Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East and Africa (MEA)

List of Key Players in the Digital Identity Solutions Market

• NEC Corporation
• Thales.
• GB Group plc
• TELUS
• Tessi
• Daon, Inc.
• IDEMIA
• ForgeRock, Inc.
• Imageware.
• Jumio

Check out more related studies published by Grand View Research:

• Identity Verification Market - The global identity verification market size is expected to reach USD 33.92 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 16.7% from 2022 to 2030. Identity verification is a security solution that allows businesses to safeguard, protect, and confirm the accuracy of user and customer information. Technologies involved in the identity verification process include Artificial Intelligence (AI), Machine Learning (ML), and face-based biometrics. These services and solutions are used by industries such as healthcare & life science, e-commerce and retail, government & defense, BFSI, energy and utilities, and others to ensure that the information provided by online consumers and users is linked with the identity of a real person.
• Decentralized Identity Market - The global decentralized identity market size is expected to reach USD 102.0 billion by 2030, expanding at a CAGR of 88.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The ineffectiveness of conventional identity management practices and rising incidences of security breaches have fueled the demand for decentralized identity platforms. The increasing adoption of such decentralized identity platforms by businesses and individuals is further expected to drive the market over the forecast period.
• Physical Identity And Access Management Market - The global physical identity and access management (PIAM) market size is expected to reach USD 1.1 billion by 2025, expanding at a CAGR of 14.6% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The growing demand for corporate asset security and unified risk management, especially in large enterprises, is anticipated to drive the growth of PIAM market over the forecast period. With the increasing globalization and associated complexity of operations, organizations face a tumultuous task of assessing and managing risks within the company's assets, which are often spread across different geographies. In addition, organizational silos created by the security and Information Technology (IT) departments of companies have generated a drastic demand for a holistic management solution, which can be addressed by the physical identity and access management software.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc