Digital Identity Solutions Market to hit USD 60.88 Billion in 2027, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Mar 21, 2022, 07:30 ET

LONDON, March 21, 2022 /PRNewswire/ -- The Digital Identity Solutions Market Value is expected to record a valuation of USD 60.88 Billion by 2027, Registering to Accelerate at a 15.9% CAGR, according to the most recent study by Brandessence Market Research.

The Global Digital Identity Solutions Market size was Valued at USD 21.67 Billion in 2027.

The global digital identity industry was impacted positively by the coronavirus-induced pandemic as the authorities took decisions to lock cities down in order to help control the spread of the virus and save as many lives as they can. The new way of doing business and maintaining social distances and such practices have helped in the development of the digital identity solutions which could help the employees work remotely. This trend was helped by the internet penetration all over the world as the individuals became inclined progressively towards usage of the digital solutions like the cloud solutions that drove the need for measures of cybersecurity to prevent against the attacks from cyberspace. There was a need felt for the growth of the VPN and endpoint security along with the further need for the cyber hygiene practices for ensuring the robust ways of security during the coronavirus pandemic.

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Digital Identity Solutions Market Scope of Report

The global digital identity solutions market has been seeing a compounding growth and this growth is attributed to the increasing instances of the frauds which are identity-related and the data breaches along with the need for compliance with a lot of the regulations.

There have been rapid enhancements in technology and the users of smartphones all over the world has been increasing the demand for the technology in the last few years. The world is becoming a lot more connected than it ever was. Hence, the password systems which used to work on authentication are no longer the safest way of security as they are prone to hacking. The security which is based on digital identity like the biometric technology and authentication by multi-factors is a much better one and a more secure way of authenticating instead of the passwords which were commercially used. The smartphones available in the market now have the facial and fingerprint authentication system and this technology demand has been touted to grow even further.

Consumers have also become ready to adopt the processes of authentication as they are a lot more secure with only one person being able to unlock them. It also seems from the need that has been created due to the online shopping where the users share details of their bank accounts on the e-commerce websites and therefore authentication becomes even more important in the coming years. Consequently, the authentication-based securitization will replace passwords in the coming years.

Digital Identity Solutions Companies:

NEC, OneSpan, Smartmatic, Verisec, Vintegris, Tessi, Daon, IDEMIA, ForgeRock, Jumio, iProov, ID R&D, Refinitiv, ImageWare Systems, AU10TIX, Signicat, RaulWalter, Duo Security, Syntizen, Samsung SDS, Thales Group, GBG, TELUS, HashCash Consultants and Good Digital Identity

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Global Digital Identity Solutions Market Segmentation:-

In terms of segmentation, the adoption rate is really high for the cloud-based solutions which is expected to grow significantly as it is easy to use and reduces the installation and also the maintenance costs. The deployment mode on-premise is going to have a much larger market size in comparison to the others in the coming years. A larger enterprise will have the infrastructure which is required for the deployment. The largest share on the basis of end user is the large enterprises and that is because they have the revenue and the funds to provide for the security solutions which require a high implementation cost. The global digital identity solution market will see a growth in the larger solutions until it comes up with ways to reduce the costs and make it affective for the small enterprises for the manage.

By Component:

  • Solution
  • Services

By Deployment:

  • Cloud
  • On-premises

By Solution Type:

  • Biometrics
  • Non-Biometrics

By Enterprise Size:

  • Small and Medium Enterprises
  • Large Enterprises

By Authentication Type

  • Single-factor Authentication
  • Multi-factor Authentication

 By Industry Vertical:

  • BFSI
  • Healthcare
  • Travel & Hospitality
  • Government, Defense & Aerospace
  • IT & Telecommunication
  • Manufacturing
  • Education
  • Others

Market Challenges: 

There is an increased threat of the cyberattacks and frauds which are related to identity and these thefts have been made into a matter of concern in the organizations across every vertical. The organizations have been adopting the solutions of digital identity for the authentication and identification for managing these concerns related to security. However, a struggle here is the higher costs which are associated with the implementation of these situations as it is highly technical and that is one factor which hinders the growth of these solutions.

The initial investments as well as the costs which have been associated to the implementation of the digital security are running the market backwards. A digital identity company has to incur a higher investment and the costs which are associated with the digital identity solutions are really high. It is due to these limited budgets that the small and medium enterprises are not able to prevent a security threat before it happens and implement the digital solutions only when a breach takes place. Only the critical solutions are prioritized and therefore the rest of the databases are left unattended.

The digital solutions and the identification and authentication were limited previously to the verticals like aviation and BFSI where the authentication and identification was a critical aspect. The authentication and identification are processes which are really cumbersome and something that requires a lot of paperwork but the implementation of the global id solutions has been helping the growth of the digital id solutions market. The growth however is limited to only the developed countries.

A big challenge that the organizations are facing in the modern world is the lack of skilled professionals and digital id solution companies which is hampering the ability of an organization to meet the requirements against the cyber threat. Many organizations are trying to hire people who can identify the threats; however, the lack of skill is not making this possible. These are companies who need the cybersecurity solutions which are hard to find as there is lack of proper training provided to them. This creates the need for training of professionals.

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Reginal Analysis:

In terms of region, the North American region has been seeing a presence overall in the world with there being a lot of prominent players in global digital identity solutions market. Further, the awareness is a lot more and there are investments being made in the research and development. Therefore, the global digital identity solutions market is considered mature and is able to adapt in a lot easier way. This trend will continue in the next few years. Asia Pacific will also see growth in the coming years with the growing need for securitization in the global digital identity solutions market.

For instance; according to the Federal Trade Commission (FTC) in 2020, there were nearly 4.8 million identities stealing and credit card frauds causing in about $4.5 Billion overall loss in the United States. Around 53% of identity and verification frauds soared from 2019 to 2020. These increasing identity and verification frauds are supplementing the demand for digital identity solutions.

Europe is projected to witness a significant growth in the global digital identity solutions market owing to the recent developments in digital identity solutions in this region. Digital identity is playing a vital role over the various years in various sectors. For instance, Thales Group teamed up with AUGENTIC-INCM in September 2020 to earn a considerable national ID document agreement in Cameroon and Sweden.

On Special Requirement Digital Identity Solutions Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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