Global Digital Identity Market Trends and Forecasts 2023-2027: Transition from Passwords, SSO Implementation and Competition with Digital Wallets

DUBLIN , Nov. 17, 2023 /PRNewswire/ -- The "Digital Identity: Solutions Assessment, Regional Analysis & Market Forecasts 2023-2027" report has been added to ResearchAndMarkets.com's offering.

The global digital identity market is poised for unprecedented growth, with the number of digital identity applications in use set to exceed 4.1 billion by 2027 - an 82% increase from 2023. This surge is attributed to the adoption of government-backed digital identities, which are increasingly becoming a staple for verification across various platforms, including financial services.

Evolution in Identity Verification

• Transition from Passwords: There's a market shift towards biometric and Multi-Factor Authentication (MFA) under a zero-trust model for enhanced security.
• Single Sign-On (SSO) Implementation: The use of mobile subscriber identity for SSO is expected to see a dramatic increase, with convenience being a significant consumer motivator.
• Competition with Digital Wallets: Digital identity apps face competition from digital wallets, although government schemes may limit the wallet's adoption for identity purposes.

Market Projections and Sectoral Analysis

• Market Size and Forecast: A detailed analysis from 2023 to 2027, with projections indicating a market size growth from 2.3 billion to 4.1 billion in use.
• Revenue Streams and Segment Performance: Revenue predictions for digital identity across third-party apps, civic identity apps, digital identity cards, and more.

Regional Insights and Forecasts The report offers granular analysis across eight key regions and sixty countries, detailing the number of digital identity systems in service and projected revenues, including:

• North America: With a focus on the US and Canada's digital identity ecosystem.
• Latin America, West Europe, Central & East Europe, Far East & China, Indian Subcontinent, Rest of Asia Pacific, Africa & Middle East: Each region's market is broken down by various digital identity services.

Competitive Analysis and Vendor Positioning

• Leaderboard Overview: Evaluation of 18 digital identity vendors, analyzing their capabilities and market positioning.
• Vendor Profiles: An in-depth look at key players like Alibaba Cloud, IBM, and Thales, among others.

Strategic Context and Key Takeaways The report encapsulates critical strategic insights for stakeholders within the digital identity space, offering recommendations and analyzing the role of digital identity in economic digitalization and regulatory landscapes.

For comprehensive insights and data for strategic planning and market understanding, the complete research suite includes:

• Trends & Strategies: A detailed review of market trends and strategies influencing growth.
• Data & Forecasts: Extensive forecast data and insights.
• Online Data Platform: Continuous data access for informed decision-making.

The Competitor Leaderboard:

Key player capability and capacity assessment for 18 digital identity vendors, via the The Competitor Leaderboard:

• Alibaba Cloud
• Callsign
• Civic Technologies
• Entrust
• Evernym
• Experian
• GBG
• Giesecke + Devrient
• HYPR
• IBM
• IDEMIA
• InfoCert
• Jumio
• Mitek
• NEC
• Okta
• Signicat
• Thales

For more information about this report visit https://www.researchandmarkets.com/reports/5791189/digital-identity-solutions-assessment-regional?utm_source=CI&utm_medium=PressRelease&utm_code=wh874s&utm_campaign=1909646+-+Global+Digital+Identity+Market+Trends+and+Forecasts+2023-2027%3a+Transition+from+Passwords%2c+SSO+Implementation+and+Competition+with+Digital+Wallets&utm_exec=cari18prd

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SOURCE Research and Markets