Digital Identity Solution Market is driven by the need for secure digital authentication, and growing regulatory pressure to enhance data privacy.

AUSTIN, TX, UNITED STATES, October 24, 2024 /EINPresswire.com/ -- Market Scope and Overview

In an increasingly digital world, the need for secure and efficient digital identity solutions is becoming paramount. Organizations are prioritizing customer trust and regulatory compliance, fueling the demand for robust digital identity frameworks. According to SNS Insider, the Digital Identity Solution Market was valued at USD 32.05 billion in 2023 and is projected to reach USD 135.78 billion by 2032, growing at a CAGR of 17.4% during the forecast period from 2024 to 2032.

Growth Factors of the Digital Identity Solutions Market

➤ The digital transformation across industries has intensified the need for effective identity management systems. Organizations are recognizing the importance of secure access to online services and protecting sensitive information, leading to significant investments in digital identity frameworks.

➤ With strict regulations in sectors like finance, healthcare, and e-commerce, companies are adopting digital identity solutions to ensure compliance and protect personal data. This trend is particularly evident as businesses transition to digital-first operations.

➤ The rise of cyber threats has heightened the urgency for robust digital identity solutions. Organizations are striving to mitigate risks and safeguard their reputation, prompting investments in advanced security technologies.

➤ The growing prevalence of remote work has accelerated the demand for secure authentication methods. Consumers expect seamless access to services, leading to the implementation of multi-factor authentication and biometric identification technologies that enhance security and user experience.

➤ The demand for identity verification, authentication, and identity management solutions is rising. Biometric solutions, in particular, are gaining traction as organizations aim to ensure that users are who they claim to be.

Get a Report Sample of Digital Identity Solution Market @ https://www.snsinsider.com/sample-request/3183

Some of the Major Key Players Studied in this Report are:

➤ ForgeRock
➤ Samsung SDS
➤ Good Digital Identity
➤ Thales
➤ Telus
➤ NEC
➤ IDEMIA
➤ OneSpan
➤ Smartmatic
➤ GBG
➤ Tessi
➤ Signicat
➤ Hashcash Consultant
➤ Duo Security
➤ Daon
➤ ImageWare
➤ Jumio
➤ iProov
➤ ID R&D
➤ Freja EID Group
➤ Vintegris
➤ Syntizen
➤ Others

Segmentation Analysis

By Identity Type

➤ Biometric Segment: Dominated the market in 2023, accounting for over 71% of global revenue. Biometric authentication methods—such as fingerprint recognition, facial recognition, retina scans, handprint recognition, and voice recognition—offer enhanced security compared to traditional keys and passwords. For instance, a pilot program launched in New South Wales in November 2022 implemented a facial biometrics-based photo verification system.

➤ Non-Biometric Segment: Expected to see significant growth, utilizing passwords, PINs, and personal information for identity validation. The integration of machine learning (ML) and artificial intelligence (AI) into non-biometric solutions enhances the detection of unauthorized activities.

Market Segmentation and Sub-Segmentation Included Are:

By offerings
➤ Solutions
➤ Services

By organization size
➤ Large Organization
➤ SMEs

By Identity Type
➤ Biometric
➤ Non- biometric

By Solution Type
➤ Identity Verification
➤ Authentication
➤ Identity Lifecycle Management
➤ Other Solution Types

By Vertical
➤ BFSI
➤ Retail and eCommerce
➤ Government and defense
➤ Healthcare
➤ IT and ITeS
➤ Telecommunications
➤ Energy and Utilities
➤ Other

Regional Landscape

➤ North America: Dominated the market in 2023, accounting for over 40% of global revenue. The region is characterized by cautious government approaches to digital IDs, often opting for hybrid identification credentials to maintain accessibility and convenience. The pandemic has accelerated digital transformation across sectors, leading to significant innovation in identity management.

➤ Asia Pacific: Expected to provide substantial market opportunities, driven by technological advancements and the adoption of digital IDs. Major developing economies like China, India, Japan, Singapore, and South Korea are experiencing rapid growth in digital identity solutions.

Recent Developments

➤ iProov and Wultra Partnership (May 2023): iProov collaborated with Wultra to integrate its biometric solutions suite into Wultra's digital banking offerings, enhancing security measures in digital transactions.

➤ Thales and Finnish Police Partnership (March 2023): Thales announced a partnership with the National Police Board of Finland to launch new biometric travel and digital ID documents, signaling a move towards more secure identification methods.

Conclusion

The digital identity solutions market is poised for significant growth as organizations increasingly prioritize security, efficiency, and compliance. With the rise of digital transactions, the demand for robust identity management frameworks is becoming essential across various sectors, further fueled by advancements in technology and changing consumer behaviors.

Enquire for More Details @ https://www.snsinsider.com/enquiry/3183

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Digital Identity Solution Market Segmentation, By offerings
8.1. Solutions
8.2. Service

9. Digital Identity Solution Market Segmentation, By organization size
9.1. Large Organization
9.2. SMEs

10. Digital Identity Solution Market Segmentation, By Identity Type
10.1. Biometric
10.2. Non- biometric

11. Digital Identity Solution Market Segmentation, By Solution Type
11.1. Identity Verification
11.2. Authentication
11.3. Identity Lifecycle Management
11.4. Other

12. Digital Identity Solution Market Segmentation, By Vertical
12.1. BFSI
12.2. Retail and eCommerce
12.3. Government and Defense
12.4. Healthcare
12.5. IT and ITeS
12.6. Telecommunications
12.7. Energy and Utilities
12.8. Other

13. Regional Analysis
13.1. Introduction
13.2. North America
13.3. Europe
13.4. Asia-Pacific
13.5. The Middle East & Africa
13.6. Latin America

14. Company Profile

15. Competitive Landscape
15.1. Competitive Benchmarking
15.2. Market Share Analysis
15.3. Recent Developments

16. USE Cases and Best Practices

17. Conclusion

About Us

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we're proud to be recognized as one of the world's top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.

Akash Anand
SNS Insider | Strategy and Stats
+1 415-230-0044
email us here
Visit us on social media:
Facebook
X
LinkedIn
Instagram
YouTube

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.