Accordingto a market research report "Digital Identity Solutions Market by Solution (Biometrics andNon-Biometrics), Authentication Type, Deployment Mode (Cloud and On-Premises),Organization Size (SMEs and Large Enterprises), Vertical, and Region - GlobalForecast to 2024", published byMarketsandMarkets, the digital identity solutions market size is projected togrow from USD 13.7 billion in 2019 and expected to reach USD 30.5 billion by2024, at a Compound Annual Growth Rate (CAGR) of 17.3% from 2019 to 2024.
Theincreased focus on enhanced customer experience is anticipated to be a majordriver, and the trend is expected to continue for the digital identitysolutions industry. Additionally, the need of multi-purpose single digitalidentity and technological advancements in terms of Artificial Intelligence(AI), Machine Learning (ML), and blockchain have bolstered the potential usecases across verticals.
Browse andin-depth TOC on “Digital Identity Solutions Market”
135- Tables
32- Figures
177– Pages
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By solution, biometricsto hold a larger market size during the forecast period
Digital identitymanagement solutions evolved from passwords to biometric authentication, suchas fingerprint, facial recognition, retina or eye scan, handprint, and voicerecognition. The biometric features are unique for every individual. Thesesolutions follow lock and capture mechanism to authenticate the individual andallow access to specific set of services. Biometric solutions are more securethan conventional passwords systems. These solutions also use multi-factorauthentication to add an extra layer of protection. Hence, the biometricssegment is expected to be the fastest-growing segment during the forecastperiod.
Retail and eCommercevertical to be the fastest-growing vertical during the forecast period
The retail sector israpidly implementing digital identity solutions to support business stabilityand improve the level of competitiveness. Retail is one of the topcost-conscious verticals and is the most targeted one for cyberattacks due topotential payouts and a huge number of monetary transactions Offered by creditcard providers, such as Visa and MasterCard. In addition, the increasingcomplexities of supply chain, employees, channel partners, and customers areexpected to force retailers to adopt managed authentication services. Retailersneed stronger and faster authentication technologies for seamless flow ofworking. Digital identity solutions help improve customer experience and reducecost and resource expenditure. Digital identities, such as face recognitionhelp retailers proactively prevent organized retail crimes. Hence, digitalidentity solutions are gaining traction in the retail and eCommerce vertical tosafeguard users from potential critical incidents and enhancing customerexperience.
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North America to hold thehighest market share during the forecast period
North America hassustainable and well-established economies, which empower it to invest significantlyin Research and Development (R&D) activities, thereby contributing to thedevelopment of new technologies in the digital identity solutions market. Thepresence of key players is expected to be the major factor driving the growthof the market in this region. Companies, such as Telus Corp, ForgeRock, Jumio,Duo Security (Cisco), and Imageware Systems, along with several startups in theregion, are offering digital identity solutions to cater to the needs ofcustomers.
Market Players
The major vendors coveredin the digital identity solutions market include NEC (Japan), Samsung SDS (UK),Thales Group (France), GBG (UK), Telus (Canada), IDEMIA (France), Tessi(France), ForgeRock (US), Jumio (US), Refinitiv (UK), Duo Security (Cisco) (US),AU10TIX (Cyprus), Imageware Systems (US), Verisec (Sweden), vintegrisTech(Spain), Signicat (Norway), Smartmatic (UK), Syntizen (India), Intesa (IBM)(Italy), and RaulWalter(Estonia).
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