Market Definition:
The Digital Identity Solutions Market size was USD 22.1 Billion in 2022 and it is anticipated to grow over USD 119.0 Billion by 2032, at a CAGR of over 14.7% during the forecast period.
Digital Identity Solutions (DIS) is a set of technologies and services that enable organizations to verify the identity of individuals and devices. DIS can be used to authenticate individuals when they access online services, to authorize transactions, or to verify the identity of devices when they connect to networks. DIS can also be used to manage the lifecycle of digital identities, including the creation, issuance, and revocation of digital credentials.
Digital identity solutions are built on a variety of technologies, including public-key infrastructure (PKI), biometrics, and identity management systems. PKI is a technology that uses cryptographic keys to authenticate individuals and devices. Biometrics is a technology that uses physical or behavioral characteristics to identify individuals. Identity management systems are used to store, manage, and protect digital identities.
Digital identity solutions are used in a variety of applications, including online banking, e-commerce, and enterprise resource planning (ERP). Online banking applications use digital identity solutions to authenticate customers and authorize transactions. E-commerce applications use digital identity solutions to verify the identity of buyers and sellers. ERP applications use digital identity solutions to authenticate users and authorize access to sensitive data.
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Market Outlook:
There are three key trends in digital identity solutions technology:
The rise of biometrics: Biometrics, such as fingerprints and iris scans, are becoming increasingly common as a way to verify someone’s identity. This is because they are unique to each individual and cannot be easily replicated or stolen.
The growth of online identity verification: As more and more transactions are carried out online, there is a need for reliable ways to verify someone’s identity. This has led to the growth of online identity verification solutions, such as those offered by Jumio and Onfido.
The rise of mobile identity solutions: With the growth of smartphones and other mobile devices, it is now possible to verify someone’s identity using their mobile device. This is convenient for both users and businesses, as it eliminates the need for physical documents or cards.
Key Restraints & Challenges
There are several key restraints and challenges in the digital identity solutions market. One key challenge is the lack of standards for digital identity solutions. This lack of standards can make it difficult for organizations to interoperate with each other and can also make it difficult for consumers to use multiple digital identity solutions. Another key challenge is the cost of implementing digital identity solutions. This cost can be a barrier for small organizations and can also be a challenge for larger organizations that have to support multiple digital identity solutions. Additionally, digital identity solutions can be complex and difficult to use. This complexity can make it difficult for consumers to use these solutions and can also make it difficult for organizations to manage and support these solutions.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Key Market Segments
The Digital Identity Solutions Market has been segmented into Component, Solution Type, Deployment Mode, Identity Type, End-use Industry, and Region. Based on the Component, the Digital Identity Solutions market is bifurcated into Solutions and Services. On the basis of Solution Type, the market is segmented into Consumer Identity and Access Management, Authentication, and Others. Based on Deployment Mode, the market is bifurcated into On-Premises and Cloud-Based. Based on Identity Type, the Digital Identity Solutions market is segmented into Biometric, Non-biometric, Research Centers, and Third-party Administrators. On the basis of End-use Industry, the Digital Identity Solutions market is segmented into BFSI, Retail and E-commerce, Travel and Hospitality, Government and Defence, Healthcare, IT and Telecommunication, and Others. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World.
Key Market Players
The digital identity solutions market report includes players such as Accenture Limited (Ireland), Aetsoft Inc. (US), Avanade Inc. (US), ForgeRock (US), GB Group plc (UK), NEC Corporation (Japan), Okta, Inc. (US), Ping Identity (US), Refinitiv (UK), and Telesign Corporation (US).
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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