LONDON, June 01, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s report on the digital identity solutions market, the market size is expected to grow from $27.8 billion in 2022 to $32.9 billion in 2023, at a compound annual growth rate (CAGR) of more than 18%. Further, the market will reach $65.3 billion in 2027, at a CAGR of more than 18%. Geographically, North America held the largest share of the digital identity solutions market in 2022
One of the driving factors behind the growth of the digital identity solutions industry is the rising prevalence of cybercrime and fraud. Cybercrime refers to criminal activities that involve targeting or utilizing computers, computer networks, or networked devices. Perpetrators, whether individuals or groups, engage in these activities with objectives other than financial gain, aiming to harm computer systems or networks. To combat such cyber threats, digital identity solutions play a crucial role by employing robust user authentication methods like facial recognition, voice recognition, and fingerprint recognition. As the incidence of cybercrime continues to rise, the demand for digital identity solutions is expected to soar.
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Major digital identity solutions companies are NEC Corporation, Samsung SDS Co. Ltd., Thales Group, GB Group Plc., Telus Communications Inc., Tessi International, Daon Inc., IDEMIA, ForgeRock Inc., ImageWare Systems Inc., Jumio, Refinitiv, Víntegris SLU, RaulWalter LLC, Duo Security Inc., and Syntizen Technologies Pvt. Ltd.
Technological advancements are a key trend within the digital identity solutions market, gaining significant popularity. Key companies in the market are actively engaged in developing innovative technological solutions to enhance their market position.
For instance, in January 2022, Samsung SDS Co. Ltd. introduced the S3B512C, an all-in-one smart fingerprint security IC. This solution incorporates a uniquely designed fingerprint sensor, Secure Element (SE), and Secure Processor, thereby providing an additional layer of authentication and security to payment cards. The S3B512C is the first all-in-one security chip solution available on the market that can read biometric data from a fingerprint sensor, store and authenticate encrypted data with a tamper-proof SE, and process and analyze data with a Secure Processor.
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The global digital identity solutions market is segmented as-
1) By Offering: Solutions, Services
2) By Solution Type: Identity Verification, Authentication, Identity Lifecycle Management, Other Types
3) By Identity Type: Biometrics, Non Biometrics
4) By Deployment Mode: On Premises, Cloud
5) By Vertical: BFSI, Retail And E-Commerce, Government And Defense, Healthcare, IT And Telecommunication, Energy And Utilities, Other Verticals
The digital identity solutions market report provides an in-depth analysis of the market size, projected growth, and major players. Through the report players can identify top segments and regions that they should target their products and services. In addition, the report provides a thorough customer behavior analysis to help players develop their offerings based on customer needs and requirements.
Digital Identity Solutions Global Market Report 2023 by The Business Research Company provides insights on the digital identity solutions market size, digital identity solutions market segments, digital identity solutions market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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