New York, June 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital identity Global Market Report 2022" - https://www.reportlinker.com/p06286073/?utm_source=GNW
The global digital identity market is expected to grow from $20.55 billion in 2021 to $23.83 billion in 2022 at a compound annual growth rate (CAGR) of 15.98%. The digital identity market is expected to reach $43.16 billion in 2026 at a CAGR of 16.01%.
The digital identity market consists of sales of digital identity solutions by entities (organizations, sole traders, and partnerships) that refer to a set of digital qualities and credentials that are validated in the digital realm, analogous to a person’s real-world identity.As established by national legislation, it is used for various purposes such as a unique identity number, social security number, immunization code, name, location, date of birth, citizenship, biometrics, and others.
It has a high level of accuracy and compliance, as well as minimal operational costs, a better client experience, and improved security.
The main components of digital identity include solutions and services, and they are deployed through on-premises and cloud.The solution market consists of sales of digital identity solutions by entities (organizations, sole traders, and partnerships) that refers to a software or platform designed to generate identities, protect digital data transfers and manage credentials stored in any cryptographic devices, while maintaining security, quality and robustness.
They are operated through single-factor and multi-factor authentications, and they are used in wide range of industries ranging from BFSI, retail and ecommerce, government and defence, IT and ITeS, telecommunications, energy and utility, and other verticals.
North America was the largest region in the digital identity market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the digital identity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in instances of identity-related fraud and data breaches is contributing to the growth of the digital identity market.Identity fraud is a crime in which someone wrongfully obtains and uses other individuals’ data in some way that involves fraud and deception for economical gain.
Industries across the globe are adopting advanced digital identity solutions to effectively mitigate identity-related fraud and thefts.According to a study published by The Consumer Centinal Network, the volume of identity theft or fraud-related complaints across the United States increased by 113% from 2019 to 2020.
Thus, the rise in identity-related fraud and data breaches is expected to boost the digital identity market during the forecast period.
The partnership among the companies is a key trend gaining popularity in the digital identity market.The companies operating in the digital identity market are focusing on partnering with a technology-based player for the development of innovative technologies and enhancement of existing products to increase customer experience and performance.
For instance, In April 2022, Blinking, a Serbia-based provider of digital identity and onboarding solutions partnered with IPification, a Hong Kong-based provider of mobile IP address-based authentication, user verification, and fraud prevention services to further improve the capabilities and performance of their platform. in May 2020, Ontology, an operator of high-performance enterprise blockchain and distributed collaboration platform partnered with Sphericity, a Germany-based provider of decentralized digital identity solutions for the development of innovative digital identity solutions. The partnership is focused on delivering enterprise solutions for cross-border supply chain and resilience.
In November 2021, GBG a UK-based company pioneered in identity verification, location intelligence, and fraud prevention company has acquired Acuant for an amount of $736 million.The acquisition strengthens GBG as a market leader in the strategically crucial North American market while also speeding up the global rollout of GBG’s identification and fraud solutions.
Through this acquisition, the combined product portfolio of both companies would establish a digital platform that will support both firms’ networks of partners and clients, allowing them to manage billions of global transactions across a variety of industries. Acuant is a US-based company pioneered in identity verification, document authentication, and fraud prevention technology service provider.
The countries covered in the digital identity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06286073/?utm_source=GNW
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