According
to a market research report "Digital Identity
Solutions Market by Solution (Biometrics and Non-Biometrics),
Authentication Type, Deployment Mode (Cloud and On-Premises), Organization Size
(SMEs and Large Enterprises), Vertical, and Region - Global Forecast to
2024", published by MarketsandMarkets, the digital
identity solutions market size is projected to grow from USD 13.7 billion in
2019 and expected to reach USD 30.5 billion by 2024, at a Compound Annual
Growth Rate (CAGR) of 17.3% from 2019 to 2024.
The
increased focus on enhanced customer experience is anticipated to be a major
driver, and the trend is expected to continue for the digital identity
solutions industry. Additionally, the need of multi-purpose single digital
identity and technological advancements in terms of Artificial Intelligence
(AI), Machine Learning (ML), and blockchain have bolstered the potential use
cases across verticals.
Browse and
in-depth TOC on “Digital Identity Solutions Market”
135
- Tables
32
- Figures
177
– Pages
By solution, biometrics
to hold a larger market size during the forecast period
Digital identity
management solutions evolved from passwords to biometric authentication, such
as fingerprint, facial recognition, retina or eye scan, handprint, and voice
recognition. The biometric features are unique for every individual. These
solutions follow lock and capture mechanism to authenticate the individual and
allow access to specific set of services. Biometric solutions are more secure
than conventional passwords systems. These solutions also use multi-factor
authentication to add an extra layer of protection. Hence, the biometrics
segment is expected to be the fastest-growing segment during the forecast
period.
Retail and eCommerce
vertical to be the fastest-growing vertical during the forecast period
The retail sector is
rapidly implementing digital identity solutions to support business stability
and improve the level of competitiveness. Retail is one of the top
cost-conscious verticals and is the most targeted one for cyberattacks due to
potential payouts and a huge number of monetary transactions Offered by credit
card providers, such as Visa and MasterCard. In addition, the increasing
complexities of supply chain, employees, channel partners, and customers are
expected to force retailers to adopt managed authentication services. Retailers
need stronger and faster authentication technologies for seamless flow of
working. Digital identity solutions help improve customer experience and reduce
cost and resource expenditure. Digital identities, such as face recognition
help retailers proactively prevent organized retail crimes. Hence, digital
identity solutions are gaining traction in the retail and eCommerce vertical to
safeguard users from potential critical incidents and enhancing customer
experience.
North America to hold the
highest market share during the forecast period
North America has
sustainable and well-established economies, which empower it to invest
significantly in Research and Development (R&D) activities, thereby
contributing to the development of new technologies in the digital identity
solutions market. The presence of key players is expected to be the major factor
driving the growth of the market in this region. Companies, such as Telus Corp,
ForgeRock, Jumio, Duo Security (Cisco), and Imageware Systems, along with
several startups in the region, are offering digital identity solutions to
cater to the needs of customers.
Market Players
The major vendors covered
in 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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Content Source: https://www.marketsandmarkets.com/PressReleases/digital-identity-solutions.asp
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