Global digital identity solution market is anticipated to grow at a significant CAGR of 19.3% during the forecast period (2024-2031). The market growth is majorly attributed to the continued uptake of cloud solutions and the emerging concern about identity theft and data privacy. The escalating demand for streamlined user identity verification across various industries is also contributing to market growth. According to the World Economic Forum, in June 2023 the estimated cost of cybercrime to the global economy would be $10.5 trillion annually by 2025.
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The governments of different countries actively participate in the promotion of digital identity technologies, through various initiatives and regulations. For instance, the EU’s eIDAS regulation is promoting the development of secure identity structures among EU members. Moreover, the collaboration between governments, technology companies, and financial institutions remains actively engaged in the development of digital identity space, providing continuous improvement in security and user experience.
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Recent Developments
- In March 2023, Lloyds Banking Group invested £10.0 million ($12.4 million) in the digital identification company Yoti. The investment supports new innovative technology that will protect internet users and combat the threats of identity theft while providing users with greater privacy over their data.
- In February 2023, Route Mobile launched TruSense, a digital identity and security suite, at the Mobile World Congress 2023 in Barcelona. TruSense is a dedicated Strategic Business Unit (SBU) under Route Mobile (UK) Ltd. with its own product management and engineering development teams.
- In January 2023, Caf launched its global Know Your Everything platform. The Know Your Everything platform enables businesses to protect their users, create optimal digital experiences, and ultimately drive revenue
Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Component
o By Solution Type
o By Deployment Mode
o By Authentication Type
o By Industry Vertical
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Cisco Systems, Inc., NEC Corp., Thales S.A., IDEMIA, and Ping Identity Corp. among others.
Key questions addressed by the report.
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Digital Identity Solution Market Report Segment
By Component
- Solutions
- Services
By Solution Type
- Biometrics
- Non-Biometrics
By Deployment Type
- Cloud
- On-premise
By Authentication Type
- Single Factor Authentication
- Multi-Factor Authentication
By Industry Vertical
- BFSI
- Healthcare
- Travel & Hospitality
- Government
- Defense & Aerospace
- IT & Telecommunication
- Retail & E-Commerce
- Education
- Others (Energy and Utilities)
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